Asean has reiterated its commitment to multilateral trade principles and does not plan to retaliate against US tariff actions.
Commerce Minister Pichai Naripthaphan said Asean member states and Timor-Leste convened a special virtual meeting of economic ministers to discuss a coordinated response to the US's reciprocal tariff measures announced on April 5.
The meeting emphasised the importance of maintaining robust trade and investment flows in the region and protecting global supply chains, particularly for small and medium-sized enterprises and the agricultural sector.
The ministers agreed to issue a joint Asean economic ministers' statement, reaffirming Asean's role as a "comprehensive strategic partner" of the US and calling for constructive dialogue under the Asean-US Strategic Trade and Investment Partnership.
The goal is to de-escalate trade tensions and seek balanced, long-term solutions that benefit both sides.
In addition to reaffirming the partnership, Asean announced the establishment of the Asean Geoeconomics Task Force, a special working group tasked with monitoring US economic policy developments and providing strategic policy recommendations.
This task force is expected to promote public-private collaboration to capitalise on new opportunities.
Key areas identified for future cooperation with the US include digital technology, artificial intelligence, sustainable food systems, renewable energy, advanced manufacturing, electric vehicles, semiconductors, healthcare, logistics, and agriculture. These sectors are forecast to unlock new economic growth for the region.
Mr Pichai said talks are ongoing with Jamieson Greer, the US Trade Representative (USTR), which began in December last year.
He said the USTR has agreed to bilateral discussions with Thailand.
A formal meeting is being scheduled to advance the economic partnership between the two countries, in line with Prime Minister Paetongtarn Shinawatra's directive to position Thailand as a key economic partner of the US.
The US recently announced a 90-day suspension of tariff increases for countries willing to engage in trade-balancing negotiations.
Having prepared for these talks since late 2024, Thailand is set for in-depth discussions with Washington, said Mr Pichai.
The US remains Asean's second-largest trading partner following China, with total trade in 2024 valued at US$477 billion.
Top Asean exports to the US include rubber and rubber products, footwear, garments and apparel, electronic products, and machinery.
Leading imports from the US comprise machinery and electrical equipment, apparel, agricultural goods and raw materials, and vehicles and components.
The US is Thailand's largest export market. In 2024, total trade between the two nations reached $74.5 billion, with Thai exports accounting for $55 billion and imports copy9.5 billion, resulting in a trade surplus of $35.4 billion for Thailand.
Source: Bangkok Post
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
