World trade linked with Bangkok summit
World trade linked with Bangkok summit
JAKARTA (JP): The Asia-Europe summit in Bangkok this week could give Asia a firm footing in global trade relations, Coordinating Minister for Production and Distribution Hartarto said yesterday.
Northern America, Europe and Asia have emerged as the regions with the most dynamic economic growth rates and they are becoming almost interrelated, he said. "Asia-Europe is the missing link, Hartarto told reporters after meeting President Soeharto.
Relations between northern America and Europe were established a long time ago while ties between northern America and Asia have been strengthened since 1989 through the Asia-Pacific Economic Cooperation (APEC) forum, he said.
"This is the thinking behind the summit," the minister said, adding: "There is also the strong belief that relations between Asia and the European Union will grow in the years to come."
He said that 1992 statistics showed that the value of trade between Asia and Europe, and between northern America and Europe were almost the same. "But, it is now predicted that European- Asian trade will outdo Europe-American trade by 50 percent."
Hartarto, who has been involved in the preparations for the summit, said the 25 leaders will go to Bangkok with two major objectives: to establish political dialog and forge understanding between the two regions, and to enhance economic cooperation.
More specifically, Minister of Foreign Affairs Ali Alatas on a separate occasions said that in politics, the agenda includes the reform of the United Nations, the comprehensive test ban treaty and peace efforts in the Middle East, or Bosnia Herzegovina.
The economic agenda includes discussing ways of enhancing trade and investment relations and eliminating various barriers.
"For example, Asians feel that Europeans unfairly slap anti- dumping measures too frequently on their goods only because our goods are competitive. Then there is also the question of non- tariff barriers."
The leaders will also discuss ways of strengthening the World Trade Organization and resolve pending problems there, Alatas said. (emb)