Economic leaders from the Association of Southeast Asian Nations (ASEAN) and its partners endorse the World Trade Organization's (WTO) role in avoiding trade conflicts.

Economic leaders from the Association of Southeast Asian Nations (ASEAN) and its partners endorse the World Trade Organization's (WTO) role in avoiding trade conflicts.

In a significant move to uphold fair and rules-based international trade, economic ministers from the Association of Southeast Asian Nations (ASEAN) and four key dialogue partners have reaffirmed their support for the World Trade Organization (WTO) as the primary mechanism for resolving trade disputes and preventing trade wars.

According to Thai Commerce Minister Pichai Naripthaphan, the ASEAN+ Economic Ministers' Meeting, held via teleconference on Tuesday, underscored the importance of the WTO in maintaining a stable and transparent trade environment. Participating nations included the 10 ASEAN member states, China, Japan, Australia, and New Zealand.

At the meeting, the ministers affirmed a shared commitment to promoting economic cooperation, supporting free and transparent multilateral trade, and using the WTO as a central platform for resolving trade conflicts. This stance was seen as a veiled reference to ongoing trade tensions with the United States, stemming from US-imposed tariffs.

Thailand, which aims to strengthen regional economic ties, reiterated its commitment to working with ASEAN to develop both regional and global economic strategies. The country also pushed for the fast-tracking of the ASEAN-China Free Trade Agreement (FTA) upgrade, which aims to cover areas such as the digital economy, green economy, and regional supply chain integration.

In addition, Thailand proposed expanding Japan's semiconductor production facilities to ASEAN, aiming to position the region as a future supply base for Japan's high-tech industries.

The ministers also agreed to strengthen cooperation under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), focusing on the circular economy, green and blue economies, renewable energy, and electronic commerce.

Trade statistics from 2024 show that China remained ASEAN's largest trade partner, with bilateral trade reaching USD 770.936 billion, marking a 10.63% increase from the previous year. Japan ranked third, with trade totalling USD 235.136 billion, while Australia and New Zealand were ASEAN's sixth and tenth largest trade partners with USD 94.41 billion and USD 11.949 billion, respectively.

The push for deeper economic integration comes amidst ongoing global economic challenges. ASEAN has also expressed its commitment to upholding a predictable, transparent, and rules-based multilateral trading system, which is crucial for regional economic stability.

This latest move reaffirms the commitment of ASEAN and its key dialogue partners to strengthen economic ties and avoid the escalation of trade wars, setting a supportive framework for Thailand's economic goals.

The economic ministers from ASEAN and its dialogue partners emphasized the central role of the World Trade Organization (WTO) in maintaining a stable and transparent international trade environment, which directly impacts the global economy and finance.

Thailand's push to upgrade the ASEAN-China Free Trade Agreement and expand Japan's semiconductor production facilities to ASEAN is a strategical move in enhancing regional economic cooperation, echoing the general-news focus on strengthening economic ties among nations.

The ASEAN ministers also agreed to intensify cooperation under the ASEAN-Australia-New Zealand Free Trade Agreement, focusing on sustainable and digital economies, thereby aligning with ongoing global business trends.

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