ASEAN says it will study how to implement a proposed economic
partnership with its six external partners that might lead to the foundation of
world’s largest economic bloc.
The study, which will be launched
in February, will follow talks on the partnership that are expected to begin in
mid-November, as representatives from ASEAN’s member nations attend several
high-level meetings in Phnom Penh, Cambodia.
The proposed bloc, dubbed the
Regional Comprehensive Economic Partnership (RCEP) or “ASEAN+6” , would
integrate ASEAN’s 10 member nations and six partners in the Asia-Pacific region
into a single market comprising more than 3 billion people and with a combined
gross domestic product (GDP) of around US$17.23 trillion.
The six partners that may join
the bloc — Australia, China, India, Japan, South Korea and New Zealand — have
all signed separate free trade agreements (FTAs) with ASEAN.
The study will refer to the basic
analysis compiled by three working groups covering trade in goods, services and
investment, Trade Ministry’s international trade cooperation chief Iman
Pambagyo said.
“The analysis from each working
group was non-binding, meaning that it will be open for further discussion
whenever it’s not sufficient,” Iman said on Monday on the sidelines of the
Asia-Europe Meeting Summit in Vientiane, Laos.
Apart from determining which
sectors should be prioritized, the study will devise a schedule on trade
liberalization, when goods or services will be subject to tariff reductions,
Iman said.
The RCEP, created by the
association’s leaders during the 19th ASEAN Summit in Bali in November last
year, aims to consolidate FTAs signed between ASEAN and its six dialogue
partners to ease trade procedures and boost the flow of trade and investment
within the Asia-Pacific region.
Using a principle of open
accession, the partnership will welcome any of ASEAN’s six FTA partners, either
from the RCEP’s inception or at a later moment. ASEAN will also consider offers
of partnerships from nations outside the region.
The trade pact has been called a
way for ASEAN to main centrality after several challenges were posed by other
regional trade agreements, such as the Trans-Pacific Partnership (TPP), which
does not include all 10 ASEAN member nations.
Iman said that Indonesia was
currently finalizing its own plan on the possible commitment to a further
liberalization in the trade of goods and services.
“There has been indications that
in terms of trade in goods, Indonesia can have high commitment for further
liberalization up to 95 percent as long as we have longer deadline [for tariff
removals],” Iman said, citing ASEAN-China FTA, where both parties are already
committed to reduction of import duties to zero percent starting in 2010.
Linda Yulisman
Business & Investment Opportunities
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