ASEAN is planning a summit with the United States, currently in the early stages of discussion, according to Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz. He stated that this aligns with recent developments in US trade and tariff policies and their potential impact on the region.
Earlier, it was reported that former US President Donald Trump imposed a 25% tariff on all steel and aluminium imports on Monday, eliminating previous exemptions. The decision, seen as a move towards a major trade war, aimed to close loopholes that allowed tariff evasion through countries like Canada, Brazil, Mexico, South Korea, and Vietnam.
Meanwhile, Tengku Zafrul announced that ASEAN is set to hold a summit with the Gulf Cooperation Council (GCC) and China in May. The objective is to initiate discussions on a potential free trade agreement (FTA) between ASEAN and the GCC.
“We want to enhance and improve trade relations between the GCC and ASEAN, and we also want to explore cross-border investments,” he told CNBC in an interview.
He added, “At the same time, we want to serve as a bridge between ASEAN and these markets, ensuring better trade flows and supply chain connectivity across all three blocs.”
As this year’s ASEAN Chair, Tengku Zafrul affirmed that Malaysia is committed to maintaining ASEAN as a stable and peaceful alliance while working towards upgrading the existing FTA. He emphasised that the bloc will continue to uphold ASEAN centrality despite differing views on certain issues.
