Opening of the East Asia Summit Economic Ministers' Consultations

The conference facilitates countries to exchange views on regional and global issues affecting the East Asia region.

On the afternoon of August 30, the first East Asia Summit (EAS) Economic Ministers’ Consultation took place in Cambodia. The conference officially marked the birth of a new and important economic cooperation mechanism in East Asia in particular and Asia-Pacific in general.

Delegates attending the Conference

The conference was attended by Economic Ministers of 10 ASEAN countries and Economic Ministers and trade representatives of 8 countries participating in the East Asia Summit mechanism, including Australia, China, India, Japan, South Korea, New Zealand, the Russian Federation and the United States.

Delegates welcomed the decision to grant formal status to the Economic Ministers' Consultation of the East Asia Summit, a forum that has been held informally since 2008, enabling countries to exchange views on regional and global issues affecting the East Asia region as well as developments in the field of economic cooperation within the framework of the East Asia Summit initiative.

ASEAN Secretary-General Dr. Surin Pitsuwan welcomed the first participation of Russian and Indian representatives at the Conference and said that the wide participation of countries in the newly established mechanism demonstrates the strong support of the entire East Asia region for ASEAN's economic integration process.

“The East Asia Summit is a forum for dialogue on a wide range of economic, political and strategic issues of common interest and concern to countries, with the aim of enhancing peace, stability and economic development in the region,” said Dr. Surin Pitsuwan.

Vietnamese delegation attending the Conference

In addition to reiterating the region’s support for ASEAN’s efforts to establish an Economic Community by 2015, the Ministers stressed the importance of continuing to promote ASEAN’s economic integration beyond 2015, with the bloc’s deeper engagement in global economic networks. The Ministers also affirmed ASEAN’s central role in the East Asia Summit mechanism in promoting economic and trade cooperation for the common benefit of the entire region.

The eighteen countries participating in the East Asia Summit account for about half of the world's gross domestic product (GDP). In 2011, ASEAN's total trade with the eight other countries in the East Asia Summit reached a whopping US$1,027 billion. Foreign investment from these eight countries also accounted for more than half of foreign direct investment in ASEAN./.

According to (vov.vn) - LT