ASEAN, China to Work for Single Largest FTA in World: Goh

Home>>Business

Last updated at: (Beijing Time) Wednesday, October 09, 2002

ASEAN, China to Work for Single Largest FTA in World: Goh

Singapore's Prime Minister Goh Chok Tong said Tuesday in a ground breaking initiative, ASEAN and China will work to create the single largest Free Trade Area (FTA)in the world.

DISCUSSION

CHINESE

SEND TO FRIEND

Singapore's Prime Minister Goh Chok Tong said Tuesday in a ground breaking initiative, ASEAN and China will work to create the single largest Free Trade Area (FTA) in the world.

The two sides agreed last year to establish the FTA with a regional Gross Domestic Product (GDP) of around two trillion US dollars, Goh said in a keynote address at the East Asia Economic Summit of the World Economic Forum in Kuala Lumpur.

Some 800 representatives including government officials, business leaders and researchers mostly from Asia are attending the three-day summit which began Sunday.

The prime minister said studies for the ASEAN-China FTA project that ASEAN exports to China could grow by almost 50 percent.

ASEAN needs to respond to the rapid changes in the strategic landscape in East Asia, and a nascent sense of an East Asian Community is emerging, although ASEAN and the Northeast Asian countries (China, Japan and Korea) have yet to crystallize a common vision on the nature and direction of East Asian cooperation, Goh observed.

He said, "we should push ahead with greater integration of East Asian economies. It will put us in better stead to respond to the formation of large economic blocs in Europe and the Americas."

He said, ASEAN must make sure that it continues to drive this emerging community through the ASEAN-plus-three process.

On the challenges and opportunities posed by a rising China, Goh said if ASEAN restructures its economies and integrates them more deeply, it can be well prepared and positioned to ride on China's growth.

Meanwhile, Goh also urged ASEAN to enhance linkages with India and other key partners.

The summit, "Renewing Asia's foundations of growth: building on diversity," takes place at a time when the region has just recovered from the Financial Crisis in 1997-98.

The summit will discuss issues including the regional competitiveness, corporate reform, capital market revitalization and social responsibility.

Questions?Comments? Click here

News Analysis: China-ASEAN Summit Eyes Free Trade

Developer Plans to Raise Titanic in Shanghai ( 2 Messages)

Fewer Slogans, More Practical, Reflect Social Changes in China ( 3 Messages)

China Opposes US Congress Committee's Interference in China's Internal Affairs ( 2 Messages)

Multinationals Fight for Chinese Markets ( 2 Messages)