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CHAIRMAN'S STATEMENT, SEVENTH DRAFT BY JAPAN
Asia Europe Meeting (ASEM) Economic Ministers' Meeting
Makuhari, Japan, 27-28 September 1997
Introduction
1. The first ASEM Economic Ministers' Meeting (EMM) was
held in Makuhari, Japan, on 27-28 September and attended by
the Ministers responsible for economic affairs from ten Asian
and fifteen European nations, with the Luxembourg Minister of
Economy acting also as Presidency of the Council of the
European Union, and the Vice-president of the European
Commission. The meeting was chaired by the Minister of
International Trade and Industry Mitsuo Horiuchi of Japan.
The list of participants is attached. Prime Minister Ryutaro
Hashimoto, an original advocate of the ASEM Economic
Ministers' Meeting, opened the meeting with a comment on the
importance of inter-regional economic cooperation, noting
that this occasion signalled the opening of a new chapter in
ASEM economic cooperation.
2. Recalling that their Leaders had forged 'a new
comprehensive Asia Europe Partnership for Greater Growth,'
and recognizing that the growing economic links between the
two regions form the basis for a strong partnership,
Ministers discussed a wide range of economic issues under the
EMM agenda toward developing a common vision for economic
cooperation in ASEM.
3. Ministers welcomed the studies on economic synergy
undertaken by Japan with a view to providing a solid basis
for developing effective policy measures and valuable input
for this meeting, and asked that such studies be further
deepened.
4. Ministers recognized that there was enormous
potential in the economically dynamic and diverse Asian and
European regions to create synergy through enhanced
inter-regional linkages, spurring the further economic growth
of both regions. Taking into account the Discussion Paper on
ASEM Economic Cooperation prepared by Japan and ASEAN,
Ministers agreed that Asia and Europe should work together to
develop priorities, policies and measures for economic
cooperation in ASEM and thus maximize inter-regional synergy,
based on the following principles.
a.Common commitment to the market economy and to
necessary reform;
b.Closer cooperation and dialogue between government and
the business sector, with the business sector as the engine
of growth;
c. Non-discriminatory liberalization, transparency and
open regionalism;
d.Consistency and compliance with applicable
international rules, particularly those of the WTO; and
e.Mutual respect and equal partnership , with
recognition of the economic diversity within and between Asia
and Europe.
5. In the same context, Ministers agreed that policy
objectives should include:
a. Greater economic interaction between enterprises;
b. Improvement of the business environment toward
increased trade and investment; and
c. Sustained and stable economic growth
6. In regard to areas for economic cooperation,
Ministers recognized the importance of specific fields such
as the promotion of business interaction and the
liberalization and facilitation of trade and investment; as
well as infrastructure development; energy and environment
issues; the promotion of small and medium enterprises (SMEs);
human resources development; strategic partnerships in third
country markets and others; and other high potential
areas.
7. Ministers shared the view that ASEM economic
cooperation such as the above, which would reinforce the
underlying sound economic structures, would also contribute
to the robustness of ASEM economies through the active
exchange of views on effective policies and concrete measures
to enhance the environment in trade and investment and to
strengthen economic competitiveness. In this context,
Ministers expressed the view that transient economic
difficulties, export slowdown and exchange rate fluctuations
observed in some ASEM partners would not harm the significant
long-term potential of these economies. Ministers affirmed
their confidence in the strong future prospects of these
economies in an era of globalization, taking into account
positive factors such as sound economic fundamentals,
abundant investment opportunities and high savings ratios,
and based on the consistent application of sound,
market-oriented and outward- looking policies.
8. Preparations for European Monetary Union and its
effect on the global economy were discussed. Ministers noted
the role which the euro will assume as a world currency and
recognized its prospects for enhancing trade and investment
between Europe and Asia. Ministers also noted that the
evolution of the ASEAN Free Trade Area (AFTA) should serve to
encourage enhanced trade and investment flows between Asia
and Europe, together with greater opportunities for business
linkages.
9. Ministers recognized the need to further discuss and
develop ASEM economic cooperation according to the principles
and objectives agreed to at this EMM, drawing on further
studies as appropriate. Ministers also shared the view that
business views should be reflected in this discussion.
II Interaction with Business
10. Ministers underscored the significance of enhancing
interaction among business people, the main agents of market
activities, so as to expand investment between Asia and
Europe, and discussed the role of government in facilitating
business interaction. Ministers agreed that the emphasis
should be on enhancing mutual understanding, improving
information access and strengthening human resources,
recognizing the importance of SMEs in achieving the
above.
11. Ministers welcomed the attendance of Mr. Ortoli,
chairman of the first Business Forum, and Mr. Sarasin,
chairman of the second Business Forum, as guests of the
Chair. The chair of the first Business Forum reported on its
results, providing a basis for further discussion on economic
cooperation. Ministers also welcomed the results of the
Business Conference in Jakarta as valuable input which
complements and reinforces the work of the Business Forum.
Ministers expressed their expectation that the second
Business Forum will develop discussion on the role of the
business sector in the ASEM framework after the EMM. The
chair of the second Business Forum affirmed the strong
contribution to be made by the business sector particularly
in the field of trade and investment.
12. Ministers emphasized the importance of opportunities
for informal dialogue with senior business leaders, and urged
the early realization of such dialogue. Ministers encouraged
greater business sector participation in ASEM economic
cooperation, with business views reflected through the
Business Forum. In this context, Ministers welcomed Korea's
offer to host a Business Forum in 1999 and Singapore's offer
to host a Business Forum in 2001.
III Trade and Investment
13. Ministers reaffirmed the significance of promoting
the facilitation of trade and investment and improving the
environment for investment and for trade in goods and
services, including the reduction of trade barriers and other
impediments to trade flows, so that the business sector will
be able to increase two-way, market driven trade and
investment flows between Asia and Europe, a pivotal element
in enhancing economic dynamism in the two regions. The
importance of transparency in trade policies was also
emphasized.
14. Ministers welcomed the completion of the Investment
Promotion Action Plan (IPAP ) and endorsed it, with much
appreciation expressed at the initiative taken by Thailand.
To further develop discussion in this area, Ministers agreed
to the establishment of an Investment Experts Group (IEG)
under SOMTI in which government officials could discuss
investment related issues in a balanced manner from both the
promotion aspect and the aspect of policies and regulations,
interfacing with the business sector through the Business
Forum. The IEG shall assist the SOMTI in following up on the
initiatives of the IPAP.
15. Ministers endorsed the framework elaborated by
shepherds for the Trade Facilitation Action Plan (TFAP) to be
adopted by Leaders at the second ASEM as a tangible
achievement in the ASEM process. The TFAP should aim at
reducing non-tariff barriers (NTBS ) and transaction costs,
as well as promoting trade opportunities between the two
regions, while complementing work being carried out in other
fora. Ministersinstructed shepherds to continue their work,
with particular referenceto the further elaboration of
mechanisms for implementation as well as concrete goals to be
attained by the third ASEM. They also asked SOMTI to complete
the TFAP at its meeting in Brussels next February and to
supervise TFAP implementation.
IV WTO-Related Issues
16. Having due regard to the 1998 WTO Ministerial
Conference and the 50th anniversary of the multilateral
trading system, Ministers reaffirmed their commitment to the
primacy of the multilateral trading system and emphasized its
importance in realizing the joint objectives of ASEM business
and economic dialogue and cooperation.
17. Ministers confirmed their support for the
universality of WTO membership and the early accession,
through negotiations, of applicants among ASEM partners based
on effective market access commitments, while preserving the
integrity of WTO rules.
18. The importance was underlined of attaining agreement
in the WTO on financial services, with commitments including
significantly improved market access from the broadest
possible number of participants by the agreed deadline of
December 1997.
19. Ministers endorsed the efforts being made to
integrate the least developed countries (LDCS) into the
global trading system, in particular by improving their
capacity to take advantage of the opportunities such
integration creates. While the primary role of developed
countries in such efforts was emphasized, substantial
involvement of advanced developing countries with higher
national income was in particularly encouraged. For this
purpose, Ministers reaffirmed the importance of the
High-Level Meeting on LDCs in October 1997.
20. With a view to maintaining the momentum of global
trade and investment liberalization, as endorsed at the SMC,
Ministers reaffirmed their commitment to further
contributions to the WTO, including further tariff
liberalization, new issues (such as trade and investment,
trade and competition policy, and transparency in government
procurement), standards,intellectual property rights, rules
of origin and all other aspects of trade facilitation and
expeditious review of regional trade agreements, and
forthcoming important negotiations and reviews of the
built-in-agenda issues at the end of century.
V Infrastructure Development
21. Ministers noted with great interest the enormous
demand in Asia in particular over the coming decade for the
development of infrastructure such as electricity, gas,
transportation, telecommunications and water, and agreed that
such development was a vital task in terms of laying the
ground for further economic development. lt was also felt
that infrastructure development would be effectively
approached by facilitating business sector initiatives, and,
from this viewpoint, Ministers welcomed the report by Mr.
Ortoli on the ongoing study conducted by the Infrastructure
Task Force established by the Business Forum, as well as the
report on the Symposium on Financing Infrastructure
Development in Frankfurt.
22. Ministers noted the view expressed in these reports
that risks outside the usual commercial and political risks
are one major obstacle to infrastructure development by the
business sector, and that an effective way to mitigate such
risks, reduce transaction costs and establish proper
regulatory frameworks would be to engage in joint work on
launching appropriate tools, using such means as model
contracts/standard bidding and contractual guidelines with
possible instruments for encouraging contract observance.
Ministers agreed to further enhance dialogue between the
business sector and the relevant government authorities to
promote the development of a study on appropriate tools. In
this context, Ministers expressed their expectations that the
Business Forum will accelerate this study and invite
high-level officials from relevant government authorities to
a working group at the next Business Forum so as to deepen
such dialogue.
VI Sustainable Economic Growth; including Technological
Cooperation, Energy and Environmental Issues
23. Ministers recognized that energy security,
environmental protection and the achievement of sustainable
economic growth were common issues to all ASEM partners, and
in order to maintain the stability of economic growth in
Asia, Europe and the world economy at large, it was important
that all three march hand in hand. In pursuit of the above,
Ministers also recognized the importance of efficient use of
energy through the development and dissemination of
technologies. Ministers stressed the importance of rising to
the critical challenges posed by climate change issues, in
particular through a successful Third Conference of the
Parties to the FCCC in Kyoto. Ministers also stressed the
importance of inter-regional cooperation and solidarity in
preventing and mitigating the effects of major environmental
phenomena such as forest fires and floods.
24. Ministers therefore urged officials to launch the
necessary work as soon as possible toward the sharing of
relevant experiences, overcoming constraints and increasing
the synergy effect between the two regions. Energy sector
deregulation was noted as one example of an area in which
Asia and Europe can work together and share their
experiences. Ministers also recognized that the promotion of
economic and technological cooperation based on equal
partnership between Asia and Europe would be effective not
only in overcoming these constraints but also in providing
trade and investment opportunities, contributing to the
development of the world economy. Ministers welcomed the
report on the Asia Europe Experts Meeting on Technological
Cooperation in Beijing and called for further
considerations.
Next Steps
25. Ministers agreed that the second EMM would be held in
Berlin,Germany, in October 1999. Ministers also agreed to
report the results of the EMM to Leaders at the second
Asia Europe Meeting in April 1998 in London, affirming their
strong commitment to making the maximumcontribution to the
development of ASEM economic cooperation.
Participants List ASEM Economic Minister Meeting
1. Japan, Mr. Mitsuo Horiuchi Chairman, Minister of International Trade and Industry
2. The Republic of Austria, Dr. Johann Farnleitner, Minister for Economic Affairs
3. The Kingdom of Belgium, Mr. Michel Daerden, Minister of Transportation
4. Brunci Darussalam, Mr. Pehin Dato Abdul Rahman Taib, Minister of Industry and Primary Resources
5. The People's Republic of China, Mme. Wu Yi, Minister of Foreign Trade and Economic Cooperation
6. The Kingdom of Denmark, Mr. Gunnar Ortmann, State Secretary, Ministry of Foreign Affairs
7. The European Commission, Sir Leon Brittan, Vice-President of the European Commission
8. The Republic of Finland, Mr. Ole Norrback, Minister for European Affairs and Foreign Trade
9. The French Republic, Mr. Jacques Dondoux, Minister for Foreign Trade, Ministry of Economy, Finance and Industry
10. The Federal Republic of Germany, Dr. G_nter Rexrodt, Federal Minister of Economics
11. The Hellenic Republic of Greece, Mr. George Sioris, Ambassador of Greece
12. The Republic of Indonesia, H.E. Mr. Hartarto, Coordinating Minister for Production and Distribution
13. Ireland, Mr. Tom Kitt. Minister of State at the Department of Enterprise, Trade and Employment
14. The Itallan Republic, Mr. Giovanni Domined³, Ambassador of ltaly
15. The Republic of Korea, Mr. Lim, Chang-Yuel, Minister of Trade, Industry and Energy
16. The Grand Duchy of Luxembourg, Mr. Robert Goebbels, Minister of the Economy acting also as Presidency of the Council of European Union
17. Malaysia, Mme. Rafidah Aziz, Minister of International Trade and Industry
18. The Kingdom of the Netherlands, Mr. Hans Wijers, Minister of Economic Affairs
19 The Republic of the Philippines, Mr. Cesar B. Bautista, Secretary of Trade and Industry
20. The Portuguese Republic, Mr.Augusto Mateus, Minister of Economy
21. The Republic of Singapore, Mr. Lee Yock Suan, Minister for Trade and Industry
22. Spanish State, H.E. Mr. Santiago Salas, Ambassador of Spain
23. The Kingdom of Sweden, Mr. Leif Pagrotsky, Minister for Trade, Ministry for Industry and Trade
24. The Kingdom of Thailand, Mr. Narongchai Akrasance, Minister of Commerce
25. The United Kingdom, Lord Clinton-Davis, Minister for Trade at the Department of Trade and Industry
26. The Socialist Republic of Vietnam H.E. Mr. Mai Van Dau, Vice Minister of Trade
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