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.