China, ASEAN finalize new trade deal
China and the Association of Southeast Asian Nations (ASEAN) have reinforced their commitment to enhancing economic cooperation during a recent meeting of ASEAN foreign ministers in Kuala Lumpur. The two sides announced the completion of negotiations on a new version of their free trade agreement, set to be formally signed later this year. Malaysia's Foreign Minister Mohamad Hasan emphasized that this agreement will strengthen economic resilience amid challenging global conditions.
The meeting comes at a time of heightened concern over U.S. trade tariffs, as President Trump recently announced significant levies on exports from six Southeast Asian countries. This has prompted ASEAN leaders to call for increased intra-regional trade to reduce reliance on external powers. Malaysian Prime Minister Anwar Ibrahim highlighted the need for ASEAN to adapt to a shifting global economic landscape, describing the trade conflict as a systemic change rather than a temporary issue.
The ASEAN foreign ministers are preparing a joint statement expressing their concerns over rising global trade tensions and unilateral tariff actions, which they view as counterproductive and potentially harmful to global economic stability. U.S. Secretary of State Marco Rubio is attending the ASEAN meetings to reassure member nations of America's commitment to the region amid these escalating tensions. Additionally, China's Foreign Minister Wang Yi and Russia's Foreign Minister Sergei Lavrov are expected to participate, underscoring ASEAN's importance in navigating complex geopolitical dynamics.
In addressing regional issues, Malaysia's Foreign Minister called for all parties in Myanmar to create a conducive environment for elections, although it remains uncertain whether Malaysia officially supports the upcoming elections. Meanwhile, the ASEAN Fabrics Symposium 2025 has begun, focusing on the evolution of ASEAN textiles and promoting cultural heritage and sustainable innovation.
