Kuala lumpur: The ASEAN Economic Committee Council (AECC) is set to meet at the end of October to tackle the ongoing issues stemming from recent US tariff impositions. This announcement was made by Malaysia's Investment, Trade and Industry Minister, Tengku Datuk Seri Zafrul Abdul Aziz, who emphasized the need for strategic discussions to mitigate the impact on affected industries such as pharmaceuticals, furniture, automotive, and aerospace parts.

According to BERNAMA News Agency, Malaysia is currently assessing the repercussions of these tariffs on its industries. Tengku Zafrul highlighted that while the US exercises its right to impose tariffs, Malaysia and other ASEAN member states remain committed to engaging with the US on these matters. He underscored ASEAN's dedication to supporting a rule-based multilateral trading system, with the World Trade Organisation's principles remaining central to their approach.

Tengku Zafrul also mentioned the significance of the upcoming ASEAN Foreign Ministers and Economic Ministers Meeting, scheduled for October 25, prior to the 47th ASEAN Summit. This joint meeting will address the challenges posed by current geoeconomic fragmentation, with the ASEAN Geoeconomic Task Force set to present its findings and recommendations.

Additionally, Tengku Zafrul addressed the topic of the Regional Comprehensive Economic Partnership (RCEP) Secretariat, clarifying that no location has been proposed yet, and this was not discussed during the recent RCEP Ministers' Meeting. The RCEP, a significant ASEAN-led trade pact, is gaining interest from countries like Hong Kong, Bangladesh, Sri Lanka, and Chile, who are keen to join this expansive agreement.