WORLD NEWS | ASEAN countries could be big in global economy in future: report

Beijing [China]June 9 (ANI): The Association of Southeast Asian Nations (ASEAN), which is currently negotiating free trade agreements with other countries, is expected to play an important role in the future of the global economy, Japanese academic Takashi Hosoda wrote in Eurasia Info.

“I have no problem with reducing or eliminating tariff and non-tariff barriers through free trade agreements (FTAs) as long as it contributes to the economic development and social progress of ASEAN countries,” the authors wrote, adding that if a country tries to pass Strengthening the content of its free trade agreements to increase its own influence, based on its own clear strategic goals, becomes a situation of vigilance,” he wrote.

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Nonetheless, the security landscape in the ASEAN region is changing fundamentally, and the future of ASEAN depends on this process, the authors said.

Japanese scholars emphasize the China-ASEAN agreement, arguing that in addition to promoting trade between ASEAN and China, the ASEAN-China Free Trade Area (ACFTA) was established in 2005 as a trade in goods agreement, which was later expanded to include a service trade agreement, an investment agreement and the 2010 2011 investment agreement, which also helps boost trade across the region.

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However, he also said that under the framework of the ASEAN Free Trade Area, China may be able to advance its political goals in this situation by making appropriate concessions to ASEAN countries.

In other words, China must guarantee “rule-making” through the discussion of ACFTA 3.0 to ensure its future economic growth and achieve a “new world order” with Chinese characteristics, rather than being led by the West, Eurasia, as China claims Mainland reports.

The current ACFTA 3.0 negotiations cover trade liberalization (increasing market access) and investment liberalization, strengthening supply chain connectivity, promoting cooperation in the digital economy, and building a green economy.

Beijing realizes that the strategy of “building Chinese hegemony through economic influence” appears to pose less of a threat to international public opinion. The author wrote in the “Eurasia Info” that if China thinks it is wrong to allow ASEAN countries to quickly gain economic benefits from a strategic point of view, then when China’s real control power increases, ASEAN countries will not object.

China and five other parties, including four ASEAN members – Brunei, Malaysia, the Philippines and Vietnam – have competing claims in the South China Sea. Still, China has the broadest claims, with an international arbitration tribunal ruling in 2016 that they had no legal basis.

ASEAN is made up of ten member countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)