ASEAN strengthens solidarity to respond to new US tariff policy

Comrade Nguyen Hong Dien, Minister of Industry and Trade. (Photo: KIM DUNG)

The conference was attended by ASEAN Economic Ministers, the ASEAN Secretary General and representatives of Timor-Leste as observers. The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, along with representatives of the Ministry of Foreign Affairs and relevant agencies.

The conference took place in the context of the US having just announced two unilateral tariff decisions: imposing a basic tax rate of 10% on all imported goods from April 5 and adding higher tariffs on countries with large trade deficits from April 9. This move is expected to have a strong impact on export-dependent economies , including many ASEAN countries.

Speaking at the conference, Minister of Industry and Trade Nguyen Hong Dien emphasized Vietnam's view that ASEAN needs to be united, calm, and courageous, while promoting the spirit of cooperation with the United States on the principles of mutual respect and mutual benefit. Vietnam supports ASEAN's proactive efforts to strengthen its internal strength and promote intra-bloc cooperation; at the same time, effectively utilize existing free trade agreements, especially promoting the upgrading of the ASEAN Trade in Goods Agreement (ATIGA), towards building a self-reliant, diversified, and sustainably developing regional economy.

The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, along with representatives from the Ministry of Foreign Affairs and relevant agencies. (Photo: KIM DUNG)

After frank and open discussions, ASEAN Ministers unanimously adopted a Joint Statement, expressing ASEAN's common stance on the new US tariff policy. The statement affirmed the importance of the ASEAN-US comprehensive strategic partnership for regional economic growth, expressed deep concerns about the risk of supply chain disruption and a decline in the global economic outlook. At the same time, ASEAN reaffirmed its commitment to the rules-based multilateral trading system, with the World Trade Organization (WTO) playing a central role; and called on the US to engage in constructive dialogue to ensure a balanced, fair and sustainable trade relationship.

ASEAN also committed to continue cooperation with the United States in high value-added areas such as investment, technology and innovation, based on existing mechanisms such as the ASEAN-US Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement Work Plan (E3).

In particular, the conference agreed to establish an ASEAN Geoeconomic Task Force to assess the impact of US tax policies and make timely recommendations to serve bilateral exchanges and seek new cooperation opportunities.

The organization of this special conference demonstrates ASEAN’s proactiveness in the context of rapid and complex global changes. Unity in viewpoints and collective action is an important factor helping ASEAN maintain its central role in the regional structure; at the same time, protecting the practical interests of people and businesses, especially in the post-pandemic economic recovery period and the shift in global supply chains.

Source: https://baotuyenquang.com.vn/asean-cung-co-doan-ket-ung-pho-chinh-sach-thue-quan-moi-cua-hoa-ky-209836.html