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                                                            November-december 2003

Prime Minister Goh Chok Tong

Integration of ASEAN Will Benefit APEC

Singaporean Prime Minister Goh Chok Tong said that the integration of ASEAN economies would contribute to the economic development of member countries in the Asia-Pacific region. Goh said, however, the economic integration of the 10 member countries of ASEAN alone, would face its own limitation because of the sizes of the members' economies. Hence, the regional grouping needs to force economic ties with other economic powers in Asia. In comparing economic cooperation to tango dance, he said in his address to the APEC CEO Summit: "No matter how good or how hard we tango, ASEAN will always be limited by the size of our dance floor. This is why we have, and must continue to forge links with other regional economies." ASEAN, which is working on liberalizing trade and services among its 10 member countries, has been negotiating free trade agreements (FTAs) with China and Japan, which are two dialogue partners at ASEAN summit.

Goh said ASEAN is expected to enforce an FTA with China by 2010 and to forge a "comprehensive economic partnership" with Japan in 2012. Korea, another summit dialogue partner of ASEAN, has also proposed to develop an FTA with ASEAN as well, the Singaporean premier said.  "These FTA initiatives are strategically important. They help to bring the northern and southern halves of East Asia together," he said. "They are concrete steps towards the eventual realization of an East Asian Community." Goh said India has also shown its intention to become part of the East Asian Community. Seven of the ASEAN countries as well as China, Japan and South Korea are all members of the Asia Pacific Economic Cooperation, or APEC, which consists of 21 economies.  

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