EU High Representative for Foreign Affairs and Security Policy Federica Mogherini (Source: VNA)Singapore (VNA) – The Association of Southeast Asian Nations(ASEAN) and the European Union (EU) have highlighted the significance offighting protectionism and a possible global trade war in the context that foreignministers of both sides are working together on a free trade agreement betweenthe two regions.
Speaking on the sidelines of the 51st ASEAN Foreign Ministers’ Meetingand other related meetings in Singapore on August 3, EU High Representative forForeign Affairs and Security Policy Federica Mogherini said that the ASEANnations can rely on the EU as a free trade partner.
Mogherini stated that the EU supports the viewpoint that free trade and equalitywill bring about equal benefits instead of harmful trade wars.
She showed her hope that bilateral trade deals that the EU isnegotiating with some ASEAN countries will serve as foundation for the futureinter-regional agreement.
Earlier the same day, Philippine Secretary of Foreign Affairs Alan PeterCayetano said that all countries are concerned about the risk of a trade war asit will not bring victory to any side but affect even irrelevant parties.
Meanwhile, Malaysian Minister of Foreign Affairs Saifuddin Abdullah warnedthat the Southeast Asian region will be impacted by a widespread trade war.
Trade conflict between the US and China has escalated after US PresidentDonald Trump announced the application of a 25 percent tax on Chinese goods asBeijing denied Washington’s requests and rolled out retaliatory measuresagainst US products.
In early July, the US applied a 25 percent tax rate on Chinese goodsworth 34 billion USD, while planning the tax application on another amount ofChinese goods valuing 16 billion USD. Meanwhile, China has also revealed thatit will take new tariff measures against US products.
The ASEAN is working hard to promote free trade agreements between itsmember countries with partners in the region.
The ASEAN and the EU launched negotiations on a free trade deal in 2007,but the EU withdrew from the process two years later due to disputes withMyanmar. The two sides resumed the negotiations last year.-VNA
VNA
