ASEAN must “act boldly” on Wednesday ( Apr 9 ) to promote regional economic integration as severe US tariffs leave a lot of the world in the midst of a devastating trade war.
The President Donald Trump slapped among the toughest charges the 10-member Association of Southeast Asian Nations, which rely on the United States as their main export business.
We must work boldly, firmly, and up to restate ASEAN’s commitment to a stable, predictable, and business-friendly environment, according to ASEAN Secretary-General Kao Kim Hourn, in order to stay relevant and tenacious in a world where socioeconomic chaos is quickly becoming the new standard.
He made the remarks in Kuala Lumpur, the capital of Malaysia, on the eve of a meeting of the ASEAN’s financial and finance ministers and central banks governors to explain how to deal with US taxes.
The ASEAN governments have opted to prefer discourse over retaliation against Washington.
However, their export-focused markets are at risk of losing to a global industry war as a result of China’s, another important business, imposing its own taxes on the United States.
We risk ceding our location in a shattered and rapidly evolving global economy by not taking immediate and collective action to promote intra-ASEAN economic integration and expand our markets and partnerships, according to Kao.