Discover the World News Forecast . . . FIRST in Foresight Journalism

ASEAN president Vietnam hosts 17th summit

October 28, 2010 - HA NOI

A priority at the 17th summit of The Association of Southeast Asian Nations will be preparing for the November summit in Seoul of the G20, the grouping of the world's largest economies. According to the Jakarta Post, ASEAN's concerns about the global financial crisis will be a key issue on the agenda at the G20, with the regional bloc seen as promising recovery pool for the world economy. ASEAN has a combined GDP of US$1.5 trillion, according to the newspaper.

A priority at the 17th summit of The Association of Southeast Asian Nations will be preparing for the November summit in Seoul of the G20, the grouping of the world's largest economies. According to the Jakarta Post, ASEAN's concerns about the global financial crisis will be a key issue on the agenda at the G20, "with the regional bloc seen as promising recovery pool for the world economy." ASEAN has a combined GDP of US$1.5 trillion, according to the newspaper. The sideline summits include the 8th ASEAN-India Summit; 2nd ASEAN-Russia Summit; 3rd ASEAN-UN Summit; the ASEAN -; Australia Summit; and ASEAN-New Zealand Commemorative Summit) The agenda of Vietnam, as ASEAN president for 2010, builds on the selected theme for the year -- "Towards the ASEAN Community: from vision to action.'; Task forces set up after the 15th summit will be expected to deliver their recommendations at the 17th summit. One goal is the development of an ASEAN Master Plan on regional connectivity, that includes "innovative infrastructure financing mechanisms, taking into account the work done and planned to ensure optimum synergy rather than duplication of work." South Korea will be the first Asian country and the first non-G8 country to host the G20. Indonesia is the only ASEAN member in the G20. ASEAN's state chairman and its secretary-general have previously been invited as observers at G20 summits. ASEAN has committed itself to supporting the successful conclusion of the Doha Round of global trade liberalization talks by the end of 2010. The October ASEAN summit will be working to hasten that goal or, on the other hand, reviewing the implications on the region of the collapse of the talks. With key players refusing to make concessions on issues such as tariff cuts and reductions in export subsides, no Doha Round breakthrough appears in sight. The global economic downturn is blamed for increasing a trend toward protectionism that stands in the way of trade integration. The Doha negotiations were launched in 2001 to help poor nations through enhancing trade and were originally intended to be concluded in 2005. In midst of the economic crisis and handicapped by the wide investors' view of the southeast Asian as 10 separate economies with divergent regulations and business environment, the organization concluded the ASEAN-China Free Trade Agreement, and it came into effect on 1 Jan 2010. The organization celebrated the creation of the largest market in the world, with some 1.8 billion people, but several stakeholders are reported to be worrying that regional integration will hurt them. Several others are reported to fear that the benefits of deeper economic integration will pass them by. Indonesia, the only ASEAN country in the G20, has asked for a new look at the terms. One task of the October summit will be to ensure dissidents don't undermine the agreement. ;

ASEAN

ASEAN summit issues joint statement (CCTV 25 Oct 2010)

Cheap goods from China may flood RI in second quarter (Jakarta Post 23 Feb 2010)

Indonesians' discontent with free trade agreement (UPI-Asia 12 Feb 2010)

WTO envoys despondent at receding Doha prospect (Reuters 23 Feb 2010)

Date written/update: 2010-10-28