ASEAN, EU plan to launch free trade agreement negotiations in May
The Associated Press
February 13, 2007
ASEAN, EU plan to launch free trade agreement negotiations in May
MANILA, Philippines: Southeast Asia’s regional bloc and the European Union may launch negotiations in May for an ambitious and comprehensive free trade agreement, officials said Tuesday.
Philippine and European Commission senior officials exchanged views on the architecture of the proposed FTA at their biennial meeting in Manila and "agreed that the FTA should be ambitious, balanced and comprehensive" and should consider "the differing levels of development" within the 10-member Association of Southeast Asian Nations, a joint statement said.
Because of this, the officials "recognized the need for flexibility" regarding transitional periods in implementing a trade deal, the statement added.
The EU is one of ASEAN’s top trading partners, with bilateral trade totaling €116 billion (U.S.$150.75 billion) as of 2005, EU data showed.
Last year, European Union trade chief Peter Mandelson said he wanted to push for a free trade pact with ASEAN to help European businesses tap potential in the region’s market of 530 million people.
