ASEAN To Hold Talks With US, GCC, China On Trade -- Tengku Zafrul

KUALA LUMPUR, March 4 (Bernama) -- Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz has said that the summit that ASEAN plans to hold with the United States (US) is currently in the planning stages. 

This aligns with the latest development involving trade and tariffs between the US and other countries and how the shift would impact the region. 

It was previously reported that, in a major move to protect US metal producers, US President Donald Trump last Monday imposed 25 percent tariffs on all steel and aluminium imports, removing all previous exemptions. 

The decision, seen as a step towards a full-blown trade war, aimed to close loopholes that allowed tariff circumvention through countries such as Canada, Brazil, Mexico, South Korea and Vietnam.

Meanwhile, Tengku Zafrul said that the ASEAN summit with the Gulf Cooperation Council (GCC) and China is expected to take place in May, with the objective of initiating discussion between ASEAN and GCC for a free trade agreement (FTA).

“We want to increase and improve trade relations between GCC and ASEAN, and we are also looking at cross-border investment.

“At the same time, we want to see how we can be the bridge between ASEAN and the markets and have better flows of trade and supply chain with the three blocs,” he added. 

With Malaysia as ASEAN chair this year, Tengku Zafrul said the grouping will continue to be a stable and peaceful coalition, while working together to upgrade its FTA.

As a bloc, he said ASEAN would also continue with the principle of ASEAN centrality, amid differences in views on certain matters. 

“It is more important than ever in terms of the ability of ASEAN to stand together on issues that will affect all of us,” he said in an interview with CNBC. 

-- BERNAMA