Marcos Calls for Practical ASEAN-US Economic Collaboration
President Ferdinand “Bongbong” Marcos Jr. has said that the countries that are members of ASEAN are ready to work with the United States on a strategic economic cooperation that would help companies and people in the area. Speaking during the 13th ASEAN-US Summit held in Kuala Lumpur, Malaysia, Marcos underscored the bloc’s resolve to work constructively with Washington despite global economic turmoil.
Marcos added, “We know that the world economy is full of uncertainty.” ASEAN loves its relationship with the United States and wants to establish practical, strategic, and forward-looking cooperation that helps both enterprises and citizens.
Strengthening Economic Framework Through Trade Facilitation
Marcos stressed how important the ASEAN-US Trade and Investment Facilitation Arrangement is for organized discussion between the two sides. He noted that the platform makes it easier for people to work together on trade facilitation, the growth of micro, small, and medium-sized businesses (MSMEs), digital transformation, cybersecurity, and sustainability.
Marcos went on to say, “The Philippines understands how important it is to strengthen economic ties between ASEAN and the US through this agreement.” “It helps our countries work together better on policies that make the region more competitive and its economy more stable.”
Emphasis on Digital Economy and Capacity Building
The president said that ASEAN and the US work together in more than just commerce. They also work together in new areas of the economy, such as the digital economy and capacity development projects. These measures are meant to encourage new ideas, support growth that includes everyone, and make the region more ready for digital change.
He said that working together with the US may help close development gaps in ASEAN by making it easier for people to use technology, extending education initiatives, and making the region’s cybersecurity infrastructure stronger to protect its markets from digital attacks.
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Department of Foreign Affairs Reaffirms Constructive Engagement
The Philippine Department of Foreign Affairs (DFA) said that at the 47th ASEAN Summit and Related Meetings in Malaysia, Manila would keep “constructively engaging” with the US on economic issues. Officials indicated that the Philippines wants to push measures that are in line with ASEAN’s common growth strategy while also keeping respect and economic balance amongst member nations.
The DFA also said that Marcos’s comments support the Philippines’ larger objective of making ASEAN a vital hub for commerce, investment, and innovation between East and West.
US Trade Expansion Expected Across Southeast Asia
In early September, US Trade Representative Jamieson Greer said that Washington plans to finish new trade deals with other Southeast Asian countries in the next several months. The action shows that the US is once again focusing on commercial ties in the Indo-Pacific after years of trade problems and tariff changes.
Greer’s remark is in line with ASEAN’s goals of making supply chains more modern, making trade more open, and bringing in more foreign direct investment. Analysts say that both sides are looking for frameworks that will help both sides balance access to markets with long-term growth.
Regional Tariff Landscape and Market Challenges
Tariffs are still a big problem in trade across regions. Rates in Southeast Asia are very different right now. The Philippines has a 19% tariff, while Laos and Myanmar have rates that may be as high as 40%. On the other hand, Singapore has a lower rate of 10% since it has open-market regulations.
ASEAN’s desire for stronger ties with the US might eventually lead to harmonizing tariffs and creating regional trade corridors that make the whole bloc more efficient and competitive, according to economic experts.
Towards a Resilient ASEAN-US Economic Future
Marcos stressed the need for strategic cooperation and growth driven by innovation as ASEAN countries recover from global challenges. The Philippines and its neighbors want to make their economies ready for the future by working with the US on trade, digitization, and sustainability. They want their economies to be prepared to handle shocks from across the world.
Marcos added, “Partnership is the key to success.” “ASEAN and the United States can make real progress for our people and our future by working together and being committed to the same goals.”
