As global trade tensions escalate and new tariffs disrupt markets, economic resilience has taken center stage at the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM), held this week in Kuala Lumpur.
With Malaysia assuming the ASEAN Chairmanship for 2025, this high-level summit serves as a critical platform for member nations to strengthen regional financial cooperation, reinforce economic integration, and respond collectively to emerging global challenges.
A key concern at this year’s summit is the impact of newly imposed U.S. tariffs, which have hit ASEAN economies hard, particularly in the Indo-China region. Cambodia faces the steepest tariffs at 49%, followed by Laos (48%), Vietnam (46%), and Myanmar (44%). Other countries such as Thailand (36%), Indonesia (32%), Malaysia and Brunei (24%), the Philippines (17%), and Singapore (10%) have also been affected.
Prime Minister Datuk Seri Anwar Ibrahim emphasized Malaysia’s commitment to leading a coordinated ASEAN response, calling for stronger regional solidarity, open and resilient supply chains, and a unified voice in the global economic arena.
The AFMGM, held at the Kuala Lumpur Convention Centre from today until Thursday, brings together over 300 delegates, including finance ministers, central bank governors, private sector leaders, and international financial institutions.
This year’s discussions will center around three Priority Economic Deliverables (PEDs):
- 🌱 Sustainable Financing
- 🌐 Digital Economy Empowerment
- 🌍 Inclusive Development
The event features 14 key meetings, including strategic sessions with the ASEAN-US Business Council, the ASEAN-EU, and the ASEAN Business Advisory Council. Dialogue partners (China, Japan, and South Korea) will also engage in side discussions to explore deeper cooperation and resilience strategies.
With a combined GDP of RM3.8 trillion in 2023 and a population of 677 million, ASEAN stands as the world’s fifth-largest economic bloc. As trade dynamics shift globally, the region’s ability to act in unity will be instrumental in securing long-term growth and stability.
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