The Singapore Business Federation (SBF) on Wednesday called on the Association of Southeast Asian Nations (ASEAN) to facilitate greater intra-regional trade, including by enhancing existing agreements such as the Regional Comprehensive Economic Partnership (RCEP).

In a statement, SBF CEO Kok Ping Soon said businesses need to re-evaluate their reliance on the United States market and explore opportunities within the region and in trade corridors where Singapore has free trade agreements.

"The current situation presents an opportunity for ASEAN to review regional non-tariff barriers to facilitate greater intra-regional trade. Existing agreements like RCEP should be further enhanced to foster economic integration," he said.

Kok noted that although Singapore is only subject to the 10 percent minimum base tariff, businesses are not insulated from the broader impact of higher tariffs imposed on other economies. About 71 percent of Singapore businesses have an offshore presence, he added.

Even companies that do not directly export to the United States or operate in the region may serve as intermediate suppliers in global supply chains linked to the U.S. market. These businesses, Kok warned, face rising supply chain costs, shrinking margins, and potential volume reductions. 

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