Read more at https://www.channelnewsasia.com/news/business/asean-finance-ministers-central-bankers-reaffirm-commitment-to-10112390
(Updated: )
Ricky Lim ·
The joint statement comes after a week of tit-for-tat tariffs between the United States and China, with US President Donald Trump vowing an additional US$100 billion worth of levies on Thursday. The exchange of retaliatory salvos between the world’s two biggest economies has stirred fears of a full-blown trade war that could hurt global economic growth.
When asked about this, Mr Heng said the ASEAN officials spent “quite a bit of time” discussing trade matters during the meeting. One of which was the rising risk of protectionist sentiments around the world.
But even as globalisation has its negative impact and there should be support for those affected, “the right solution is not to close the economy”, Mr Heng said at a press conference.
Instead, efforts should be made to “integrate economies better to see how we can benefit from free, open trade; how we can restructure our economies; how we can improve financial connectivity; and develop the skills of our people for new jobs and new areas of growth”, he added.
Therefore, ASEAN member states will “continue to work very closely” with one another as the regional bloc strives towards the goals of the ASEAN Economic Community (AEC).
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With US adopting anti-trade stance, it is important to grow and catalyse the trade and business potential from Asia Pacific - where every Countries are supporting free and open trade.
Thus strengthening ASEAN as one Economic Community, quickly signing the RCEP by all Asian members to form the largest Economic Bloc in the World, quickly ratifying CPTPP to make it operational ----- will be all important steps to cushion the impact of trade war started by Trump.
When asked about this, Mr Heng said the ASEAN officials spent “quite a bit of time” discussing trade matters during the meeting. One of which was the rising risk of protectionist sentiments around the world.
But even as globalisation has its negative impact and there should be support for those affected, “the right solution is not to close the economy”, Mr Heng said at a press conference.
Instead, efforts should be made to “integrate economies better to see how we can benefit from free, open trade; how we can restructure our economies; how we can improve financial connectivity; and develop the skills of our people for new jobs and new areas of growth”, he added.
Therefore, ASEAN member states will “continue to work very closely” with one another as the regional bloc strives towards the goals of the ASEAN Economic Community (AEC).
---
With US adopting anti-trade stance, it is important to grow and catalyse the trade and business potential from Asia Pacific - where every Countries are supporting free and open trade.
Thus strengthening ASEAN as one Economic Community, quickly signing the RCEP by all Asian members to form the largest Economic Bloc in the World, quickly ratifying CPTPP to make it operational ----- will be all important steps to cushion the impact of trade war started by Trump.
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