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ASEAN Finalizes Key Trade Upgrades to Counter Global Economic Strains

The bloc advances integration efforts with upgraded trade agreements and renewed focus on unity, while addressing challenges including U.S. tariffs and the Myanmar crisis.

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Officials at the ASEAN summit will tackle pressing regional issues, attempting to increase pressure on Myanmar's military junta and iron out remaining issues with East Timor's application to join the bloc
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Overview

  • ASEAN has concluded negotiations to upgrade the ASEAN Trade In Goods Agreement (ATIGA) and the China-ASEAN Free Trade Area (CAFTA), with signing expected in October.
  • The upgraded agreements aim to enhance regional trade, lower tariffs, and boost supply chain resilience to safeguard against global economic disruptions.
  • ASEAN nations are among the hardest hit by U.S. tariffs, with six of ten members facing levies as high as 49%, prompting calls for deeper regional economic integration.
  • The bloc reiterated its commitment to addressing the Myanmar crisis, urging a ceasefire and increased humanitarian aid while barring Myanmar's military leaders from meetings.
  • ASEAN leaders are set to meet with Chinese Premier Li Qiang and Gulf Cooperation Council representatives to explore expanded economic partnerships.