Deputy Prime Minister Gan Kim Yong said that Asean economic ministers are committed to deepening their partnership and will soon conclude negotiations for an upgrade to Asean Trade in Goods Agreement (ATIGA).
ASEAN Secretary-General Kao Kim Hourn has urged New Zealand and ASEAN to work closely to ensure that shifting trade dynamics do not undermine the rules-based multilateral trading system both sides support.
Wide-ranging unilateral tariffs will cause short-term problems for certain sectors of the export-oriented states of the ASEAN grouping, but will lose their bite over time considering the resilience of these countries, according to analysts.
The upgrade seeks to modernise the the ASEAN Trade in Goods Agreement (ATIGA) framework, making it more facilitative for businesses and responsive to regional and global challenges.
If the US continues to impose a high tariff after a 90-day postponement, importers with deep pockets in Malaysia will pay the extra tariffs in addition to additional levies, but small companies without sizeable cash or liquidity will not pick up the goods and will leave them stranded at ports.
ASEAN and its dialogue partners have been able to describe and lament the risks inherent in the tariff wars but have not been able to put into effect concrete, coordinated steps to avert further crisis.
Thailand is among the Southeast Asian nations hardest hit by measures introduced by US President Donald Trump, facing a tariff of up to 36% on its exports if a reduction cannot be negotiated before a global moratorium expires in July.
Boosting domestic renewable energy generation will protect the green technology industry of Southeast Asian nations and mitigate the potential impact of steep import tariffs imposed by the United States on solar panels from the region, analysts said.
<p>Time: 2024 By: Ministry of Industry and Trade</p>
