Malaysia renews call for EAEC formation
Malaysia renews call for EAEC formation
KUALA LUMPUR (AFP): Malaysia has renewed its call for the formation of an East Asian Economic Caucus (EAEC) to represent regional interests, a report said yesterday.
Prime Minister Mahathir Mohamad was "ahead of his time when he proposed the setting up of the East Asian Economic Caucus," Education Minister Najib Tun Razak was quoted as saying by the New Straits Times.
"The time is ripe for such a regional platform to emerge which will truly represent the interests of East Asia," he added, citing the Asian financial crisis which has ravaged regional economies.
Najib said such an organization would enable the countries involved to take a common approach and be united against all odds.
Mahathir proposed the formation of the EAEC in December 1990 grouping China, Hong Kong, Japan, South Korea and Taiwan and the Association of South East Asian Nations (ASEAN).
EAEC was to be a loose consultative forum enabling discussions on common economic interests of East Asian countries.
"I would like to suggest that the present Asian economic problems has given credence to Dr Mahathir's vision. We must keep the flame of such an idea alive," Najib said in a speech.
Najib said that it might not be in the interests of an "outside power" to see East Asian economies group together.
"However, this could well be an opportune moment for us to think of ourselves," he said.
"We had issued a golden opportunity when Dr Mahathir first made such a proposal. Let us not miss this time around," he added.
Najib said others should not fear such an organization, just as "we do not fear the European Union and the North American Free Trade Area."
Mahathir's proposal has elicited cool responses from some countries, notably the United States and Australia which saw the emergence of a bloc.
Malaysia has argued that the EAEC could co-exist within the wider Asia Pacific Economic Cooperation (APEC) forum which has 18 including six members of ASEAN -- Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
Other members of ASEAN are Laos, Myanmar and Vietnam.