THAI Commerce Minister Pichai Naripthapan attended a Special Asean Economic Ministers’ Meeting via video conference this morning (Apr. 10) where it was agreed to propose constructive negotiations and find a balanced solution with US after President Donald Trump imposed steep new tariffs on most trading partners and while this has been paused for 90 days a 10 percent blanket duty on almost all US imports remains in place, Amarin TV said.
Ministers from all 10 Asean countries plus Timor-Leste discussed a strategic approach to dealing with the new US policy and reduce the impact on economy, trade and investment in the region, as well as the global supply chain and the private sector’s business operations, especially SMEs and farmers in Asean.
The ministers agreed to issue a joint statement as a “comprehensive strategic partner” of US under the Asean-US Strategic Trade and Investment Partnership (STIP) framework stating that it will not retaliate against US while calling for talks to reduce trade conflicts and find a balanced solution.
Asean will move forward to build cooperation in high-potential areas with US, such as digital, AI, food, renewable energy, advanced industries, electric vehicles, semiconductors, health, logistics and agriculture, to create new opportunities for the region and emphasise the importance of the multilateral trading system.
The meeting also resolved to establish a special working group, the “Asean Geoeconomics Task Force,” to monitor, evaluate and recommend policies to cope with and utilise the direction of US economic policy for the greatest benefit of Asean.
Pichai said he has been in touch with Mr. Jamieson Greer, the United States Trade Representative (USTR), on this issue since last December. US has agreed to hold talks with Thailand with both parties in the process of scheduling a meeting date where talks will focus on further developing cooperation between the two countries.
US is Asean’s second largest trading partner after China, with total trade value in 2024 being approximately US$476.8 billion. The top five Asean exports to US are rubber and rubber products, shoes, clothing and accessories, electronic products, and machinery.
The top five imports from US are electrical machinery and equipment, clothing, machinery, agricultural raw materials and products, and automobiles, parts, and engines.
For Thailand, US is the number one export market. In 2024, Thai-US trade totalled US$74.484 billion with Thailand exporting US$54.956 billion worth of goods and importing US$19.528 billion worth of American goods, resulting in a trade surplus of more than US$35.427 billion.
CAPTIONS:
Top: An image of US President Donald Trump next to an Asean logo. Photo: Amarin TV
Insert: Asean economic ministers holding talks this morning, April 10, 2025. Photo: Asean Secretariat
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