T

o fuel the region’s robust economic growth, ASEAN member states said they were committed to expanding trade and investment cooperation with six other East Asia Summit (EAS) participating countries — Australia, China, India, Japan, Korea and New Zealand.

“We saw strong economic growth across ASEAN as well as increased trade and investment with East Asian countries last year. Given that, our economy is very resilient,” Indonesian Trade Minister Mari Elka Pangestu said at the final press conference at the 43rd ASEAN Economic Ministers (AEM) in Manado, North Sulawesi, on Saturday.

She underlined the importance of expanding trade and investment with the six countries to mitigate adverse impacts of the current global economic turmoil and uncertainties due to debt problems in the US and Europe.

A joint statement issued at the press conference said the 10 ASEAN member states and the six countries accounted for a quarter of the world’s exports of goods and services in 2007-2009.

ASEAN’s total trade with the six countries increased 29.6 percent in 2010 to US$650.9 billion, higher than the pre-crisis level of $598.8 billion.

Exports to the countries were up 33.5 percent to $337.3 billion last year from $252.6 billion in 2009, while imports also rose 25.7 percent to 313.6 billion in 2010.

Trade with the countries represented 31.9 percent of ASEAN’s total trade last year.

“The ministers also noted that foreign direct investment [FDI] from the six countries grew 62 percent to $19.3 billion in 2010 from $11 billion in 2009, accounting for 25 percent of total FDI coming to ASEAN that year,” the statement read.

Apart from strengthening ties with the six countries, ASEAN economic ministers also reiterated their commitment to further building trade and investment with the US and Russia.

A joint media statement from the meeting between the ministers and US trade representatives said
Trade between ASEAN and the US showed a sharp rebound in 2010, booking an increase of 24.4 percent to $186.1 billion compare to $149.6 billion in 2009.

“The ministers were pleased to note the implementation of the activities under the ASEAN-US Trade and Investment Framework Arrangement [TIFA]. The ministers also welcomed the steps taken by US Export-Import Bank in increasing outreach to ASEAN member states and facilitating trade between the two regions,” the statement read.