(KPL/VNA) ASEAN reaffirmed its dedication to a rules-based, comprehensive multilateral trading system, pledging constructive cooperation with all partners to find balanced and sustainable solutions for global economic development, said the regional grouping’s economic ministers in a joint statement following the 12th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) that concluded in Kuala Lumpur on April 10.

The joint statement highlighted ASEAN's resilience against external headwinds, particularly as the global economy grapples with slowing growth, shrinking international trade, and declining investment flows.

ASEAN officials expressed their concern about new tariff policies from major economies, warning that retaliatory measures could pose significant risks to regional capital flows and exchange rates.

The regional bloc committed to closely monitoring developments and taking necessary action to respond to economic fluctuations, emphasising that it will not implement retaliatory measures against US tariff policies.

On the sidelines of the meeting, Malaysian Prime Minister and Finance Minister Anwar Ibrahim called on ASEAN to utilise the WTO’s platform to resolve trade disputes. He suggested that if necessary, certain WTO regulations could be adjusted, stressing that solutions should emerge through collective consultation and intra-regional cooperation.

Separately, Malaysia's Ministry of Investment, Trade and Industry hosted an online meeting of ASEAN Economic Ministers to discuss the impact of new US tariffs announced on April 2. The ministers and Timor-Leste, together with ASEAN Secretary-General Dr. Kao Kim Hourn, agreed that countervailing duties ranging from 10% to 49% would significantly impact ASEAN's economic growth trajectory. They welcomed US President Donald Trump's announcement of a 90-day delay in implementing these duties, viewing this as an opportunity to find mutually beneficial solutions.

The meeting, held from April 7-10, attracted over 300 delegates including finance ministers, central bank governors, and representatives from international financial institutions and the private sector. Vietnam's delegation, comprising representatives from the Ministry of Finance and the State Bank of Bank, actively participated and contributed numerous banking and financial initiatives while conducting bilateral meetings with ASEAN partners, international organisations, and business councils.

KPL