SE Asian leaders to vow to fight protectionism
SINGAPORE (AFP) — Southeast Asian leaders are expected to rally against protectionism at a summit in Singapore this weekend amid fears that tit-for-tat tariffs between the US and China could escalate into a global trade war.
A region of around 650 million people, Southeast Asia is home to some of the world’s fastest growing economies, thanks largely to the benefits of free and open trade.
But officials and analysts have warned that an escalation of trade tensions between the world’s two biggest economies poses a risk to the region’s growth outlook.
Leaders from the 10-country Association of Southeast Asian Nations (ASEAN) are expected to pledge to fight protectionism when they meet in the city-state today, according to a draft of their final statement seen by AFP.
The statement warns of “uncertainties surrounding global economic recovery, the rising trends of protectionism, and global policy uncertainties.”
US President Donald Trump sent shock waves around the world last month when he imposed tariffs on steel and aluminum imports and authorized tariffs on about $50 billion worth of Chinese exports.
Beijing has responded by slapping duties on key US agricultural exports, in measures intended to target the American president’s support base — and could also do so for the sensitive US soybean industry.
On the disputed South China Sea, the leaders are expected to take note of “the concerns expressed by some leaders on the land reclamations and activities in the area, which have eroded trust and confidence, increased tensions and may undermine peace, security and stability in the region.”
Four ASEAN states — Brunei, Malaysia, the Philippines and Vietnam — have laid partial claims to the sea, pitting them against China which asserts sovereignty over almost the entire area.
China rankled its smaller neighbors when it carried out massive land reclamations in the sea, and is now putting up structures, which analysts say include runways and military facilities.