Southeast Asia’s economies need to quickly open new markets for their exports through trade groups such as the Regional Comprehensive Economic Partnership (RCEP), experts say, as US tariffs begin to bite.
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Economic ministers of the 10-member Association of Southeast Asian Nations (Asean) will meet in Kuala Lumpur next week to discuss the way ahead, weeks after US tariffs of between 10 and 40 per cent on their exports took effect.
They will meet RCEP counterparts during the week-long meeting, and also with US Trade Representative (USTR) Jamieson Greer.
The ministerial-level meeting is expected to set the tone for the Asean-RCEP leaders’ summit in October, announced last month by Malaysia’s Prime Minister Anwar Ibrahim.
RCEP is an Asia-Pacific trade alliance representing 30 per cent of the global economy, which was forged as a shield from rising global protectionism.
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Malaysia’s Anwar slams US tariffs, calls for stronger inter-Asean trade
Malaysia’s Anwar slams US tariffs, calls for stronger inter-Asean trade
“With trade tensions and geopolitical uncertainty likely to persist, rules-based partnerships like RCEP are no longer optional,” said Adib Zalkapli, managing director of geopolitical and public affairs firm Viewfinder Global Affairs.