KUALA LUMPUR: ASEAN and the United States have achieved significant progress in their bilateral relations ahead of the upcoming 47th ASEAN Summit.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz confirmed US President Donald Trump’s attendance at the summit scheduled from October 26 to 28.
He expressed optimism that the Agreement on Reciprocal Trade would be signed during the summit, bringing mutual benefits to both regions.
The minister highlighted that the agreement would complement ASEAN’s economic strength with its population of over 600 million people.
“We are now in the final stages of finalising the ART,“ Zafrul stated during a pool interview themed “How ASEAN’s economic prosperity supports regional political stability.”
He noted that the United States is currently in discussions with several ASEAN countries to complete the agreement.
“The hope and the aim are to have this agreement signed by the two leaders during this summit,“ the minister added.
Zafrul emphasised ASEAN’s commitment to engaging with all nations, including the United States.
“For ASEAN, we want to show America, especially the Trump administration, that we engage everyone,“ he explained.
He further stressed that ASEAN aims to position itself as a reliable partner to all countries worldwide.
The minister’s comments underscore ASEAN’s strategic approach to maintaining balanced international relationships.
The upcoming summit represents a crucial opportunity to strengthen economic cooperation between ASEAN and the United States.
This development signals growing economic integration between the Southeast Asian region and one of its key trading partners.
It was reported that Malaysia and the US are set to sign a reciprocal tariff agreement at the 47th ASEAN Summit in Kuala Lumpur, with sectors expected to benefit, including agriculture, industrial and manufacturing, as well as businesses engaged in trade and investment with the US.
For the period of January to September 2025, trade between Malaysia and the US maintained its robust performance, expanding by 15.4 per cent to RM270.88 billion. Exports rose 18.2 per cent to RM166.38 billion, propelled by increased exports of electrical and electronics (E&E) products, machinery, equipment and parts as well as processed food. Meanwhile, imports from the US increased by 11.2 per cent to RM104.50 billion.
The ART, which serves as a binding framework for future bilateral economic cooperation, covers six main areas, namely, tariffs and quotas, non-tariff barriers, digital trade and technology, rules of origin, economic and national security, and commercial considerations.
Besides, Tengku Zafrul said ASEAN aims to complement the US rather than compete, by strengthening and supporting the US supply chain.
“For example, in semiconductors, many ASEAN countries are big players. It is a very important part of their supply chain.
“It is not that we are taking over the supply chain, but that the supply chain has strengthened the US supply chain itself. So we need to show the complementarities, the economies of ASEAN and the US,” he added.
ASEAN’s trade in goods with the US reached US$476.8 billion (US$1 = RM4.22) in 2024.
US goods exports to ASEAN are estimated at US$124.6 billion, while imports from the region totalled US$352.3 billion.
Under Prime Minister Datuk Seri Anwar Ibrahim, Malaysia assumed the chairmanship of ASEAN on Jan 1, 2025. The Philippines will be the next chair of ASEAN, taking over from Malaysia in 2026. – Bernama
