Asia steps up efforts on huge free-trade zone
Saturday, 11 April 2009
PATTAYA, April 10 (AFP): Sixteen Asian nations will step up investigations into establishing a giant free-trade zone stretching from China to Australia, according to documents obtained by AFP Friday.
The documents, to be issued during a weekend summit in the Thai resort town of Pattaya, said that 16 Asian leaders will throw their support behind efforts to deepen and expand trade ties and reject protectionist measures.
Leaders of the 10-member Association of Southeast Asian Nations (ASEAN) will meet their counterparts from China, Japan and South Korea on Saturday.
On Sunday they will be joined by leaders of Australia, India and New Zealand under the banner of the East Asia Summit, a grouping which represents half the world's population.
A draft of the statement to be issued at the end of Saturday's talks said leaders will ask their economic ministers to "explore ways and means to increase regional trade."
The leaders said an East Asia-wide free-trade zone -- covering ASEAN as well as China, Japan and South Korea -- would enhance the free flow of goods, people and capital.
"In this regard, they tasked the economic ministers to submit the final report of the second phase feasibility study" into the pan-Asia trade zone during their next summit in October, the document said.
The study is aimed at establishing how the region's existing web of free-trade agreements can be linked together into a more comprehensive region-wide pact.
Free trade and a rejection of protectionism is also a major plank in the leaders' statement to be issued on Sunday by the larger 16-nation grouping.
The documents, to be issued during a weekend summit in the Thai resort town of Pattaya, said that 16 Asian leaders will throw their support behind efforts to deepen and expand trade ties and reject protectionist measures.
Leaders of the 10-member Association of Southeast Asian Nations (ASEAN) will meet their counterparts from China, Japan and South Korea on Saturday.
On Sunday they will be joined by leaders of Australia, India and New Zealand under the banner of the East Asia Summit, a grouping which represents half the world's population.
A draft of the statement to be issued at the end of Saturday's talks said leaders will ask their economic ministers to "explore ways and means to increase regional trade."
The leaders said an East Asia-wide free-trade zone -- covering ASEAN as well as China, Japan and South Korea -- would enhance the free flow of goods, people and capital.
"In this regard, they tasked the economic ministers to submit the final report of the second phase feasibility study" into the pan-Asia trade zone during their next summit in October, the document said.
The study is aimed at establishing how the region's existing web of free-trade agreements can be linked together into a more comprehensive region-wide pact.
Free trade and a rejection of protectionism is also a major plank in the leaders' statement to be issued on Sunday by the larger 16-nation grouping.