ASEAN aims to strengthen regional trade, RCEP utilization to counter tariffs, trade tensions

KUALA LUMPUR, July 11 (Xinhua) -- Strengthening regional trade, cooperating with friendly partners, and maximizing the utilization of the Regional Comprehensive Economic Partnership (RCEP) agreement are among the strategies that the Association of Southeast Asian Nations (ASEAN) grouping will pursue to counter the negative impact of trade tensions.

In a joint communique made available on Friday, the ASEAN Foreign Ministers underscored the importance of a predictable, transparent, inclusive, free, fair, sustainable and rules-based multilateral trading system, with the World Trade Organization (WTO) at its core.

"We reaffirmed our commitment to work constructively with all partners to this end. We noted the recent consultations between ASEAN Economic Ministers and our external partners such as Australia, China, Japan, and New Zealand on recent regional and global economic developments," it said.

"We reaffirmed ASEAN's commitment to enhancing regional resilience and competitiveness through the upgrading of the ASEAN Trade In Goods Agreement (ATIGA), ensuring the substantial conclusion of the negotiations of the ASEAN Digital Economy Framework Agreement (DEFA) to support digital transformation, enhancing interoperability, and unlocking new economic opportunities, advancing or upgrading Free Trade Agreement (FTA) with external partners and maximizing the utilization of the RCEP Agreement," it added.

The grouping also cautioned against the risks brought about by unilateral actions related to tariffs, which are likely to negatively impact ASEAN's economic stability and growth.

The grouping also took note of the fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area, with the expectation that the agreement will play a key role in enabling ASEAN and China to respond to emerging economic challenges and modernize trade practices.

The joint communique was released during the 58th ASEAN Foreign Ministers' Meeting and related meetings, held from July 8 to July 11 in Kuala Lumpur. Enditem