So-called 'decoupling' of the US with China 'disastrous' to all

Former Thai Deputy Prime Minister and Foreign Minister Surakiart Sathirathai said Southeast Asian countries can help in amplifying this "voice of moderation". He said the regional bloc, the Association of Southeast Asian Nations (ASEAN), has demonstrated the capacity of Asian countries to collaborate and to lead multilateralism.

He cited ASEAN's role in the creation of the Regional Comprehensive Economic Partnership, a proposed free-trade agreement.

ASEAN led the formation of the RCEP in 2012 and was supported by six other countries: China, India, Japan, South Korea, Australia and New Zealand.

Surakiart said once negotiations are concluded, it will be the largest multilateral trade deal in history, accounting for about one-third of the global economy and half of the world market.

He also cited the Belt and Road Initiative, which he said is not just a China-led initiative. Surakiart said it is multilateral in nature, given that infrastructure projects under its fold involve intra-regional cooperation.

"Asian countries are taking the lead in demonstrating the Confucius adage 'if we collaborate, we win. If we fight, we lose'," he said.

Zhang Xiaoqiang, executive vice chairman and CEO of CCIEE stressed that protectionism and unilateralism are against the principles of globalization and can weaken the world economy.

"Mutual cooperation is the only way forward," he said, noting that this should be based on equality and mutual respect.