ASEAN, China, Japan, S. Korea agree to boost ties
ASEAN, China, Japan, S. Korea agree to boost ties
YANGON (Agencies): Economic ministers from the Association of Southeast Asian Nations (ASEAN) and China, Japan, and South Korea Tuesday agreed to strengthen broad economic cooperation in view of the huge potential for expanding trade and investment flows among them.
Thirteen economic ministers from East Asian countries said Tuesday that they agreed at least nine major areas of cooperation, which include strengthening efforts to accelerate trade and investment and transfer of technology, encouraging technical cooperation in information technology and e-commerce, encouraging active participation in the development of growth areas involving ASEAN, including the Mekong River Basin.
"The Ministers noted the large flows of trade between ASEAN and the Northeast Asian countries, which in 1998 totaled US$122 billion," the economic ministers said in a joint press statement. "There's a huge potential for further expanding trade and investment flows among the countries of East Asia."
Tuesday's so-called ASEAN-Plus Three meeting was the first one held by the economic ministers from ASEAN members with their counterparts from China, Japan, and South Korea after the leaders of the 13 nations met last November in Manila.
Myanmar's Minister of the State, Peace and Development, Brig. Gen. David Abel, who hosted the meeting, said that ASEAN, China, Japan and South Korea agreed to institutionalize the meeting.
"We will invite the economic ministers from the three countries to every meeting and retreats," Abel stated.
He dismissed the idea that such a move will eventually lead to the formal formation of the East Asian Economic Caucus, which was promoted by Malaysia but opposed by the U.S.
Japan's Minister of International Trade and Industry, Takashi Fukaya, separately also disagreed that the ASEAN-Plus Three is the embryo of the East Asian Economic Caucus.
The next ASEAN-Plus Three economic ministers meeting will be held in Chiang Mai, Thailand, in October, followed by a summit in November in Singapore.
Besides discussing economic cooperation between ASEAN and the northeast countries, the economic ministers also talked about international economic issues such as the new round of the World Trade Organization (WTO).
"They agreed that the agenda of any (WTO) round should be wide-ranging to achieve a balance of interest for all WTO members," the press statement said.
They also stressed that the WTO negotiations should improve existing agreements, including the anti-dumping agreement to ensure enhanced market access.
The ministers also called on the WTO to simplify the accession process of the least developed countries to WTO and strongly supported the membership of Cambodia, China, Laos, and Vietnam to the WTO.
ASEAN comprises Brunei, Malaysia, Indonesia, Singapore, Thailand, the Philippines, Vietnam, Laos, Cambodia and Myanmar.
Meanwhile, AFP reported, ASEAN trade ministers agreed Monday to Malaysia's request for an extension of a deadline for tariff cuts on cars and certain other regional imports ahead of the debut of the ASEAN Free Trade Area.
Singapore's Trade and Industry Minister George Yeo said the ministers meeting at a retreat here had agreed the deadline could be extended until Jan. 1, 2005.
A statement said senior officials would work out how to structure the exemption before the 32nd Association of Southeast Asian Nations Economic Ministers meeting in Chiang Mai, Thailand in October.
Malaysia has requested a minimum two-year exemption from AFTA, which is due to come into force in 2003, for its car industry and selected agricultural products.