ASEAN-GCC-China Summit: Bloc is using multi-pronged approach to respond to U.S. tariffs

KBusiness leaders from ASEAN have met with the leaders of the member countries to give their insight into the economic challenges the region faces and present possible solutions. Our correspondent in Malaysia Rian Maelzer spoke with the chairman of the ASEAN Business Advisory Council, Nazir Razak, in Kuala Lumpur.

RIAN MAELZER, KUALA LUMPUR “How concerned are you about the US threat of tariffs on the region, and how do you think that ASEAN as a bloc and business can best navigate and mitigate this uncertainty and turmoil?”

NAZIR RAZAK, CHAIRMAN, ASEAN BUSINESS ADVISORY COUNCIL “Of course we were all shell-shocked by not so much the tariffs but the scale of it and the method behind it and you know, we were reeling for some days. I think people were not sure how to respond and I think clearly at the extreme that was announced on Liberation day that would be very concerning damaging not just to us but to the US as well. Malaysia is doing four things. One is to negotiate for the right tariff levels. We’re looking at ways that we can help our weaker companies, our SMEs, MSMEs cope with this. Thirdly, we need to look within the region and strengthen our ties with within the ASEAN region, and of course, fourthly is strengthen our business ties with other parts of the world including China, India, GCC and even further a few to the other sort of countries of the South.”

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