Asean has decided to set up a Geoeconomics Task Force to monitor US policies and identify new economic opportunities for its members.
During a special meeting of the economic ministers of Asean's 10 member states plus Timor-Leste on Thursday, participants discussed strategies to address the US’s new policies, including counter-tariff measures implemented globally since April 5, as well as ways to mitigate the impact on trade, investment, global supply chains, and private sector operations, particularly for small and medium-sized enterprises and farmers in the region.
Commerce Minister Pichai Naripthaphan said the meeting agreed to establish the Asean Geoeconomics Task Force, which is responsible for monitoring, evaluating and recommending policies that allow Asean to respond effectively to US policies.
The task force is expected to promote collaboration at both government and private-sector levels.
The Asean Economic Ministers released a joint statement, outlining the group’s stance on US trade policies, reaffirming Asean’s stance as a comprehensive strategic partner of the US, while expressing concerns over the US tariffs.
The statement highlighted their commitment to multilateral negotiations and constructive dialogues aimed at reducing trade conflicts and achieving balanced solutions. These initiatives would be conducted under the Asean-US Strategic Trade and Investment Partnership framework, which strives to ensure the region’s long-term economic, trade, investment, and supply chain security.
Asean intends to collaborate with the US on high-potential sectors such as digital technology, artificial intelligence, renewable energy, advanced industries, electric vehicles, semiconductors, healthcare, logistics, and agriculture to create new opportunities for the region.
The bloc also underscored the importance of a multilateral trading system and stated it would not engage in retaliatory trade measures against the US.
Regarding the US’s 90-day pause on reciprocal tariffs on countries with trade surpluses, allowing time for preparations and negotiations, Mr Pichai said Prime Minister Paetongtarn Shinawatra appointed him lead negotiator to define mutually beneficial economic partnership strategies with the US.
As of 2024, the US is Asean’s second-largest trading partner, with a total trade value of US$477 billion. China is Asean's largest trading partner.
Asean’s main exports to the US include rubber products, footwear, apparel, electronic products, and machinery, while its primary imports from the US are electrical machinery, clothing, machinery, raw materials, agricultural products, and automobiles and auto parts.
Asean's economic ministers discussed strategies yesterday to address US tariffs.
