00:00this year a few key themes dominated our discussions in both internal ASEAN
00:13meetings as well as within our consultations with ASEAN dialogue partners
00:18these include number one the growing global trend of protectionism and the
00:24rise of unilateral trade measures which pose significant risk to the
00:29multilateral rule-based trading system and the stability of global supply chain so
00:34we underscored our shared commitment to uphold a free fair inclusive rules-based
00:41and non-discriminatory multilateral trading system with WTO principles at its core
00:47secondly ASEAN reaffirmed our resolve to constructively engage with all external
00:53partners to address their concerns their legitimate concerns ASEAN also stands
00:59ready to deepen economic cooperation that deliver mutual benefits for ASEAN's and
01:04its partners related to this we acknowledge the ASEAN Geoeconomic Task Force AGTF they
01:12made recommendations on new approaches and strategies to advance ASEAN
01:16integration amidst increasing geoeconomic fragmentation this is key to ensuring a
01:23coordinated ASEAN strategy for adapting to the evolving global geoeconomic and
01:29geopolitical landscape and thirdly a joint session between ASEAN Economic Ministers and
01:35ASEAN Foreign Ministers will also be convened on the margins of the upcoming
01:40leaders summit to foster greater policy coherence and strengthen cross pillar
01:46coordination the ministers reaffirmed their commitment to the timely
01:50implementation of these PEDs as it will bring tangible benefits to business and
01:55also to people and therefore further strengthening ASEAN's economic resilience
02:00and long-term growth and upgraded version of ASEAN actually marks a significant leap
02:05forward designed to be more agile and responsive to both regional and global
02:09economic shift and of course the ASEAN DEFA will drive economic growth and
02:13social advancement towards an ASEAN-wide digital economy in addition to PEDs
02:19during the meeting we also signed the ASEAN framework agreement on competition
02:23and look forward to the completion of the signing of the fifth protocol to amend the
02:29ASEAN comprehensive investment agreement as soon as possible next we look forward to
02:34the historical moment where Timor-Leste will be fully admitted as the 11th
02:38member state of ASEAN at the 47th ASEAN summit in October
02:43with Trump announced new tariffs today how is it going to complicate matters for ASEAN to come up with
02:53coordinated response and for Malaysia in particular yeah so we in ASEAN of course
02:59like what we have been experiencing since April since Liberation Day we'll definitely look at the impact to
03:08Malaysia to Indonesia to our respective ASEAN member state but at the same time we
03:13will discuss at any ASEAN platform we are going to meet again end of October under the
03:18ASEAN Economic Committee meetings ECC meetings so we can discuss then for now
03:24Malaysia is evaluating the impact to our industries so we will revert back once we know the impact but
03:33please bear in mind that this is something that is already expected it's just that we want to know
03:39when and we'll wait for the details about the tariff that's going to be impacting some of the sectors
03:48you mentioned that you were expecting new tariffs on furniture for instance so the mood hasn't changed you're not surprised or with these new tariffs
03:59we're not surprised because as all of you should be aware by now this tariff negotiation and tariff discussion we understand the US position right for Malaysia we have always stated our stance that we will continue to engage the US and that's a similar stance by ASEAN
04:17we also then have to ensure that we continue to do what we need to do as a country as a block right we believe in the principle of neutrality this is a principle of centrality when it comes to ASEAN and therefore for us discussion today and discussion at the ASEAN level we continue to support the rule-based multilateral trading system with the WTO principles at its core so for us US have their rights and we continue to support the rule-based
04:39multilateral trading system with the WTO principles at its core so for us to do what they need to do but for us we should continue to support multilateralism and continue to diversify strengthen our companies and you know we cannot be too focused on just a decision by the US or any other country for that matter
05:08so you mentioned just now ASEAN foreign ministers and economy minister will meet so do we have definitive dates prior to the summit on in October yes we have a definitive date but I can't remember the date 25th okay the ASEAN
05:26secretary reminded me is on the 25th of October this is the first time we will have a joint meeting and the ASEAN
05:32geoeconomic task force will be presenting to both the foreign and economic ministers
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