ASEAN Economic Council to Meet in October on US Tariff Concerns : Tengku Zafrul

KUALA LUMPUR, Sept 26 (VoM): The ASEAN Economic Community Council (AECC) will convene at the end of October to address the latest tariff measures imposed by the United States, said Malaysia’s Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Speaking at a press conference following the conclusion of the 57th ASEAN Economic Ministers’ (AEM) Meeting and Related Meetings today, Tengku Zafrul said Malaysia is currently assessing the potential impact of these tariffs, particularly on pharmaceutical products, furniture, and automotive and aerospace parts.

“This is something we anticipated. What we are waiting for now are the specific details to determine how these tariffs will affect certain industries,” he said.

Tengku Zafrul noted that Malaysia, along with other ASEAN member states, remains committed to continuous engagement with the US on trade matters.
“At the ASEAN level, we continue to uphold the rule-based multilateral trading system with the World Trade Organization (WTO) at its core. While the US may act in its own interest, ASEAN will continue to champion multilateralism while diversifying and strengthening our industries,” he said.

The minister also announced that for the first time, ASEAN Foreign Ministers and Economic Ministers will hold a joint meeting on October 25, ahead of the 47th ASEAN Summit, to deliberate on the region’s response to growing geoeconomic fragmentation.
“The ASEAN Geoeconomic Task Force (AGTF) will be presenting its findings and recommendations to both sets of ministers,” he added.

On the Regional Comprehensive Economic Partnership (RCEP), Tengku Zafrul said the recent 4th RCEP Ministers’ Meeting did not include discussions on where to locate the permanent RCEP Secretariat. However, he confirmed that the idea of establishing one is still under consideration to enhance the pact’s operational effectiveness.

RCEP, spearheaded by ASEAN, is the world’s largest trade agreement, comprising 15 members: the 10 ASEAN countries plus China, Japan, South Korea, Australia, and New Zealand. Several economies, including Hong Kong, Bangladesh, Sri Lanka, and Chile, have also expressed interest in joining the pact.

@voice of Malaysia news