Malaysia’s PM Slams for the US to Get In on the ASEAN Trade Action Plan
Why the Balance Sheet Matters to the US
Listen up, Washington: Prime Minister Ismail Sabri Ya Yakob, in a press‑friendly rant on the 12th of May, called for the United States to dial up its trade and investment game with the Association of Southeast Asian Nations (ASEAN). “It’s pretty simple,” he said, “the US needs to make more money and hold its geopolitical sweat margin.”
These 308.9 billion‑Dollar, or 431 billion‑Singaporean-Dollar, two‑way trade numbers from 2020 demonstrate the US is ASEAN’s biggest foreign‑direct‑investment provider. That’s why Ya Yakob called for a bigger role for the US in the region.
COVID‑19 Made Everyone’s Wallets Tighten
“The pandemic was a wake‑up call,” PM Ya Yakob told a mixed audience of US business leaders and ASEAN heads‑hunters. “We’ve seen that international trade and southern supply chains are vital; we can’t let them lag.”
Isra‑RCEP: The Big Deal, Big Drops
He pointed out that RCEP, the Chinese‑backed economic pact that’s finally in force, is a ticket to lower tariffs and higher regional activity. “Cling onto the largest FTA in the world—15 nations, 2.3 billion people, nearly one‑third of the global GDP. There’s a goldmine here!” he called out.
U.S. Companies: Big Players, Big Opportunities
- About 6,200 American businesses serve Southeast Asia—many treat it as a production hub for homes and extra-of‑the‑world markets.
- By tapping into RCEP, they’re not just looking for a better trade flow, but a full-blown “come‑and‑prosper” – it’s the missing puzzle piece in the Indo‑Pacific Economic Framework (IPEF) the US has been talking about a little over a year ago.
The U.S. Perspective: IPEF and the Future
Biden’s virtual summit last October promised a new Indo‑Pacific Economic Framework (IPEF). The aim: set regional standards to keep the US in the conversation and buttress China’s influence. However, concerns about American job markets mean IPEF is still a bit shy when it comes to true “market access” that’s desperately required by the ASEAN states.
Bottom Line
Ya Yakob delivered a call‑to‑action that’s as clear as a Friday news alert: the US must lean in, invest harder, trade smarter, and give Southeast Asia the boost it brings back in the form of jobs and shout‑together growth.
