The European Union (EU) wants to sign more free trade agreements (FTA)
with Asian trading partners, European Commission president Jose Manuel Barroso
has said.
Speaking at the close of the
two-day Asia Europe Summit (ASEM) in Vientiane, Laos, on Tuesday, Barroso said
that several EU nations were in negotiations with important trading partners in
Asia on new FTAs.
Barroso said that the EU itself
was finalising talks on a FTA with Singapore that were expected to be complete
by the year's end. The agreement will be the first such trade pact that the EU
will sign with an Asean member nation.
Also on the agenda for the EU is
finalising an FTA with Japan, the world's third-largest economy.
He said that the FTA signed by
the EU and South Korea in 2009 was the most comprehensive partnership for the
bloc, as it removed almost all import duties and also covered liberalisation in
trade in services.
During the press conference, EU
representatives asked Asian nations to avoid protectionist policies and
maintain an open trade regime to strengthen trade between the regions.
Barroso said that Europe's open
market had benefited from and contributed to economic growth in Asia, which
currently counts on the EU as its major destinations for exports.
Asia also accounted for 68
billion euros (US$86.7 billion) of EU exports, or around 25 per cent of the
overall total, and was the source of 42 per cent of its overall annual imports,
according to reports.
Speaking separately, Indonesian
Trade Minister Gita Wirjawan said that the country would launch negotiations to
develop a comprehensive economic partnership agreement (CEPA) with the EU next
month.
A preparatory study on the
agreement has already been finished.
"While Europe may place a
greater emphasis on trade, we want to go beyond that. We expect closer
cooperation in other areas, particularly in investment, tourism and capacity
building," Wirjawan told The Jakarta Post on the sidelines of the summit.
Indonesia hopes that CEPA will
gradually reduce tariffs over a nine-year period by at least 95 per cent and
potentially by 100 per cent.
The nation's non-oil and gas
exports to the EU were up 19.7 per cent last year to $20.45 billion, while
imports jumped 26.9 per cent to $12.40 billion.
The EU invested $2.2 billion in
Indonesia in the past year, making the region the second-largest investor in
Southeast Asia's largest economy.
In the chair's statement, read at
the conclusion of the summit, leaders reaffirmed their commitment to developing
an open, fair, transparent and rule-based multilateral trading system under the
World Trade Organisation (WTO).
They leaders also agreed to move
forward WTO negotiations to finalise the completion of talks begun during the
Doha Round.
Negotiations started during the
Doha Round aimed to ease trade barriers around the world to further open global
markets, cut agricultural subsidies and enhance the international trading
system.
The talks have been deadlocked
since 2008 over disagreements between advanced economies, such as the US and
European countries, and emerging economies like China and India on agricultural
subsidies and industrial tariffs.
Linda Yulisman
Business & Investment Opportunities
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