ASEAN affirms commitment to continue cooperation with the United States in trade and investment

The conference took place in the context that the US government has just announced the application of a basic reciprocal import tax of 10% on all imported goods from April 5, 2025, and at the same time added a separate tax rate for countries with large trade deficits with the US from April 9, 2025. In this situation, ASEAN Economic Ministers highly appreciated Malaysia's initiative in proactively organizing a special conference to discuss, assess the impact and build a common strategic approach. As a united bloc, ASEAN aims to protect regional economic interests, minimize negative impacts on businesses and people's lives in the face of the unilateral imposition of tariffs by the US.

Speaking at the conference, Vietnamese Minister of Industry and Trade Nguyen Hong Dien shared Vietnam's views on the US's reciprocal tariff policy. He said that Vietnam has proactively engaged in dialogue and negotiations with the US to find a solution. According to him, ASEAN needs to unite, remain calm and courageous in cooperation with the US, and prioritize promoting relations with external partners, especially the US, in areas of mutual interest. This will not only help achieve long-term development goals but also enhance ASEAN's position in the context of global trade fluctuations.

Minister of Industry and Trade Nguyen Hong Dien

Minister Nguyen Hong Dien also acknowledged and supported the content of the Joint Statement that Vietnam and ASEAN countries discussed. He emphasized that this Statement demonstrates ASEAN's solidarity and proactive role in the face of complex and unpredictable developments in global trade. Vietnam supports ASEAN's comprehensive, flexible and practical approach to enhancing economic autonomy and diversifying supply chains. He proposed to effectively utilize existing free trade agreements (FTAs), including upgrading the ASEAN Trade in Goods Agreement (ATIGA), to achieve this goal.

After a frank, open and cooperative discussion, ASEAN Economic Ministers unanimously adopted a Joint Statement. This document represents the bloc’s unified stance, reflecting the common view on the US tariff policy and the direction of action in the coming time.

Regarding ASEAN's common stance and cooperation orientation, the Joint Statement of ASEAN Economic Ministers emphasized a number of key contents. First of all, ASEAN affirmed the importance of the comprehensive strategic partnership with the United States in promoting regional economic growth, contributing to maintaining peace , stability and bringing practical benefits to both sides. Currently, ASEAN is the fifth largest trading partner of the United States, while the United States is the second largest trading partner and leading investor of ASEAN.

However, the Ministers expressed deep concerns about the negative impact of the new US tax policy. They said that this policy could create major challenges for the business community, especially small and medium enterprises. This not only threatens the global economic growth outlook but also disrupts supply chains as well as trade and investment flows. ASEAN is concerned that unilateral tariff measures could have long-term consequences if not addressed promptly.

ASEAN also reaffirmed its commitment to a rules-based, transparent, free, fair, inclusive and sustainable multilateral trading system, with the World Trade Organization (WTO) playing a central role.

The Ministers called on the United States to engage in constructive and frank dialogue to address trade concerns, towards a balanced and sustainable relationship between the two sides.

At the same time, ASEAN is committed to continuing to cooperate with the United States in the areas of trade, investment and high value-added sectors of mutual interest. The bloc is ready to strengthen relations through existing mechanisms such as the Trade and Investment Framework Agreement (TIFA) and the Enhanced Economic Engagement (E3) Work Plan, to seek appropriate solutions to issues of mutual interest.

In addition, the meeting agreed to establish an ASEAN Geo-Economic Task Force. This task force will be responsible for assessing the impact of US tariff policies and proposing timely recommendations to support ASEAN in its discussions with the US. The task force will also seek opportunities for cooperation in new areas of mutual interest, thereby strengthening bilateral economic relations.

This conference is not only a forum for ASEAN to demonstrate solidarity but also an opportunity for the bloc to assert its proactive role in global trade. The new US tariff policy poses a great challenge, but also a driving force for ASEAN to promote economic autonomy and enhance adaptability. The adoption of the Joint Statement and the establishment of the Geo-Economic Task Force demonstrate ASEAN's determination to protect regional interests while maintaining active cooperation with the United States.

For Vietnam, Minister Nguyen Hong Dien emphasized the importance of diversifying supply chains and taking advantage of existing FTAs. This is a practical approach to reduce dependence on a single market and enhance the competitiveness of the regional economy. The consensus at the conference also reflects ASEAN's spirit of cooperation in dealing with trade fluctuations, towards a sustainable and prosperous economic future.

Source: https://thoibaonganhang.vn/asean-khang-dinh-cam-ket-tiep-tuc-hop-tac-voi-hoa-ky-trong-thuong-mai-dau-tu-162582.html