PM makes out a strong case for Pan-Asian FTA
NewKerala.com
PM makes out a strong case for Pan-Asian FTA
12 December 2005
Kuala Lumpur: Saying that India was examining ways to develop regional trading arrangements with China, Prime Minister Manmohan Singh today gave an affirmative commitment here that India will dismantle ’’unwarranted’’ barriers, expand global capital flows and bring down tariff rates to levels prevalent in ASEAN countries, as a build-up to creating an East Asian Community.
Referring to the moves to establish such a Community, Dr Manmohan Singh said a Pan-Asian Free Trade Area (FTA) agreement will be ’’dynamic, open and inclusive association of the countries of the Region’’.
The Prime Minister made these remarks while addressing the ASEAN Business Advisory Council this morning, which had its theme as ‘India- Partnering with ASEAN for mutual prosperity and shared interests’. The Prime Minister’s address was part of ’Special Leaders’ Dialogue’ organised by the Council.
’’There may be losers and there will certainly be gainers, but on the whole we will obtain a win-win outcome,’’ the Prime Minister said referring to India’s attempts to lower barriers to international trade and foreign flows.
’’We seek closer economic interaction with ASEAN. We must walk this road together, so that enterprises in our countries find it a beneficial process, not a harmful one.’’ The Prime Minister said setting up of an Asian Economic Community on the lines of North American Free Trade Area (NAFTA) and the expanding European Union, will not be easy. ’’It cannot be done in a day. There will be skeptics. But for believers, it is eminently possible. I am convinced that this is the only way forward,’’ he said.
’’I believe the objective basis for the economies of our region to come together exists. The subjective desire to create an East Asian Community, bringing together ASEAN, China, Japan, Korea and Australia and New Zealand is manifest,’’ Dr Manmohan Singh said.
’’I believe that the East Asian Community is a natural extension of the ASEAN-India engagement process. The India-ASEAN Free Trade Agreement can become the first step in the process. The limited FTA is a beginning but we must ensure that it leads to explosive growth in trade and investment,’’ he said.
’’I reiterate India’s commitment to work with ASEAN and East Asian countries to make the 21st century an Asian century,’’ he said.
