In a decisive show of unity, Putrajaya hosted a special meeting of ASEAN Economic Ministers (AEM), calling on the regional bloc to adopt a singular voice in response to the United States’ unilateral imposition of tariffs. The extraordinary session took place following the conclusion of the 12th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting (AFMGM).
The meeting culminated in a joint ministerial statement rejecting the U.S. trade measures and urging for a coordinated ASEAN approach. The ASEAN Business Advisory Council (ASEAN-BAC), the region’s apex private sector body, swiftly endorsed the AEM’s firm stance, commending the ministers’ urgency and unity.
Tan Sri Nazir Razak, Chairman of ASEAN-BAC, praised the AEM’s leadership during a time of economic uncertainty. “This is a pivotal time for ASEAN, as the U.S. seems determined to upend the world order as we know it,” he said. “While the end game remains unclear, the volatility we are witnessing makes ASEAN’s collective response absolutely crucial.”
He acknowledged the U.S. decision to pause the new tariffs for 90 days for all countries—excluding China—as a welcome but temporary relief for financial markets. “We welcome the 90-day pause… but huge uncertainties remain, making it very difficult for businesses. The financial markets will remain on edge given the extreme volatility of recent days,” he added, urging Washington to clarify its intentions ahead of tariff negotiations.
ASEAN-BAC underscored that ASEAN’s strength lies not in individual economies, but in a shared resolve to navigate global headwinds. Tan Sri Nazir emphasised that the private sector is “deeply concerned” about the ripple effects of the U.S. tariffs across the regional economy. “Now is the moment for ASEAN to stand united, accelerate integration, and strengthen financial and economic cooperation,” he said.
With ASEAN home to millions of businesses serving as vital links in global supply chains, Tan Sri Nazir warned against fragmentation. “We cannot afford to be divided in our response. ASEAN must act as one to protect its economic future.”
In tandem with the AEM’s call to action, ASEAN-BAC laid out a series of key recommendations, including:
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A renewed commitment to rules-based and open trade within the region;
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Immediate government-to-government dialogue with the U.S. administration to review the tariff measures on ASEAN countries;
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A strengthening of economic ties with other global partners, particularly the EU, Canada, and Gulf nations—highlighting Malaysia’s plan to host the first ASEAN-GCC-China summit in 2025;
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Accelerated domestic reforms to remove non-tariff barriers, improve regional connectivity and supply chains, and facilitate freer movement of people and capital;
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Closer collaboration between ASEAN governments and the private sector to forge a robust, unified response to external economic shocks.
Tan Sri Nazir concluded with a rallying call for deeper regional integration. “Dialogue is the foundation of intra-ASEAN economic progress. If there was ever a time to decisively expedite ASEAN economic integration, it is surely now.”
ASEAN-BAC reaffirmed its commitment to supporting governments in crafting a comprehensive and resilient response, leveraging the private sector’s expertise to ensure the region withstands external economic pressures.
As global economic tensions continue to mount, ASEAN’s unified front may prove pivotal not just for the region—but for the stability of international trade itself.