Singapore - Despite the global economy is slowdown, the outlook for the Southeast Asia`s trade in 2008 is "promising", said trade ministers from the region here Tuesday.
"The outlook for 2008 is promising as total ASEAN (the Association of Southeast Asian Nations) trade in the first quarter of 2008 posted an annual growth of 31.8 percent," said a statement by the annual ASEAN economic ministers` meeting on Tuesday.
In view of the anticipated slowdown in global demand, the potential build-up in inflationary pressures, higher global oil prices and growing global imbalances, the ministers also emphasized the need to continue efforts to deepen and broaden economic integration of ASEAN, a market of over 550 million people and total trade of about 1.6 trillion U.S. dollars.
At the week-long Singapore meeting opening on Tuesday, trade ministers from 10 member states tracked efforts to integrate the regional bloc`s Economic Community by 2015, which will facilitate movement of goods, services and people.
Successful integration will also enable ASEAN to remain attraction. Total Foreign Direct Investment (FDI) inflows to ASEAN exceeded 60 billion U.S. dollars in 2007.
The Ministers noted that the increased investment flows last year indicate that ASEAN remained a favored destination for investments.
Investment from six dialogue partners last year was led by the European Union with 14.3 billion U.S. dollars, following by Japan, the United States, Republic of Korea, China and Australia.
China invested 1 billion U.S. dollars in ASEAN last year.
The 10-member meeting Tuesday also announced conclusion of the ASEAN Comprehensive Investment Agreement. Investors from ASEAN and those based in the region can expect to benefit from the new pact.
During the next few days, ASEAN will continue to negotiate free trade agreements with its dialogue partners such as Australia, New Zealand, China, India, South Korea and EU.
"The ministers noted the finalization of the modality for tariff reduction and/or elimination of the ASEAN-India FTA Trade in Goods Agreement," said the statement released Tuesday.
ASEAN is expected to seal FTA with India, Australia and New Zealand this week.
Editor: Wang Hongjiang
Source: http://news.xinhuanet.com (August 26, 2008)
