00:00An economist has cautioned ASEAN against rushing into a new trade bloc with Japan and South Korea,
00:07saying that U.S. trade policy is more predictable than it appears.
00:11Jeffrey Williams said a proposal to form an East Asia buffer bloc,
00:16comprising ASEAN, Japan and South Korea,
00:19rests on weak assumptions and overlooks more practical solutions.
00:23He said the proposal incorrectly assumed that ASEAN,
00:27South Korea and Japan share common and aligned incentives.
00:31Williams warned that Malaysia may not have much to gain from being part of such a bloc
00:36and would instead risk getting itself entangled in bureaucracy.
00:40He said countries should focus on removing trade barriers and supporting open markets,
00:45which would boost economic growth for everyone.
00:48Williams was commenting on Penang-born U.S. economist Wu Wing Tai's call to form an East Asia buffer bloc
00:54to withstand the impact of unpredictable U.S. trade policies and growing U.S.-China tensions.
01:00Naritha Raja, FMT.
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