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ASEAN determined to push forward with China led pact amid US trade war

Saturday, 22 June 2019 10:34 AM [ Last Update: Saturday, 22 June 2019 11:08 AM ]

Delegates are seen during the 34th ASEAN Summit in Bangkok, Thailand, June 22, 2019. (Photo by Reuters)

Southeast Asian leaders are determined to continue plans with a China-drafted commercial deal, which is expected to be signed by the end of this year, amid a bitter trade dispute between the US and China.

Leaders of the Association of Southeast Asian Nations (ASEAN) have kicked off a two-day summit in Bangkok on Saturday.

Several issues, including disputes in the South China Sea, Myanmar's persecution of Rohingya will be discussed in the gathering, but the trade war is high on the agenda.

The two world powers are engaged in a year-long trade dispute, which according to the International Monetary Fund (IMF), could cut the global economic output by 0.5 percent, or about 455 billion dollars, next year.

ASEAN leaders are said to be determined to drive forward the Regional Comprehensive Economic Partnership (RCEP), which is being negotiated between all 10 ASEAN economies, plus India, Japan, South Korea, Australia and New Zealand.

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China proposed the pact shortly after US President Donald Trump pulled the US from the Trans-Pacific Partnership (TPP) – which would have been the world's largest trade deal.

“The faster it (RCEP) gets implemented the better," said Philippines Communications Secretary Martin M. Andanar.

"Free trade is definitely what we need here in this region," he said.

Andanar also mentioned that trade dispute between Washington and Beijing, saying that it has resulted in "the entire world catching a cold."

The pact, which will be the world's biggest free trade deal, is expected to cover about a quarter of the world's exports.
It is also aimed at breaking down trade barriers and promote investment to help emerging economies catch up with the rest of the world.

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