ASEAN foreign, economic ministers to meet to address global economic shifts
ASEAN’s stance is to continue pursuing constructive engagement and negotiation with the US, he said, adding member states could hold bilateral negotiations at the same time.
ASEAN Secretary General Kao Kim Hourn (Photo: Bernama)
Kuala Lumpur (VNA) – ASEAN foreign and economic ministers are expected to convene a joint meeting ahead of the 47th ASEAN Summit in October, as part of efforts to develop a more coordinated regional response to mounting global economic headwinds.
ASEAN Secretary General Kao Kim Hourn told the press on the sidelines of the 58th ASEAN Foreign Ministers’ Meeting (AMM) and related meetings on July 11 that the meeting will be held before the summit, scheduled for October 26-28 in Kuala Lumpur.
The decision comes amidst growing uncertainties in global trade such as the US’s tariff policies under the Trump administration, he said.
Kao elaborated that ASEAN member states have already held six rounds of discussions focusing on the impact of evolving US trade policies and broader shifts in the global economic landscape.
ASEAN’s stance is to continue pursuing constructive engagement and negotiation with the US, he said, adding member states could hold bilateral negotiations at the same time.
While the US remains an important partner, ASEAN’s trade diversification strategy remains strong, he said, highlighting the bloc’s FTAs with China, Japan, the Republic of Korea, India, Australia, and New Zealand, as well as the growing intra-ASEAN trade and investment.
The bloc has not deviated from its long-standing commitment to a free, open, and rules-based multilateral trading system, anchored with the World Trade Organisation (WTO).
ASEAN has concluded the upgrade of the ASEAN Trade in Goods Agreement (ATIGA) to be signed during the upcoming summit. Beyond tariff reductions, ASEAN is now working to eliminate non-♛tariff barriers to realise the vision of a single market./.
According to the earlier US tariff announcement, Cambodia encounters the highest rates of 49%, followed by Laos (48%), Vietnam (46%), Myanmar (44%), Thailand (36%), and Indonesia (32%). Meanwhile, Malaysia, Brunei, the Philippines, and Singapore face lower rates ranging from 10% to 24%.
According to S&P Global, Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) rose to 49.8 in May from 45.6 in April, remaining just below the 50-point threshold. The reading signals a near-return to stable operating conditions.
In a letter dated July 7 and addressed to President Prabowo Subianto, US President Donald Trump confirmed the decision to keep the 32% tariff in place, despite ongoing talks.
In the new development phase, the Mekong-Korea Cooperation should focus on innovation as the key driving force, placing people at the centre of development while ensuring water-food-energy security and developing cultural industries, said Vietnamese Deputy Prime Minister and Minister of Foreign Affairs Bui Thanh Son.
There are "high odds" that a meeting between US President Donald Trump and Chinese President Xi Jinping could happen, though no specific date or time has been discussed, according to US Secretary of State Marco Rubio.
Deputy PM and FM Bui Thanh Son reaffirmed ASEAN's stances on the East Sea, Myanmar, the Middle East, and the Korean Peninsula. On the East Sea issue, Vietnam maintains its steadfast position of peacefully resolving disputes based on international law, particularly 1982 United Nations Convention on the Law of the Sea (UNCLOS).
In a post on X, Indian Minister of State for External Affairs Pabitra Margherita who co-chaired the meeting, noted that the ASEAN-India Plan of Action for 2026-2030 aims to expand cooperation further and give impetus to the comprehensive strategic partnership between India and the Association of Southeast Asian Nations (ASEAN).
The event was part of activities by the ASEAN Committee in Santiago (ACS), with participation from the embassies of Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.
By the 2030, the Government aims for 80% of households to live within a 10-minute walk of an MRT station, strengthening Singapore’s commitment to sustainable urban mobility.
The US accounts for 18% of Thailand's exports. If the 36% rate is implemented, exports to the US could fall to 10% of the total, weakening bilateral trade relations over the long term.
AMM-58 is the largest gathering of ASEAN foreign ministers and senior diplomats from around the world to discuss pressing global and regional issues, promote cooperation, and advance the security and sustainability agenda in ASEAN.
Within the framework of the 58th ASEAN Foreign Ministers' Meeting (AMM-58) in Kuala Lumpur, Malaysia, Secretary-General of ASEAN Dr. Kao Kim Hourn held bilateral meetings with ASEAN leaders on July 9.
The Southeast Asian country has offered to cut import duties on most US goods to zero, expand access for US agricultural and industrial products, and increase purchases of energy and Boeing jets. It also pledged to reduce its 46 billion USD trade surplus with the US by 70% within five years.
Myanmar Ambassador Min Thein took over the ACV Chairmanship, pledging to continue ongoing initiatives and further strengthen the unity and engagement of ASEAN diplomatic missions in Vienna
With a foreign policy of independence, self-reliance, and multilateralisation, Vietnam has viewed Brazil as an ideal partner that shares a common vision of a just world based on international law.
Thailand’s consumer price index (CPI) declined for a third consecutive month in June, attributed to lower energy and food prices, though there are no signs of deflation, according to the country’s Commerce Ministry.
According to the Bank of Thailand report issued on June 30, total household debt tallied 16.35 trillion THB (503.4 billion USD) in the first quarter of 2025, equivalent to 87.4% of GDP, down from 16.42 trillion or 88.4% of GDP in the previous quarter.
The programme “Towards Indonesia's Low Carbon Energy Transition” (MENTARI) has served as a bridge, helping Indonesian village women break free from traditional constraints.
The bill, which had previously been proposed by the Ministry of Finance, outlined mechanisms for regulating entertainment businesses through a two-level committee system: the Comprehensive Entertainment Policy Committee and the Entertainment Business Control Board. The goal is to establish standards and regulatory measures for the industry.
According to ADB, more than 1 billion people across Asia and the Pacific still lack access to basic health services, with millions pushed into poverty due to healthcare costs.
The US decided to keep unchanged tariff rates on certain countries in Southeast Asia, such as 32% for Indonesia and 36% for Thailand, effective from August 1. Malaysia faces a 25% rate, up from the 24% that the US threatened in April.
Since initiating the Doi Moi (Renewal) reforms in 1986, Vietnam has maintained strong momentum. In 2024, the country posted a GDP growth rate of 7.09%, placing it among the fastest-growing economies globally. Forecasts suggest it could join the world’s top 20 economies by 2029.
