Southeast Asian leaders advocate for mutual cooperation amid U.S.-China tensions

Media IN BANGKOK 23rd-06-2019

Southeast Asian leaders agreed on Sunday to work together on the region’s economy and security to strengthen their position to face growing U.S.-China tensions, as they conculded their summit in Bangkok.

The 10-member Association of Southeast Asian Nations (ASEAN) will need its collective economic strength for bargaining power globally, especially amid the trade tensions between the world’s top two economies,

ASEAN nations were urged to complete negotiations this year for the China-initiated Regional Comprehensive Economic Partnership (RCEP) pact that includes 16 countries but has been held up by disputes between China and India over access to markets and protected lists of goods.

Negotiations began in 2012 on RCEP, which envisages the creation of a free trade zone encompassing 45% of the world’s population and more than a third of its GDP, but does not involve the United States.

First proposed by China, RCEP’s 16 signatories comprise the 10 ASEAN member states and six Asia-Pacific countries, including major economies China, India, Japan and South Korea. ASEAN has existing free-trade agreements with all six countries.

ASEAN members also agreed on a common approach on a U.S.-led Indo-Pacific initiative on Sunday, at a time when U.S.-China tensions are rising and forcing ASEAN countries to take sides