ASEAN Economic Council To Convene In October To Mitigate US Tariff Impact - Tengku Zafrul

By Anas Abu Hassan and Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Sept 26 (Bernama) -- The ASEAN Economic Committee Council (AECC) meeting will convene at the end of October to discuss the latest issue related to the United States (US) tariff, said Investment, Trade and Industry (MITI) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He said as of now, Malaysia is evaluating the impact on its industries following the latest tariff imposition on pharmaceutical products, furniture, automotive and aerospace parts.

"This is something that is already expected. It is just that we want to know when, and we will wait for the details about the tariff that is going to impact some of the sectors," he said during a press conference at the conclusion of the 57th ASEAN Economic Ministers' (AEM) Meeting and Related Meetings here today.

Tengku Zafrul said Malaysia's stance has always been to continue engaging with the US on tariff issues -- a similar stance adopted by ASEAN member states.

"At the ASEAN level, we continue to support the rule-based multilateral trading system with the World Trade Organisation’s (WTO) principles as core. 

"The US has the right to do what they need to do, but for us, we continue to support multilateralism and continue to diversify, strengthen our companies," he said.

Tengku Zafrul noted that the ASEAN Foreign Ministers and Economic Ministers Meeting will convene for the first time on Oct 25, before the 47th ASEAN Summit, to discuss the current geoeconomics fragmentation.

"This is the first time we have a joint meeting, and the ASEAN Geoeconomic Task Force (AGTF) will be presenting (their findings and recommendations) to both foreign and economic ministers," he said.

In another development, Tengku Zafrul highlighted that there has been no suggestion on where the Regional Comprehensive Economic Partnership (RCEP) Secretariat will be located, and it was not on the agenda during the 4th RCEP Ministers’ Meeting held on Thursday.

On Thursday, he said a dedicated RCEP Secretariat is being considered to make the world’s largest trade agreement more relevant and effectively operationalised.

The ASEAN-led initiative is the world’s largest trade pact, comprising 15 members — the 10 ASEAN countries, along with China, Japan, South Korea, Australia, and New Zealand

The countries which have expressed their interest in joining the RCEP bandwagon include Hong Kong, Bangladesh, Sri Lanka and Chile.

-- BERNAMA