MALAYSIA’S CLARION CALL FOR ASEAN UNITY TO WARD OFF ADVERSE EFFECTS OF SWEEPING US TARIFFS

By Mikhail Raj Abdullah and Nor Baizura Basri

KUALA LUMPUR, April 8 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim’s revelation that Malaysia will send a delegation to Washington by the end of April to discuss United States (US) tariffs hogged the limelight as senior officials finalised preparatory discussions on the eve of the 12th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM).

It was also disclosed that Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz will lead the delegation to Washington to seek an amicable solution to what is widely seen as a protectionist hardline stance taken by US President Donald Trump.

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As chairman of ASEAN for 2025, Anwar’s clarion call in the aftermath of the chaos following the April 2 tariffs announcement was for member nations to rely more heavily on the region itself economically, requiring concrete steps to bolster intra-regional trade.

Anwar, who is also finance minister, emphasised that Southeast Asia’s economic unity is vital, as the US tariffs episode would not be the first challenge to multilateralism, nor will it be the last.

But more crucial for ASEAN – which has weathered crises including wars, coups, natural disasters, and financial woes – is to be truly united in order to withstand the current storm.

Simply put, with a united front and a bit more patience, ASEAN may yet be among the last believers in a world that works better when it works together.

While certain member states, such as Vietnam, have acted unilaterally by lowering tariffs on US imports, Anwar reiterated the need to expand Southeast Asia’s economic linkages as a bloc.

Pertinent at today’s meetings was the trilateral session involving deputy and vice finance ministers from China, South Korea and Japan, who later deliberated with their ASEAN counterparts on financial issues confronting their regions.

Also taking place on the sidelines of the AFMGM was the launch of the second phase of cross-border QR Payment, which allows consumers and merchants in Malaysia and Cambodia to make and receive instant payments from participating financial institutions.

Another event was the launch of the newly introduced fractional share trading platform known as UP, which serves as Malaysia's first fractional trading platform on Bursa Malaysia, encouraging young and low-income individuals to invest in the capital market.

Also discussed was the initial success of the National Scam Response Centre (NSRC) and the National Fraud Portal, along with initiatives aimed at raising public awareness of scams.

The AFMGM tomorrow will be chaired by Minister of Finance II Datuk Seri Amir Hamzah Azizan.

-- BERNAMA