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East Asian Nations Vow to Enhance Intra-regional Trade, Investment
The ASEAN economic ministers and ministers from China, Japan and South Korea agreed here Saturday to further enhance intra-East Asia trade and investment, strengthen the region's manufacturing supply chain and advance the prospects of the region in the new economy.
The ministers identified the priority areas of cooperation, which include strengthening efforts in accelerating trade, investment and technology transfer, encouraging technical cooperation in information technology and e-commerce and strengthening small and medium sized enterprises and supporting industries.
According to a joint press statement issued after the second meeting of the ASEAN Economic Ministers (AEM) and the ministers from China, Japan and South Korea, the ministers believe all the projects proposed within the priority areas should be regional in nature and benefit all member countries under the framework of the AEM+3 cooperation.
The projects could be implemented with the participation of as many member countries as possible.
However, these projects should involve, at the minimum, participation by any two ASEAN members and any two countries from China, Japan and South Korea.
Projects should be implemented on a cost-sharing basis. Nevertheless some flexibility could be provided to the new members of ASEAN, namely Cambodia, Laos, Myanmar and Vietnam.
The ministers agreed to institutionalize the AEM+3 and senior ASEAN economic official meeting+3 process.
The flow of trade between ASEAN and the three northeast Asian countries totaled 131.1 billion U.S. dollars in 1999.
The AEM+3 meeting is part of the 32nd ASEAN economic ministers meeting which began on Thursday.
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