Amid rising global trade tensions triggered by new US tariffs, ASEAN must stay committed to multilateralism, strengthen regional cooperation, and uphold the principles of free trade, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
Speaking at the conclusion of the 12th ASEAN Finance Ministers and Central Bank Governors Meeting, Amir Hamzah described the evolving tariff situation as fluid and emphasized the need for ASEAN to adopt a united front in navigating the uncertainty.
“ASEAN’s core philosophy has always been to trade with all. The more we engage in global trade, the more prosperity we can create,” he stated during a joint press conference with Bank Negara Governor Datuk Seri Abdul Rasheed Ghaffour.
Acknowledging the potential impact of the US tariffs on Malaysia and the region, Amir Hamzah stressed the importance of proactive management and clear dialogue.
“We understand the challenges ahead. Even as we face the implications of these tariffs, our focus must be on how best to adapt and respond.”
On concerns that ASEAN might become a dumping ground for redirected goods, Amir Hamzah reassured that appropriate mechanisms are in place to monitor and prevent such occurrences.
Regional Trade Integration as a Buffer
Governor Abdul Rasheed echoed the call for patience, noting that early assessments of the tariffs have been made but cautioned against hasty conclusions.
“A wait-and-see approach is prudent for now. The situation is still developing, and we must be measured in our response.”
He emphasized that ASEAN could counter external economic pressures by deepening intra-regional trade.
“By working together and enhancing regional integration, we can reduce the negative spillover effects of external developments and build a more resilient ASEAN economy.”
GDP Forecast Under Review
On the national economic outlook, Abdul Rasheed confirmed that Bank Negara is reviewing Malaysia’s GDP forecast of 4.5% to 5.5% for 2025, following the unexpected scale of the US tariff announcement made on Liberation Day.
“The magnitude of the tariffs exceeded our initial expectations. As such, there will likely be some impact on growth,” he said.
“However, due to the high level of uncertainty, we are not rushing to revise the forecast until the situation becomes clearer.”
He added that adjustments will be made once more concrete data and developments emerge.
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