ASEAN in race with China for economic survival: Arroyo<\/p>\n
Agence France-Presse, Manila<\/p>\n
Association of South East Asian Nations (ASEAN) must resist
\nthe urge to stall closer regional integration, Philippines
\nPresident Gloria Arroyo said.<\/p>\n
\"For our diverse countries to survive and prosper, we need
\ncloser integration. We need to think regionally and deepen
\nregional ties. Our national and economic interests lie in the
\ndestiny of the region and our linkage with the rest of the
\nworld,\" she wrote in the Asian Wall Street Journal's Tuesday
\nedition.<\/p>\n
Arroyo said the ASEAN Free Trade Area (AFTA) which has slashed
\nimport tariffs on almost all goods traded among the Philippines
\nand five of the nine other members \"has some way to go before it
\nwill become an effective means of strengthening the region's
\ncompetitive economic position.\"<\/p>\n
The accord brought down tariff levels on intra-ASEAN trade
\nfrom this year to between zero and five percent.<\/p>\n
\"Underlying AFTA is the realization that small, protected
\nmarkets will no longer work in the face of the competitive
\nchallenge confronting us,\" she said.<\/p>\n
\"China embodies that challenge most starkly in terms of its
\npower and its proximity. ASEAN views the rise of China and other
\nregional groups as both a competitive spur and a market
\nopportunity.\"<\/p>\n
However, ASEAN boasts that its combined gross domestic product
\nis now equal to that of China with only half the latter's
\npopulation would \"remain an empty boast if the integration of the
\nASEAN economy lags behind China's integration with the global
\neconomy.\"<\/p>\n
\"ASEAN nations must think hard about their national economies
\nand ASEAN's regional economic framework to determine how best to
\nposition themselves to ensure their continued competitiveness and
\nto capitalize on the opportunities presented by a more open
\nChina.\"<\/p>\n
Arroyo said a proposed ASEAN-China free trade area would
\nexpand ASEAN exports to the rapidly growing Chinese market as
\nwell as \"strengthen ASEAN as a platform for investors to sell to
\nChina.\"<\/p>\n
\"It is projected that the deal would boost ASEAN's sales to
\nChina by 48 percent,\" she added.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/asean-in-race-with-china-for-economic-survival-arroyo-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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