The official launch of Regional
Comprehensive Economic Partnership (RCEP) was made by leaders from ten ASEAN
nations and its six dialog partners, namely China, South Korea, Japan, India,
Australia and New Zealand, after the conclusion of the 7th East Asia Summit
(EAS).
Asia's economy, largely hinging
on overseas shipment to the developed nations, has been jeopardized by the
debt-laden Europe and the economically wobbling U.S., with even a slowdown in
high- fly economies China and India.
"As the international
financial crisis continues and trade and investment protectionism start to
grow, regional economic integration has become the common choice of many
countries," China 's Vice Foreign Minister Fu Ying said on Saturday in
Beijing.
ASEAN LEADING ROLE
The talks on the ASEAN-led trade
deal, which will create an area with more than 3 billion people accounting for
about a quarter of the world's gross domestic product, is expected to go into
effect by the end of 2015.
To tear down trade barriers and
boost overall economy, the ASEAN nation leaders reached consensus in 2007 to
achieve economic integration by the end of 2015. The economic ministers of the
16 countries have been working on the collective plan and submitted key
recommendations to their leaders in the Phnom Penh summit warped up this
afternoon.
"The ASEAN wants to play a
leading role in promoting the RCEP to increase influence and give itself more
say in the international arena. It will optimize the ASEAN to be a more
coherent economic bloc with less fetters and better order," said Xu
Ningning, executive vice secretary-general of the China-ASEAN Business Council.
Meanwhile, the much-vaunted
Trans-Pacific partnership (TPP), aiming to wrest back U.S. initiative in the
economically rich trade opportunities across the Pacific, made one step further
on Monday as the United States launched an initiative with the ten ASEAN
nations in Phnom Penh to smooth a path for Asian nations to link up with the
TPP.
PROMISING FUTURE
Skepticism towards ASEAN's
dominating role in fostering the RCEP rises as the bloc is still in the midst
of forming its regional economic unit, but observers remain optimistic on the
final deal.
"The existing five separate
free trade partnership between ASEAN and China, South Korea, Japan, India and
Australia-New Zealand has laid down a good foundation. Moreover, consensus to
cement economic alliance among China, Japan, South Korea and ASEAN will also
contribute to closing the final deal," said Xu.
Leaders of the ASEAN and of
Japan, China and South Korea confirmed economic and financial ties during their
meeting on Monday.
The RCEP is easier to be accepted
compared with TPP, which requires deeper extent of opening up, as it is likely
to adopt a gradual way in opening up member nations' market given that
development gap remains, according to Xu.
China, the ASEAN's biggest trade
partner, saw their bilateral trade up 8.2 percent year on year to reach 288.9
billion U.S. dollars in the first nine months.
China's Premier Wen Jiabao said
on Monday when attending the 15th ASEAN Plus Three Summit that China supports
pushing forward an Asian free-trade area.
Cao Xiaofan, Feng Wuyong
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