Bali, Oct 08: Japan, still Asia's sole economic superpower, and tomorrow's giants China and India jostled for influence in Southeast Asia as they fleshed out plans on Wednesday for free trade agreements with the region. Leaders of the 10-member Association of South East Nations (ASEAN) a day earlier at their annual summit endorsed a plan to transform their region into a giant free trade zone by 2020, although several urged a faster pace if they are to keep up with the rest of the world.
India and Japan are sealing agreements with ASEAN that closely resemble the one China reached with it a year ago and which set frameworks for negotiating free trade blocs that could eventually result in a huge East Asian common market.
Chinese Premier Wen Jiabao and ASEAN leaders signed security agreements to foster trust and urge the peaceful resolution of simmering territorial disputes between several Southeast Asian countries and the north Asian giant.
"This strategic partnership is non-aligned, non-military and non-exclusive," the agreement said, adding that it aimed to give a security umbrella to faster economic growth and cooperation.
Bureau Report