Asean backs fair free trade as it moves forward with US tariff talks, says Thai minister

"Asean reaffirms its stance, uniting to tackle global economic challenges and seize US tariff relief for constructive talks."

Thailand's Commerce Minister Pichai Naripthaphan said this on Sunday following his participation in the Asean Ministerial Caucus, held alongside the APEC Ministers Responsible for Trade Meeting in Jeju, South Korea.

He was joined by economic ministers from Asean member states within APEC, including Malaysia, Singapore, Vietnam, the Philippines, Indonesia and Brunei.

Pichai explained that the meeting had discussed the volatile global economic landscape, exchanging strategies for regional trade cooperation and strengthening relations with the United States amid global economic uncertainties.

"Asean also reaffirms its collective commitment to supporting an open, fair and rules-based free trade system, while urging the avoidance of protectionist measures," he stated.

"Asean also sees the 90-day suspension of US tariff measures as an opportunity to initiate constructive negotiations to resolve trade disputes."

Pichai further elaborated that Asean ministers agreed that regional unity and a timely response to global economic fluctuations are crucial factors in maintaining Asean’s prominent role on the global stage.

The bloc will accelerate proactive cooperation, such as modernising the Asean Trade in Goods Agreement (ATIGA) to align with the contemporary economic landscape while emphasising the importance of a multilateral trade system in ensuring long-term economic stability.

Pichai also highlighted Thai government's commitment to maintaining domestic economic stability while supporting businesses affected by international developments, particularly small and medium-sized enterprises (SMEs), which are considered vulnerable.

The government has introduced short- and long-term measures such as low-interest loans, knowledge development programmes, and export market expansion under free trade agreements (FTAs), with a particular focus on the Regional Comprehensive Economic Partnership (RCEP).

Currently, Asean is the world’s fifth-largest economic bloc, with a population of approximately 680 million people (8.5% of the global population) and a combined nominal GDP of around US$3.9 trillion (129.31 trillion baht).

Source: The Nation