The Association of Southeast Asian Nations (Asean) hopes to further strengthen trade relations among the member states, as well as with Japan, as it seeks to double the flow of goods, services and investments by 2022.
A commemorative summit, a trade exhibition and an economic forum to be held in Japan in December this year are expected to enable participating economic ministers to further explore various strategies for growth, according to Trade Undersecretary Adrian S. Cristobal Jr.
“We’re being asked to participate in the economic forum after the summit, where different economic ministers will be present. We want to discuss and explore strategies to implement effectively the Asean-Japan strategic roadmap for growth. The Secretary of the Department of Trade and Industry has been invited to speak before the forum on how to boost trade and investment flows,” Cristobal said. “This is a very opportune time because of Japan’s push for a growth strategy.”
Data from the Japan International Cooperation Agency showed that total trade between Asean and Japan grew by 32.3 percent to $273 billion in 2011. Japan was Asean’s top export destination in 2011. Asean’s exports to Japan meanwhile increased by 43.3 percent amounting to $147.4 billion in 2011, while imports from Japan grew by 21.4 percent to $125.9 billion during the same period.
Apart from doubling trade and investment flows, the roadmap between Asean and Japan was also aimed at strengthening cooperation in areas of mutual interest; expand cooperation in the development of small- and medium-enterprises (SMEs), cooperatives, science and technology, energy efficiency and conservation, logistics and transportation, information and communication; and narrowing development gaps, particularly in less developed Asean member states.
According to Cristobal, the Philippines’ participation in the summit and forum will also allow the government to look into various opportunities for the growth and development of the country’s small- and medium-sized enterprises.
“We also want to cooperate [with peers] to assist SMEs, enable them to do business in this integrated regional economy. We don’t want the free trade agreements benefiting only the big companies—we want to see how SMEs can also participate significantly,” Cristobal said.