ASEAN is seeking to bolster ties with China as trade tensions between Beijing and Washington rise, Singapore Deputy Prime Minister Teo Chee Hean said at a recent business conference in Singapore. In the area of free trade, ASEAN and China are working to upgrade a ASEAN-China Free Trade Area Agreement. Tension between the U.S. and China is heating up as both sides engage in tit-for-tat increases in tariffs amid disputes over trade policy. "On the trade front, concerns are growing over the escalation of trade tensions between the U.S. and China," Teo said. In the long run, all countries, including those in ASEAN, will be negatively affected if global trade and economies are disrupted and grow more slowly.

Source: Forbes September 09, 2018 13:07 UTC