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Straits Times
08-07-2025
- Business
- Straits Times
US tariffs to take centre stage as ASEAN meets in Malaysia
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: The ASEAN logo is displayed outside the venue of the ASEAN Finance Ministers' and Central Bank Governors' Meeting in Kuala Lumpur, Malaysia April 8, 2025. REUTERS/Hasnoor Hussain/File Photo KUALA LUMPUR - Southeast Asian foreign ministers will meet on Wednesday as the region grapples with renewed uncertainty over U.S. trade tariffs and as a simmering territorial dispute between Thailand and Cambodia threatens to disrupt the bloc's unity. The gathering in Malaysia of the 10-member Association of Southeast Asian Nations will be followed by a flurry of meetings on Thursday and Friday between the group and its major trade partners, including the United States, China, Japan, Russia, India and the European Union. China's Foreign Minister Wang Yi and Russian counterpart Sergei Lavrov are expected to join the Kuala Lumpur meetings, as will U.S. Secretary of State Marco Rubio, who makes his first trip to Asia looking to smooth over relations with allies and partners rattled by President Donald Trump's tariff strategy. Trump on Monday announced hefty levies of between 25% and 40% on six Southeast Asian countries, despite concerted efforts by some to offer broad concessions and negotiate lower rates. The export-reliant ASEAN is collectively the world's fifth-biggest economy, with some members beneficiaries of supply chain realignments from China. Only Vietnam has secured a deal, which lowers the levy to 20% from 46% initially. Indonesia, Thailand and Malaysia said they would seek further talks ahead of the tariff implementation on August 1. TARIFFS 'COUNTERPRODUCTIVE' Top stories Swipe. Select. Stay informed. Asia Why Japan and South Korea are on different paths in the latest US trade salvo Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore Keep citizens at the centre of public service, Chan Chun Sing tells civil servants Singapore Man arrested for allegedly throwing bottle at SMRT bus, injuring passenger Asia As Trump plays tariffs hard ball, Asean has little choice but to play on Singapore Chuan Grove GLS site snags top bid of $703.6m from Sing Holdings-Sunway joint venture Asia PM Anwar called out by his own lawmakers as Malaysia's judicial crisis heats up Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue ASEAN foreign ministers will express "concern over rising global trade tensions and growing uncertainties in the international economic landscape, particularly the unilateral actions relating to tariffs," according to a draft joint communique seen by Reuters. The draft, dated July 7 and before the latest tariff rates were announced, did not mention the United States and used language similar to an ASEAN leaders' statement in May. Both said tariffs were "counterproductive and risk exacerbating global economic fragmentation". The bloc in April said it would not impose retaliatory measures and its leaders have pledged any bilateral deals they strike with Washington would not harm fellow ASEAN members. OCBC senior ASEAN economist Lavanya Ventakeswaran said countries including Vietnam face additional uncertainty over tariffs targeting transshipments, a measure aimed at products largely from China, with questions remaining over enforcement and implementation. "The bottom line is that it's going to be quite complicated moving forward," Ventakeswaran said. The issue has also been complicated by Trump's initial threat of an additional 10% on tariffs on countries aligned with the BRICS grouping. Indonesia is a member, while Malaysia, Thailand and Vietnam are partner countries. ASEAN will promote a treaty on a nuclear weapons-free zone in Southeast Asia and the meeting could also see Thailand and Cambodia seek to ease a dispute that led to a mobilisation of their troops at their border and a crisis for a Thai government now hanging by a thread. Thai Prime Minister Paetongtarn Shinawatra has since been suspended pending a court case over her leaked phone call with Cambodia's influential former leader, Hun Sen, a conversation her opponents say undermined Thailand's sovereignty and integrity. The dispute puts more pressure on ASEAN to maintain a united front, amid other unresolved issues including an intensifying civil war in Myanmar and a protracted drafting of a code of conduct with Beijing for the South China Sea, a key source of geopolitical tension. REUTERS
The Sun
22-04-2025
- Business
- The Sun
ASEAN must strengthen trade alliances through innovation and diplomacy
CYBERJAYA: The emergence of new trade partnerships among economic blocs is essential for upholding the rule of law and maintaining international trade and order, especially during times of adversity, Science, Technology and Innovation Minister Chang Lih Kang said. He said ASEAN plays a pivotal role in this context with its significant economic contributions and strategic engagement. Chang highlighted the need to adapt to shifting global trade dynamics in which ASEAN and its member states have unique opportunities to deepen regional cooperation, diversify trade partners, promote intra-ASEAN trade, invest in innovation and strengthen diplomacy through science and technology. 'These efforts, coupled with initiatives like the ASEAN Startup Year 2025, will help mitigate the potential impact of trade disruptions and foster stable, mutually beneficial trade relations with all global partners,' he said. He was speaking at the Mikro-MyStartup NXT 2025 Conference organised by Cradle Fund Sdn Bhd, an agency under the Ministry of Science, Technology and Innovation (MOSTI), in conjunction with the rollout of ASEAN Startup Year 2025. First announced in December 2024, the ASEAN Startup Year 2025 initiative marks a new chapter in ASEAN's evolution as a globally significant innovation bloc. Chang said ASEAN Startup Year 2025 is not a beginning – it is the next wave of a journey the ministry started since 2024. Malaysia has laid the groundwork to empower entrepreneurs, connect ecosystems, and future-proof ASEAN's economic resilience through innovation. He noted that the initiative builds upon the ASEAN 2025 vision, positioning startups as catalysts for cross-border collaboration, digital growth and socio-economic development. 'Malaysia continues to lead regional innovation efforts, having recently hosted the ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) and the ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3). 'Upcoming milestones include the launch of the Startup ASEAN platform ( and the inaugural Startup ASEAN Summit,' he said. Chang said ASEAN continues to be a compelling destination for startups and investors. In 2022, the region was home to 52 unicorns, showcasing its real momentum. 'Investment growth in ASEAN has been remarkable, with foreign direct investment (FDI) inflows reaching a record US$230 billion in 2023. This positions ASEAN as a formidable force in the global innovation landscape. 'The ASEAN Startup Year is led by Malaysia, but it consists of regional challenges, capacity building programmes and summits, all aimed at enhancing the regional startup ecosystem as a whole – a reflection of the regions' collective commitment to advancing the startup ecosystem,' he shared. For example, 4,430 startups have registered through the MYStartup Single Window portal, which was implemented to connect founders with potential talents. Cradle group chief executive officer Norman Matthieu Vanhaecke said Cradle is building more than just platforms. It is shaping a region where startups can thrive collectively. 'ASEAN Startup Year is a rallying call for collaboration, resilience and global ambition. In a world increasingly shaped by shifting geopolitical currents – from emerging technologies to trade realignments like the recent tariff moves – ASEAN must rise with a unified front. 'Cradle, through the MYStartup Single Window platform and ASEAN Startup Initiative, is turning regional goals into real opportunities – connecting founders, investors, and markets across borders,' he said. For Malaysian startups, he said this unlocks access to a larger playing field – from funding and partnerships to new markets. We're proud to drive this vision forward and ensure our local startups don't just participate but lead on the global innovation stage. The MYStartup Annual Report 2023/2024, also launched today, showcased Malaysia's growing startup ecosystem, with over 4,300 startups onboarded, RM100 million in investments secured, and strong ASEAN linkages reaffirming Malaysia's role as a regional launchpad.
The Sun
22-04-2025
- Business
- The Sun
ASEAN urged to boost trade via innovation and diplomacy
CYBERJAYA: The emergence of new trade partnerships among economic blocs is essential for upholding the rule of law and maintaining international trade and order, especially during times of adversity, Science, Technology and Innovation Minister Chang Lih Kang said. He said ASEAN plays a pivotal role in this context with its significant economic contributions and strategic engagement. Chang highlighted the need to adapt to shifting global trade dynamics in which ASEAN and its member states have unique opportunities to deepen regional cooperation, diversify trade partners, promote intra-ASEAN trade, invest in innovation and strengthen diplomacy through science and technology. 'These efforts, coupled with initiatives like the ASEAN Startup Year 2025, will help mitigate the potential impact of trade disruptions and foster stable, mutually beneficial trade relations with all global partners,' he said. He was speaking at the Mikro-MyStartup NXT 2025 Conference organised by Cradle Fund Sdn Bhd, an agency under the Ministry of Science, Technology and Innovation (MOSTI), in conjunction with the rollout of ASEAN Startup Year 2025. First announced in December 2024, the ASEAN Startup Year 2025 initiative marks a new chapter in ASEAN's evolution as a globally significant innovation bloc. Chang said ASEAN Startup Year 2025 is not a beginning – it is the next wave of a journey the ministry started since 2024. Malaysia has laid the groundwork to empower entrepreneurs, connect ecosystems, and future-proof ASEAN's economic resilience through innovation. He noted that the initiative builds upon the ASEAN 2025 vision, positioning startups as catalysts for cross-border collaboration, digital growth and socio-economic development. 'Malaysia continues to lead regional innovation efforts, having recently hosted the ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) and the ASEAN+3 Finance and Central Bank Deputies Meeting (AFCDM+3). 'Upcoming milestones include the launch of the Startup ASEAN platform ( and the inaugural Startup ASEAN Summit,' he said. Chang said ASEAN continues to be a compelling destination for startups and investors. In 2022, the region was home to 52 unicorns, showcasing its real momentum. 'Investment growth in ASEAN has been remarkable, with foreign direct investment (FDI) inflows reaching a record US$230 billion in 2023. This positions ASEAN as a formidable force in the global innovation landscape. 'The ASEAN Startup Year is led by Malaysia, but it consists of regional challenges, capacity building programmes and summits, all aimed at enhancing the regional startup ecosystem as a whole – a reflection of the regions' collective commitment to advancing the startup ecosystem,' he shared. For example, 4,430 startups have registered through the MYStartup Single Window portal, which was implemented to connect founders with potential talents. Cradle group chief executive officer Norman Matthieu Vanhaecke said Cradle is building more than just platforms. It is shaping a region where startups can thrive collectively. 'ASEAN Startup Year is a rallying call for collaboration, resilience and global ambition. In a world increasingly shaped by shifting geopolitical currents – from emerging technologies to trade realignments like the recent tariff moves – ASEAN must rise with a unified front. 'Cradle, through the MYStartup Single Window platform and ASEAN Startup Initiative, is turning regional goals into real opportunities – connecting founders, investors, and markets across borders,' he said. For Malaysian startups, he said this unlocks access to a larger playing field – from funding and partnerships to new markets. We're proud to drive this vision forward and ensure our local startups don't just participate but lead on the global innovation stage. The MYStartup Annual Report 2023/2024, also launched today, showcased Malaysia's growing startup ecosystem, with over 4,300 startups onboarded, RM100 million in investments secured, and strong ASEAN linkages reaffirming Malaysia's role as a regional launchpad.
