Joint Statement of ASEAN Economic Ministers on US Tariff Policy

The Vietnamese delegation attending the Conference was led by Minister of Industry and Trade Nguyen Hong Dien, along with representatives from the Ministry of Foreign Affairs and units under the Ministry of Industry and Trade.

On the morning of April 10, the Special ASEAN Economic Ministers' Meeting on US Tariff Policy was held online, chaired by the Minister of Investment, Trade and Industry of Malaysia as the ASEAN Chair in 2025.

The conference was attended by ASEAN Economic Ministers, the ASEAN Secretary General and Timor-Leste as an observer. The Vietnamese delegation to the conference was led by Minister of Industry and Trade Nguyen Hong Dien, along with representatives from the Ministry of Foreign Affairs and units under the Ministry of Industry and Trade.

The conference was held in the context of the US government announcing the application of a basic reciprocal import tax of 10% on all imported goods from April 5, 2025 and additional tax rates on countries with large trade deficits with the US from April 9, 2025.

At the Conference, ASEAN Economic Ministers highly appreciated the initiative of Malaysia - the ASEAN Chair 2025 in proactively proposing and organizing a special ASEAN Economic Ministers' Meeting to exchange, assess the situation and discuss ASEAN's strategic approach (as a united and united bloc) to the United States' unilateral imposition of tariffs on countries (including ASEAN) to protect regional economic interests and reduce negative impacts on businesses and people's lives.

On the Vietnamese side, Minister of Industry and Trade Nguyen Hong Dien shared Vietnam's views on the US's reciprocal tariff policy.

Accordingly, Vietnam has been proactive in exchanges, dialogues and negotiations with the United States. Vietnam believes that ASEAN needs to be united, calm and courageous in cooperation with the United States; prioritize promoting cooperation with external partners in general and the United States in particular in areas of mutual interest, thereby realizing long-term development goals and enhancing ASEAN's position in the new context.

At the same time, the Minister also acknowledged and supported the content of the Joint Statement discussed by Vietnam and ASEAN countries, emphasizing that the Statement demonstrates ASEAN's solidarity and proactive role in the context of complex and unpredictable global trade developments. Vietnam supports ASEAN's comprehensive, flexible and practical approach to enhancing economic autonomy as well as promoting supply chain diversification through effective utilization of existing FTAs ​​that ASEAN has, including through upgrading the ASEAN Trade in Goods Agreement (ATIGA).

The Special ASEAN Economic Ministers' Meeting on US Tariff Policy was held online.

Joint Statement of ASEAN Economic Ministers

After exchanging views in a spirit of frankness, openness and cooperation, the Ministers agreed to adopt the Joint Statement of ASEAN Economic Ministers, expressing the common stance of the bloc on the US application of reciprocal tariffs with the following main contents:

Affirming the importance of the ASEAN-US comprehensive strategic partnership for regional economic growth, contributing to promoting peace and stability, bringing practical benefits to both the region and the US (currently ASEAN is the 5th largest trading partner of the US, the US is currently the second largest trading partner and largest investor of ASEAN).

Expressed ASEAN’s deep concerns over the negative impact of the new US tariff policy, which could pose significant challenges to the business community, especially small and medium enterprises, potentially undermining global economic growth prospects, disrupting supply chains as well as trade and investment flows.

Reaffirm ASEAN’s commitment to a rules-based, predictable, transparent, free, fair, inclusive and sustainable multilateral trading system with the World Trade Organization (WTO) playing a central role and call on the United States to engage in constructive and candid dialogue to address trade-related concerns and ensure a balanced and sustainable relationship.

Committed to continuing cooperation with the United States in trade, investment and high value-added areas of mutual interest; ready to strengthen cooperation with the United States on existing cooperation mechanisms such as the ASEAN-US Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement Work Plan (E3) to seek appropriate solutions to mutually beneficial issues.

In addition, the Conference also agreed on a number of contents such as establishing a task force on ASEAN geo-economics to assess the impact on US tax policy and propose timely recommendations to support ASEAN's efforts in the process of exchanging, resolving concerns of both sides, and seeking cooperation opportunities in new areas of mutual interest.

Phan Trang

Source: https://baochinhphu.vn/tuyen-bo-chung-cua-cac-bo-truong-kinh-te-asean-ve-chinh-sach-thue-quan-hoa-ky-102250410122632343.htm