ASEAN+ economic ministers back WTO role to prevent trade wars

Economic ministers from the ASEAN bloc and four key dialogue partners have strongly reaffirmed their support for using the World Trade Organization (WTO) as the primary mechanism to resolve trade disputes, avoid retaliatory trade measures, and prevent trade wars, according to Thai Commerce Minister Pichai Naripthaphan.

Pichai said the ASEAN+ Economic Ministers' Meeting, held via teleconference on Tuesday, underscored the importance of the WTO in maintaining fair and rules-based international trade.

ASEAN and 4 Partners Aim to Strengthen Multilateral Trade

The meeting involved the 10 ASEAN member states along with four key dialogue partners: China, Japan, Australia, and New Zealand.
A joint statement was issued during the meeting, affirming 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.

Although the statement did not explicitly mention the United States, it was seen as a veiled reference to ongoing trade tensions stemming from US-imposed tariffs in response to persistent trade deficits.

Thailand Supports Deeper Regional Economic Integration

Minister Pichai stated that Thailand would continue to work with ASEAN to develop both regional and global economic strategies to address rising uncertainties through enhanced economic cooperation.

Thailand and other ASEAN members also committed to fast-tracking the ASEAN-China Free Trade Agreement (FTA) upgrade within this year. The expanded FTA aims to cover areas such as the digital economy, green economy, and regional supply chain integration.

Thailand Urges Japan to Expand Semiconductor Manufacturing in ASEAN

During the meeting, Thailand proposed that Japan expand its semiconductor production facilities to ASEAN, positioning the region as a future supply chain base for Japan’s high-tech industries.

Strengthening ASEAN’s Trade Ties with Australia and New Zealand

The ministers also agreed to bolster cooperation under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA). Areas of focus include the circular economy, green and blue economies, renewable energy, and electronic commerce.

China Remains ASEAN’s Top Trade Partner in 2024

According to 2024 trade statistics:

• 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.
• Australia and New Zealand were ASEAN’s sixth and tenth largest trade partners, with bilateral trade values of USD 94.41 billion and USD 11.949 billion, respectively.