KUALA LUMPUR: The recent tariff announcement by Washington will change the trade dynamics and operating environment, which can influence the economic growth narrative and present ASEAN with both challenges and opportunities.
Therefore, Finance Minister II Datuk Seri Amir Hamzah Azizan said this underscored the urgency for ASEAN member states to strengthen resilience, enhance collaboration and progress further along the path of regional economic integration.
"While we remain committed to international trade, fostering stronger intra-ASEAN collaboration will pave the way for a more self-reliant and resilient ASEAN community,” he said in his opening remarks at the ASEAN Investors Roundtable: Unlocking Opportunities to Advance ASEAN Climate Initiatives here, today.
While ASEAN is thus far on track to be the fourth-largest economic bloc by 2030, with 2025 gross domestic product (GDP) projected to grow by 4.7 per cent, surpassing the global average, Amir Hamzah said the bloc cannot be complacent.
He added that the global economic landscape is rapidly evolving, with higher economic and financial market volatility expected.
"ASEAN countries are increasingly facing the harsh realities of climate change, with devastating consequences on our economies and livelihoods.
"We are experiencing more frequent and severe natural disasters such as floods, droughts and typhoons, causing billions in economic losses annually.
"As these climate-related challenges intensify, the ASEAN economy risks losing up to 11 per cent of its GDP by 2100 if no effective measures are taken,” he said.
The roundtable was held in conjunction with the four-day 12th ASEAN Finance Ministers and Central Bank Governors Meeting (AFMGM) and related meetings, which begin today.
Preparatory meetings for the 12th AFMGM began this morning as senior officials commenced finalising documents for their ministers to discuss later this week, with a clear emphasis on enhancing regional financial integration.
Chaired by Malaysia, this series of meetings started with the ASEAN Finance Deputies Meeting and the ASEAN Central Bank Deputies Meeting. - Bernama
