ASEAN ministers look north and south for growth
ASEAN ministers look north and south for growth
SIEM REAP, Cambodia (AFP): Southeast Asian economic ministers will take a fresh look at expanding trade into the region's northeast and the Pacific as they kicked off a meeting here Wednesday, officials said.
The impact of the U.S. economic slowdown on the economies from the Association of Southeast Asian Nations (ASEAN) had underlined the need for closer economic integration with regional economies, they said.
This includes China, Japan, South Korea, Australia and New Zealand.
"There is a sense in ASEAN to take a fresher and perhaps bolder look into this economic integration process," Philippine assistant trade secretary Jose Antonio Buencamino told AFP.
Discussions would focus on integration, economic cooperation and a possible round of global trade talks under the World Trade Organization (WTO), he said.
The U.S. downturn has forced several Southeast Asian countries to cut growth forecasts and "figures into why we have to take a new look at greater economic integration," Buencamino said.
The ministers of Brunei, Laos, Myanmar, Singapore and Thailand arrived Wednesday and were welcomed by the host, Cambodian Minister of Commerce Cham Prasidh at a luxury hotel near the famous Angkor Wat temples.
ASEAN members Indonesia, Malaysia, the Philippines and Vietnam sent deputies.
The meeting kicked off with a working dinner.
On Thursday, the ministers will meet Cambodian Prime Minister Hun Sen and retreat into seclusion for open discussions, officials said.
On Friday, they will meet with counterparts from China, Japan and South Korea under the ASEAN plus three dialogue process.
Chinese Minister for Trade and Economic Cooperation Shi Guangsheng, South Korean Minister of Foreign Affairs and Trade Hwang Doo-yun will attend.
Japan, where a new government has just taken over, will send a vice minister, organizers said.
Robert Teh, director for trade at the Indonesia-based ASEAN Secretariat, said discussions were also expected on closing the gap between ASEAN's more developed and less developed members.
Talks would help efforts to forge a free trade area between ASEAN, China, Japan and South Korea -- which had earlier been raised during an East Asian leaders' summit hosted by Singapore in November 2000.
The ASEAN Free Trade Area (AFTA) will see tariffs brought down to between zero and five percent by 2003 for the group's more developed members and at a later date for its poorer members.
Teh said ministers would also review progress on moves to link AFTA with the Closer Economic Relations alliance -- a free trade area covering Australia and New Zealand.
Malaysia has opposed the inclusion of both countries in a free trade agreement (FTA) with ASEAN and warned against using bilateral FTAs -- spearheaded by Singapore -- as a "backdoor" entry.