S'pore trade talks won't hurt ASEAN bloc

S'pore trade talks won't hurt ASEAN bloc

HANOI (Dow Jones): Bilateral trade talks between Singapore and three of its global trading partners won't hurt efforts of Association of Southeast Asian Nations, or Asean, to negotiate trade deals as a bloc, Singapore's foreign minister told Dow Jones Newswires Friday.

Speaking on the sidelines of a week-long series of meetings between Asean members and various international dialogue partners, S Jayakumar said "far from undermining Asean, (Singapore's) bilateral free trade agreements (will) drive forward the point that other countries are interested in Asean."

He noted also that they will "encourage other Asean countries to think in terms of liberalizing their markets" as Singapore is doing.

"In fact you'll see now that Thailand is also exploring" the possibility of a free trade agreement with Australia, Jayakumar said.

Singapore is currently negotiating free trade agreements with the U.S., Japan and Australia.

Earlier this week, Australian foreign minister Alexander Downer said he hopes to conclude talks with Singapore soon.

Singapore has long told other Asean member countries that they must integrate more fully into the global economy if they are to grow. But many - particularly those with economies much less developed than Singapore's - are hesitant to do so and view a certain amount of protectionism as prudent.

However, "at this time, when Asean is going through a difficult period, it is very important to anchor key countries' (like Japan, the U.S.) interest in the region," said Jayakumar.

Most of Asean's member countries rely heavily on trade for their growth and have suffered as a result of a global slowdown this year.

Asean comprises Brunei, Cambodia, Laos, Indonesia, Malaysia, Philippines, Myanmar, Singapore, Thailand and Vietnam.

Delegates on Friday concluded a week-long series of talks covering both economic and security issues in Asia.