Economic pressure from U.S. tariffs prompts ASEAN to consider RCEP as a protective economic measure
The ASEAN-RCEP Leaders Summit, a significant event taking place this week, has brought together leaders from Southeast Asia and their RCEP counterparts. Among the attendees is the President of the United States, Donald Trump, who began his second term as the 47th President on January 20, 2025.
The summit, which is being held amid ongoing trade tensions and geopolitical uncertainty, has a primary focus on addressing these issues. The Regional Comprehensive Economic Partnership (RCEP), an Asia-Pacific trade alliance representing 30% of the global economy, is at the heart of these discussions.
Malaysia's Prime Minister, Anwar Ibrahim, has called for increased inter-ASEAN trade during the summit. His statements, which criticise US tariffs, may indicate a desire for stronger trade partnerships within ASEAN. Anwar Ibrahim's presence at the summit, alongside other ASEAN-RCEP leaders, underscores the importance of these partnerships in the current global economic climate.
Adib Zalkapli, the managing director of Viewfinder Global Affairs, supports RCEP as a necessary partnership. He states that RCEP is no longer optional due to ongoing trade tensions and geopolitical uncertainty. His comments underscore the significance of RCEP in the current global economic climate.
The ASEAN-RCEP leaders' summit is not just a meeting for discussions on trade and economic matters. It is also an opportunity for leaders to meet with the US Trade Representative, Jamieson Greer. The meetings will likely focus on resolving ongoing trade tensions and navigating geopolitical uncertainty.
The ASEAN-RCEP leaders' summit is a crucial event in the face of rising global protectionism. RCEP was forged as a shield against such trends, and its continued relevance is evident in the ongoing trade tensions and geopolitical uncertainty. The summit serves as a platform for leaders to discuss and address these issues, with the hope of fostering stronger trade partnerships and promoting economic growth in the Asia-Pacific region.
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