ASEAN to forge free trade deal with EU as a group
All Headlines News | March 1, 2009
ASEAN To Forge Free Trade Deal With EU As A Group
AHN Staff
Bangkok, Thailand (AHN) — The 10-member Association of Southeast Asian Nations said Sunday it prefers a region to region free trade agreement with the European Union more than bilateral pacts with member countries.
Indonesian trade minister Mari Pangestu issued the ASEAN position in response to Britain’s statement that it prefers to establish free trade deals with individual ASEAN states and later develop the bilateral pacts into a regional agreement.
Also on Sunday, ASEAN members have agreed to reduce trade barriers and open more service industries and at the same time issued a firm stand against protectionism.
Leaders of the regional bloc warned of the dangers of measures aimed at shielding domestic industries and goods from overseas competition as the global recession revives sentiments of protectionism.
Thai Prime Minister Abhisit Vejjajiva, whose country holds the rotating regional secretariat, told Bloomberg.com, "ASEAN is firmly committed to free trade and "we’ll do whatever we can to make sure no countries resort to protectionist measures to try to ease their way out of the crisis."
He warned that everybody will lose under a protectionist regime.
