China, Japan, S.Korea, and ASEAN countries call for enhanced regional unity and cooperation, sounding alarm over rising protectionism.
China, Japan, S.Korea, and ASEAN countries call for enhanced regional unity and cooperation, sounding alarm over rising protectionism
The 28th ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting. Photo: Chinese Ministry of Finance
During the 28th ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting which took place on May 4 in Milan, Italy, ASEAN members along with China, Japan, and South Korea, called for enhanced regional unity and cooperation to address heightened uncertainties, including rising protectionism and volatile global financial conditions in a joint statement issued after the meeting.
The joint statement, which did not mention the US by name, came as sweeping new US tariffs threaten to hit Southeast Asia hard, Nikkei Asia reported.
Chinese Finance Minister Lan Fo’an attended the meeting and co-chaired some sessions.
Lan emphasized that the global economy is undergoing profound adjustments, with globalization encountering headwinds and rising unilateralism and protectionism. Instability and uncertainties have notably increased. The 10+3 regional economies demonstrate strong resilience and have significant growth potential, but they also face complex and severe internal and external challenges. China is willing to work with all parties in the 10+3 framework to uphold openness and inclusivity, promote solidarity and cooperation, and continuously deepen regional financial collaboration, in order to address global instability and uncertainty with the stability and certainty of this region, Lan said.
In addition to sector-based tariffs, including those on automobiles, the US administration announced “reciprocal” tariffs in early April, which are set to deal a heavy blow to many export-reliant Asian economies, according to Kyodo News.
ASEAN members Cambodia and Vietnam are facing hefty US levies of 49 percent and 46 percent, respectively, although the US later announced a 90-day pause for most countries.
Source: Globaltimes