JakartaPost-May 11
As this year’s ASEAN chair, Malaysia has intensified its legal diplomacy with Southeast Asian nations to establish a unified commercial arbitration framework to enhance intra-regional trade and attract foreign investments, as the region continues to grapple with escalating global trade and economic tensions. The move, made amid disruptions in the global supply chain and the United States’ so-called “reciprocal tariff” policy, will be among Putrajaya’s priority this year, according to Malaysian Law Minister Azalina Othman Said. “We’re trying to promote a commercial arbitration platform for all ASEAN countries to have as a common ground for other countries in doing business,” she said in an interview with The Jakarta Post in Jakarta on Thursday. Azalina is currently on an ASEAN tour to negotiate legal trade terms with each country. ASEAN countries have intensified their efforts to boost reciprocal trade. They have conducted multiple high-level meetings as the region finds itself among the hardest hit by the US tariff hike. Several member states, including Cambodia, Laos, Vietnam and Myanmar, were facing tariff rates between 44 and 49 percent. Meanwhile, Indonesia and Thailand, among the largest economies in the region, have been given potential tariffs of 32 and 36 percent respectively. With Washington’s policy projected to disrupt regional trade and strain economic growth, ASEAN members have kept themselves busy exploring alternative trade partnerships and economic strategies to mitigate the effects of these tariffs, including through boosting intra-ASEAN trade. An ASEAN-wide legal harmonization of the trade sector is key to facilitate regional trade, investment and cross-border cooperation across the bloc, the minister went on to say. The Malaysian minister acknowledged that the biggest challenge for Malaysia as this year’s ASEAN chair was to push for cooperation among member states with one voice to discuss and focus on advancing ASEAN’s legal agenda and regional framework. Read more at:
