Singapore Will Work With ASEAN For Stronger Economic Integration Amid US Tariffs

By Nur Ashikin Abdul Aziz

SINGAPORE, April 10 (Bernama) -- Singapore will continue to work closely with other ASEAN Member States to double down on regional economic integration amid uncertainties following the new United States (US) tariff measures, said Deputy Prime Minister and Trade and Industry Minister Gan Kim Yong.

Gan, who attended the special ASEAN Economic Ministers’ (AEM) meeting on Thursday, said this includes seeking out new growth initiatives such as the digital and green economies and expanding ASEAN’s economic links with external partners.

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“Singapore remains determined to navigate through these challenging times in solidarity with ASEAN member states,” he said in a Trade and Industry Ministry (MTI) statement following the meeting.

The AEM was convened virtually by Malaysia Investment, Trade, and Industry Minister Tengku Zafrul Tengku Abdul Aziz as the current AEM chair.

Gan said that in these uncertain times, the outcome of the meeting is a testament to ASEAN’s unwavering commitment to an open, predictable and transparent rules-based multilateral trading system.

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He said ASEAN looks forward to constructive dialogue with the US to address concerns and explore enhanced cooperation in areas of mutual interest.

MTI said that at the meeting, AEMs discussed the potential economic impact of the newly imposed US tariffs on ASEAN member states, exchanged views on possible response strategies to safeguard ASEAN’s trade and investment interests, and agreed to establish a task force to follow through.

The grouping expressed concerns that the escalating trade tensions between the US and China will have a significant impact on the global economy and urged the two parties to address their differences through constructive engagement and dialogue, according to MTI.

In a joint statement, ASEAN expressed its intention to engage in a frank and constructive dialogue with the US to address trade-related concerns and commitment not to impose any retaliatory measures in response to the tariffs.

ASEAN also reaffirmed its support for a predictable, transparent, free, fair, inclusive, sustainable, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core.

The grouping will also continue to explore ways to further strengthen and boost intra-ASEAN trade and investment within the region, sending a strong signal of its commitment and resolve to advance regional economic integration.

The US is ASEAN’s largest investor and second-largest trade partner. In 2024, ASEAN was the US’s fifth-largest trading partner.

On Wednesday, US President Donald Trump announced in a social media post that he had authorised a 90-day pause and substantially lowered the reciprocal tariff of 10 per cent on most countries.

-- BERNAMA