The ten members of the Association of South East Asian Nations (ASEAN) signed an accord in Bali, Indonesia this week that will put them on the path towards creating a European Union-style trading bloc over the next two decades.
Fearing the increasing dominance of the Asian market by emergent economic super-powers such as China and India, the agreement, dubbed the Bali Concord II, will focus on lowering trade barriers such as taxes and tariffs, and easing restrictions on the movement of people. The ASEAN nations hope to accomplish both of these goals by 2020. At present, the bloc has a population of 500 million, and trade in the region totals some $750 billion per year.
Meanwhile, at a parallel summit attended by business leaders of ASEAN nations, delegates pointed out the extent to which the South East Asian region has lost out to China in term of foreign investment in recent years. Since the Asian financial crisis in 1998 investment in the region has shrunk to one-fifth the level of investment that China receives, the Wall Street Journal has revealed. Additionally, according to the US-ASEAN Business Council, only 10% of US investment in East Asia now flows into the Southeast Asia region, compared with 75% ten years ago. 80% of this US investment now flows into China, said the WSJ.
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