Kuala lumpur: ASEAN foreign and economic ministers are set to convene a joint meeting ahead of the 47th ASEAN Summit in October, aiming to develop a coordinated regional response to global economic headwinds.
According to BERNAMA News Agency, ASEAN Secretary-General Dr. Kao Kim Hourn announced that while the date is yet to be confirmed, the meeting will occur before the summit, scheduled for October 26 to 28 in Kuala Lumpur. The Summit Plenary and Retreat will take place on October 26.
Dr. Kao, speaking during a media interview on the sidelines of the 58th ASEAN Foreign Ministers' Meeting (AMM) and related meetings, emphasized the decision's timeliness amid increasing uncertainties in global trade. These concerns include developments such as a surprise proposal by US President Donald Trump for zero per cent tariffs on US exports to Vietnam.
ASEAN member states have already conducted six rounds of discussions focusing on the impact of evolving US trade policies and broader global economic shifts. Dr. Kao affirmed ASEAN's commitment to constructive engagement and negotiation with the US, alongside bilateral negotiations by member states.
ASEAN remains steadfast in its commitment to a free, open, and multilateral trading system under the World Trade Organisation (WTO). This stance is reflected in ASEAN documents and positions, as the region concludes an upgrade of the ASEAN Trade in Goods Agreement (ATIGA), slated for signing at the upcoming summit.
Beyond tariff reductions, ASEAN is working to eliminate non-tariff barriers to achieve a single market vision. Efforts include accelerating negotiations for the ASEAN Digital Economy Framework Agreement and upgrading free trade agreements (FTAs) with China, Australia, and New Zealand. The AANZFTA took effect in April this year.
In response to ongoing global uncertainties, ASEAN has established a Geoeconomic Strategy Task Force, which presented initial recommendations during the AMM to guide the region's response to external economic shifts. The task force supports ASEAN's economic priorities, particularly trade, in collaboration with foreign and economic ministers.
ASEAN is also preparing for regular engagement with the US in September through the ASEAN Economic Ministers-USTR consultations. Dr. Kao noted that while the US remains a key partner, ASEAN's trade diversification strategy is robust, with FTAs with China, Japan, Korea, India, Australia, and New Zealand, and growing intra-ASEAN trade and investment.
In April 2025, the US invoked its 'reciprocal tariffs' mechanism, imposing tariffs ranging from 24 to 49 per cent on ASEAN imports. By July, tariffs were adjusted, affecting Malaysia, Vietnam, and Cambodia, among others, while Singapore, the Philippines, and Brunei awaited confirmation of their rates.
Dr. Kao confirmed ASEAN's openness to constructive engagement with dialogue partners to strengthen regional cooperation and deepen economic ties with key partners. He highlighted the US's reaffirmed commitment to ASEAN and the Indo-Pacific, as expressed by the US Secretary of State.
Regarding the ASEAN-China Free Trade Agreement (ACFTA) Version 3.0, expected to be signed in October, Dr. Kao indicated that most work is complete, with legal preparations underway. Progress continues under the Regional Comprehensive Economic Partnership (RCEP), a key framework for regional trade.
While ASEAN and China are not pursuing a single market, both the ACFTA and RCEP frameworks aim to promote cooperation and enhance regional trade integration. The 47th ASEAN Summit and Related Summits, including the East Asia Summit, are scheduled in Kuala Lumpur from October 26 to 28.