 ASEAN Establishes Investment and Trade with Partners
ven.vn - 9/7/2010 8:57:41 AM
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Within the 42nd ASEAN Economic Ministers' Meeting (AEM) in the central coastal city of Da Nang in late August, ASEAN economic ministers held diverse meetings with partner countries (China, Japan, the Republic of Korea, India, Australia, New Zealand, Russia, and EU). Vietnam's Minister of Industry and Trade Vu Huy Hoang spoke to the press about the outcome of these meetings.
What interests did the free trade area agreements between ASEAN and partner countries bring to economic development in ASEAN countries?
Thus far, ASEAN has signed free trade area (FTA) agreements with six major partners, including China, Japan, the Republic of Korea, India, Australia and New Zealand. These agreements have pushed mutual trade between ASEAN and partner countries.
China has now emerged as the largest trading partner of ASEAN. The mutual import/export value exceeded US$170 billion in 2009, following by Japan with around US$160 billion/year being the third largest ASEAN partner. The Republic of Korea was the fourth largest ASEAN partner while India, Australia and New Zealand were among 10 top largest ASEAN partners.
Economic ministers had viewed FTA as an effective vehicle to strengthen intra-ASEAN investment and trade linkages. Some FTA agreements brought exceptional results to ASEAN trade such as the FTA agreements with Japan and the Republic of Korea. Vietnam has reported discernible gains from signing FTA agreements with partner countries. For example, 27.3 percent of Vietnamese exports benefit from preferred tariffs when entering Japanese market and 21 percent of exports enjoy preferred tariffs when penetrating Chinese market under FTA agreements.
To enhance efficiency of FTA agreements, in the words of ASEAN Ministers it is imperative to present a consistent and long-term strategy to harmonize rules and regulations stated in the FTA agreements ASEAN member countries had signed with partner countries. It is important that in the coming period, ASEAN needs to better propagate the benefits of FTA agreements to the business community and local people, thus enabling them to make the most of what these agreements bring.
What matters were put in focus in the ASEAN Economic Ministers' meeting with Russia?
The trade relations between ASEAN and Russia remain modest due to a number of reasons. ASEAN Economic Ministers viewed Vietnam as having fairly developed economic relations with Russia unlike other ASEAN members. The Ministers also recognized the importance to promote relations between ASEAN and Russia that was compatible with the aspirations of the leaders and the business community from both sides. Therefore, as the chair of AEM 2010, Vietnam had proposed and held a dialogue meeting between ASEAN Economic Ministers and the Russian Minister of Economic Development. The initiative was welcomed by both ASEAN member countries and Russia. Trade value between ASEAN and Russia amounted to US$6 billion in 2009, equal to 0.4 percent of ASEAN total turnover against an actually huge potential. The Ministers had agreed to establish an inclusive economic and trade cooperation roadmap between Russia and ASEAN that would be submitted in the upcoming ASEAN-Russia Summit this October.
What was the agenda of the meeting between ASEAN Economic Ministers and European Trade Commissioner Karel De Gucht?
The EU is Vietnam's second largest trading partner behind China. This time, ASEAN Economic Ministers and EU Trade Commissioner underscored the need to maintain regular dialogue meetings and exchanges at different levels between ASEAN and EU, from specialist to ministerial levels. EU had put forward the ASEAN-EU Initiative on Trade Dialogues that encompasses concrete measures to facilitate investment and trade promotion and proposes economic cooperation activities in areas of mutual concerns such as trade liberalization and enforcement of intellectual property rights.
Both sides also agreed to host a high-level forum on business dialogue to foster cooperation between EU Chamber of Commerce and Industry with ASEAN and increase involvement of businesses in the integration process. ASEAN and EU are taking steps to expand and deepen economic integration by the two regions.
ASEAN-EU dialogue is an important part of the year Vietnam is acting as ASEAN chair. Vietnam acts as a coordinator in ASEAN-EU trade relations therefore the smooth the implementation of the initiative will ameliorate scale and quality and enhance stability in trade, investment and trade cooperation between the two regions./.
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