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Friday, May 30, 2025
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ASEAN Leaders Call for Increased Regional Trade in Response to Global Tariffs
Philippine President Ferdinand Marcos Jr. emphasizes the necessity for greater intra-regional trade amid rising tariffs imposed by major economies.
Philippine President Ferdinand Marcos Jr. has urged member states of the Association of Southeast Asian Nations (ASEAN) to enhance intra-regional trade in light of increasing tariffs from global powers, notably the United States under the previous administration of President Donald Trump.
Marcos articulated this need during a recent regional summit, highlighting the significant impact that external tariff policies have imposed on the economies of ASEAN countries.
The ASEAN bloc, which includes ten member nations, aims to foster cooperation and economic integration to promote sustainable growth and resilience against external shocks.
Marcos pointed out that shifting focus towards regional trade can mitigate the adverse effects of global trade tensions and provide a more stable economic environment.
Trade between ASEAN member countries has shown steady growth in recent years, driven by agreements such as the ASEAN Free Trade Area (AFTA) and the Regional Comprehensive Economic Partnership (RCEP).
In 2021, ASEAN emerged as one of the largest trading blocs in the world, with member countries collectively accounting for a significant share of the global economy.
The imposition of tariffs by major economies has raised concerns over potential trade wars and their economic fallout.
Economists note that such actions not only disrupt established supply chains but also threaten the recovery of economies still reeling from the effects of the COVID-19 pandemic.
The call for increased regional trade comes at a time when ASEAN nations are exploring ways to bolster economic resilience and decrease dependency on outside markets.
Various initiatives aimed at increasing trade facilitation, harmonizing regulations, and improving logistics infrastructure are currently being discussed among member states.
In the backdrop of these developments, Marcos expressed optimism about the potential of ASEAN to navigate these challenges collectively, leveraging the unique strengths of each member state to create a robust regional economy.
The collaborative approach aims to ensure that ASEAN economies are more interlinked, providing mutual support in times of external economic pressures.
Marcos articulated this need during a recent regional summit, highlighting the significant impact that external tariff policies have imposed on the economies of ASEAN countries.
The ASEAN bloc, which includes ten member nations, aims to foster cooperation and economic integration to promote sustainable growth and resilience against external shocks.
Marcos pointed out that shifting focus towards regional trade can mitigate the adverse effects of global trade tensions and provide a more stable economic environment.
Trade between ASEAN member countries has shown steady growth in recent years, driven by agreements such as the ASEAN Free Trade Area (AFTA) and the Regional Comprehensive Economic Partnership (RCEP).
In 2021, ASEAN emerged as one of the largest trading blocs in the world, with member countries collectively accounting for a significant share of the global economy.
The imposition of tariffs by major economies has raised concerns over potential trade wars and their economic fallout.
Economists note that such actions not only disrupt established supply chains but also threaten the recovery of economies still reeling from the effects of the COVID-19 pandemic.
The call for increased regional trade comes at a time when ASEAN nations are exploring ways to bolster economic resilience and decrease dependency on outside markets.
Various initiatives aimed at increasing trade facilitation, harmonizing regulations, and improving logistics infrastructure are currently being discussed among member states.
In the backdrop of these developments, Marcos expressed optimism about the potential of ASEAN to navigate these challenges collectively, leveraging the unique strengths of each member state to create a robust regional economy.
The collaborative approach aims to ensure that ASEAN economies are more interlinked, providing mutual support in times of external economic pressures.
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