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

ASEAN holds 19th summit in balmy Bali

November 17, 2011 - INDONESIA

Indonesia hosts two summits during its 2011 presidency of the Association of Southeast Asian Nations -- May in Jakarta and Bali in October. The 6th East Asia Summit, on the sidelines, will bring Russian President Dmitry Medvedev, United States President Barak Obama, Australian and New Zealand prime ministers Julia Gillard and John Key, and Chinese Premier Wen Jiabao to Bali. ASEAN members can anticipate applause from the visitors for the enviable economic growth of the region.

The 19th summit will be putting finishing touches on the ASEAN Exchange, the newly launched common website of seven bourses in Southeast Asia. It is the latest milestone in the ASEAN Economic Community (AEC) Blueprint, which called for the regional grouping to become an integrated economic community by 2015. The summit will also continue work on ASEAN's bid to host the 2030 FIFA World Cup. The 19th summit sees ASEAN's first cultural fair. The organizers also expect the Bali Concord 3 or Bali Declaration on the ASEAN Community in the Global Community of Nations to be signed at the summit. Ot will see ASEAN playing a greater role on global issues, according to PhilStar, a Philippines news publication. ASEAN leaders are likely to take time out for self applause. According to the ASEAN Integration Monitoring Office, the region is poised to grow between 5.7 and 6.4 per cent in 2011. "In comparison, the world economy is only expected to grow by 3.3 and 3.7 per cent in 2011 and 2012," Indonesia's Finance Minister Agus Martowardojo noted recently. The EAS will be 18 members strong if, as anticipated, the United States and Russia join the bloc. The strength of the regional economy and the size of the EAS market represent major attractions for both countries. The EAS groups ASEAN members plus Japan, China, South Korea, Australia, New Zealand and India. China's negotiations with ASEAN could establish the world's largest free trade area by population. According to the EAS web site, it is generally believed United States participation will minimise China's increasing domination of the EAS. The ASEAN Football Federation (AFF) hopes that spreading the tournament across a number of countries will ease the financial burden of hosting the event. The AFF's 11 nations have agreed to create a committee to research and promote their bid, according to Malaysian Foreign Minister Datuk Seri Anifah Aman. Date to be confirmed


How the US plays into the East Asia Summit for ASEAN (EAS 17 Aug 2010)

PH blue chips included in regional exchange (Business Inquirer 14 Apr 2011)

Date written/update: 2011-11-17