ASEAN-China form Business Council

ASEAN-China form Business Council

The Jakarta Post, Jakarta

The Association of South East Asian Nations (ASEAN) and Chinese business leaders signed here on Thursday an agreement to establish the ASEAN-China Business Council in a ceremony witnessed by President Megawati Soekarnoputri and visiting Chinese Premier Zhu Rongji.

The establishment of the council followed an accord signed by the ASEAN and Chinese leaders this week in Brunei Darussalam to form a free trade area covering the ASEAN countries and China over a 10-year period, chairman of the Indonesian Chamber of Commerce and Industry Aburizal Bakrie told reporters prior to the ceremony.

Also present at the ceremony were Coordinating Minister for the Economy Dorodjatun Kuntjoro-Jakti, Minister of Industry and Trade Rini Soewandi and Minister of Foreign Affairs Hassan Wirajuda.

No speeches were delivered by either Megawati or Zhu during the ceremony at the Shangri-La hotel.

Aburizal said many Indonesians were worried that the ASEAN- China Free Trade Area would bring losses to local companies given the increasing economic power of the world's most populous nation.

But, Aburizal said he believed Indonesian businesses could benefit much from the free trade scheme if they had prepared themselves well, Antara news agency reported.

The regional free trade area would become the world's largest trade bloc.

Earlier in the day, Zhu also paid courtesy calls on Speaker of the People's Consultative Assembly (MPR) Amien Rais and Speaker of the House of Representatives Akbar Tandjung.

Amien told reporters after the meeting that Zhu reiterated China's support for Indonesia's efforts to recover from the prolonged economic crisis.

"China is ready to help Indonesia as much as it can," Amien quoted Zhu as saying, adding that Zhu also emphasized that China was ready to cooperate with Indonesia in many walks of life.

During the meeting, Zhu also underlined China's opposition to any global hegemony, Amien said, but he did not name any country.

Zhu voiced similar statements during the meeting with Akbar and other House leaders.

Legislator Sabam Sirait told reporters that during the meeting some legislators voiced the idea of holding a conference involving all Asian and African countries, resembling the Asia- Africa Conference in Bandung in 1955, to promote solidarity among the nations in both continents.

Zhu said the idea was good, but China had yet to fully consider it.