WHAT ARE ASEAN AND SINGAPORE SAYING?
To organize a coordinated response to the impact of US tariffs on regional trade and investment, Malaysia presided over a specific ASEAN Economic Ministers ‘ virtual meeting on Thursday night.
Timor Leste, the director general of ASEAN, and the financial ministers of all 10 ASEAN member states also attended the unique meeting.
Timor Leste’s membership in the alliance has been granted both as observers and in-principle acceptance.  ,
Following the meeting, ASEAN released a statement outlining its position regarding the levies ‘ effects on member state. Singapore’s Ministry of Trade and Industry even released a statement the same day.
ASEAN expressed its deep concern over the US’s punitive tariffs, including those that were announced on April 2 and the most recent suspension that followed on April 9.
It stated that the developments had created uncertainty and would pose considerable challenges for businesses, particularly microscopic, small, and moderate enterprises, as well as for global industry dynamics.  ,
” The US’s extraordinary imposition of tariffs will destroy regional and global trade and investment travels, as well as provide chains, affecting businesses and consumers everywhere, including those in the US.  ,
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 the long-standing ASEAN-US economic and trade relationship, adding that the union was the US’s second largest investing partner last year.  ,
In order to find mutually beneficial solutions to issues of common interest, ASEAN said it reaffirmed its willingness to work with the US in accordance with the ASEAN-US Trade and Investment Framework Agreement ( TIFA ) and the 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 is a platform established by both sides to encourage increased industry, funding, 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.
ASEAN expressed its belief that an improved, solid, and forward-looking economic cooperation framework between ASEAN and the US will contribute to the prosperity of their citizens and the broader international economy.  ,
Such a framework would encourage local supply chains, promote modern initiatives, and create a resilient, safe, stable, and mutually advantageous economic relationship with a particular emphasis on high-value sectors, it said.  ,
These industries included food, agriculture and forestry, efficient systems and clean energy, advanced production and electronics, clothing and footwear, go products, healthcare and biotech, and transport products and equipment, according to the statement.