US,Russia to join Asean+6 meeting

Free-trade partners of Asean, in addition to the United States and Russia, will join Asean economic ministers for a meeting in Manado, Indonesia, next week with the aim of tightening economic integration.

Indonesia will host the Asean Economic Ministers (AEM) meeting from August 9-13.

Yanyong Phuangrach, permanent secretary at the Commerce Ministry, who will lead the Thai delegation to the meeting, said the main agenda was to forge closer cooperation among Asean member states and trading partners, mainly with FTA partners and the two economic giants - the US and Russia.

Asean currently has an Asean+6 agreement with China, Japan, South Korea, India, Australia and New Zealand. The regional grouping has invited representatives from the US and Russia for a possible expansion of the bloc to Asean+8 to boost economic growth and bargaining power with the rest of the world.

Yanyong said that an even bigger grouping involving Asean and other influential trading partners would ensure strong economic growth in Southeast Asia and increase trade and investment opportunities.

Delegates from the US Trade Representative and the Russian Ministry of Economic Development will join the AEM meeting.

The Asean ministers will also meet with members of the private sector from the Asean Business Advisory Council and US-Asean Business Council to discuss how to increase trade facilitation. Other items on the agenda include reduction of tariff and non-tariff barriers for promoting trade and investment among Asean countries. This would reduce the economic gaps among member states and support the growth of small and medium-sized enterprises.

The ministers will also discuss such issues as the World Trade Organisation, Asia-Pacific Economic Cooperation, the Asia-Europe Meeting, and the upcoming 19th Asean Leaders Summit, which will be held towards the end of the year.

The Asean economy grew by 7 per cent last year. The overall value of Asean trade was up by 32.9 per cent from US$1.54 trillion in 2009 to $2.04 trillion (Bt60.9 trillion) last year. Of the total trade value, one-quarter is trading among Asean countries.