Malaysia renews call for EAEC formation<\/p>\n
KUALA LUMPUR (AFP): Malaysia has renewed its call for the
\nformation of an East Asian Economic Caucus (EAEC) to represent
\nregional interests, a report said yesterday.<\/p>\n
Prime Minister Mahathir Mohamad was "ahead of his time when he
\nproposed the setting up of the East Asian Economic Caucus,"
\nEducation Minister Najib Tun Razak was quoted as saying by the
\nNew Straits Times.<\/p>\n
"The time is ripe for such a regional platform to emerge which
\nwill truly represent the interests of East Asia," he added,
\nciting the Asian financial crisis which has ravaged regional
\neconomies.<\/p>\n
Najib said such an organization would enable the countries
\ninvolved to take a common approach and be united against all
\nodds.<\/p>\n
Mahathir proposed the formation of the EAEC in December 1990
\ngrouping China, Hong Kong, Japan, South Korea and Taiwan and the
\nAssociation of South East Asian Nations (ASEAN).<\/p>\n
EAEC was to be a loose consultative forum enabling discussions
\non common economic interests of East Asian countries.<\/p>\n
"I would like to suggest that the present Asian economic
\nproblems has given credence to Dr Mahathir's vision. We must keep
\nthe flame of such an idea alive," Najib said in a speech.<\/p>\n
Najib said that it might not be in the interests of an
\n"outside power" to see East Asian economies group together.<\/p>\n
"However, this could well be an opportune moment for us to
\nthink of ourselves," he said.<\/p>\n
"We had issued a golden opportunity when Dr Mahathir first
\nmade such a proposal. Let us not miss this time around," he
\nadded.<\/p>\n
Najib said others should not fear such an organization, just
\nas "we do not fear the European Union and the North American Free
\nTrade Area."<\/p>\n
Mahathir's proposal has elicited cool responses from some
\ncountries, notably the United States and Australia which saw the
\nemergence of a bloc.<\/p>\n
Malaysia has argued that the EAEC could co-exist within the
\nwider Asia Pacific Economic Cooperation (APEC) forum which has 18
\nincluding six members of ASEAN -- Brunei, Indonesia, Malaysia,
\nthe Philippines, Singapore and Thailand.<\/p>\n
Other members of ASEAN are Laos, Myanmar and Vietnam.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/malaysia-renews-call-for-eaec-formation-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }