WHAT DO ASEAN AND SINGAPORE SAY?
Malaysia presided over a specific ASEAN Economic Ministers ‘ virtual meeting on Thursday morning to discuss the effects of US tariffs on local trade and investment and plan a coordinated response.
Timor-Leste’s financial ministers, the ASEAN secretary general, and the monetary ministers of all 10 ASEAN member states also took part in the specific meeting.
Timor-Leste has been granted in-principle acceptance and observer status to meet the alliance.  ,
Following the meeting, ASEAN released a statement outlining its position regarding the taxes ‘ effects on member state. Singapore’s Ministry of Trade and Industry even released a speech on the same day.
ASEAN expressed its deep concern over the US’s punitive taxes, including those that were announced on April 2 and the most current suspension that followed on April 9.
It stated that the developments had created uncertainty and would pose considerable challenges for businesses, particularly microscopic, modest, and medium enterprises, as well as for global industry dynamics.  ,
” Businesses and consumers everywhere, including those of the US, will be impacted by the extraordinary imposition of tariffs by the US, which will destroy regional and global trade and investment moves, as well as provide chains.  ,
It added that it will have an impact on ASEAN’s financial security and stability, affect millions of people’s livelihoods in the region, and prevent long-standing ASEAN-US economic and trade relations, adding that the bloc was the US’s second largest trading partner next year.  ,
In order to find mutually beneficial solutions to issues of common interest, ASEAN stated that it was ready to work with the US under the ASEAN-US Trade and Investment Framework Agreement ( TIFA ) and Expanded Economic Engagement ( E3 ) Workplan.  ,
” These include facilitating two-way trade and investment, deepening strategic business partnerships, and enhancing offer network connectivity and endurance through online technology and innovation that can promote stronger local teamwork,” it said.  ,
The E3 Workplan was a model set up by both sides in 2012 to encourage increased industry, expense, and economic assistance, while the TIFA, which was signed in 2006, is a platform agreement that aims to strengthen trade and investment ties between the US and ASEAN.
A strengthened, strong, and forward-looking ASEAN-US economic cooperation foundation, according to ASEAN, may contribute to the success of their peoples and the broader international business.  ,
Such a framework would promote cooperative relationships, promote local supply chains, and support innovative initiatives to ensure a resilient, safe, secure, and mutually advantageous financial relationship with a special emphasis on high-value sectors, the statement read.  ,
These industries included food, agriculture and forestry, green technology and renewable energy, advanced manufacturing and electronics, clothing and footwear, travel and goods, healthcare and biotechnology, and transportation products and equipment, according to the statement.