 | This article needs to be updated.(November 2014) |
The Comprehensive Economic Partnership for East Asia (CEPEA) is a Japanese led proposal for trade co-operation and free trade agreement among the 16 present member countries of the East Asia Summit. All those movements and efforts were taken over by the following Regional Comprehensive Economic Partnership. [1]
The 16 countries are:
The concept has been in discussion stages since 2006 but gained momentum in 2008 and 2009 when India and ASEAN; and Australia, New Zealand and ASEAN respectively concluded free trade agreements. [2]
The CEPEA proposal was advanced by Japan in conjunction with the establishment of the Economic Research Institute for ASEAN and East Asia (ERIA). The two mechanisms are designed to be mutually supporting liberalisation and co-operation. [3]
The details of the concept and its relationship with other proposals for the region, such as the East Asian Community, remain unclear. An alternative proposal based on the 13 members of the ASEAN Plus Three is called the East Asia Free Trade Agreement (EAFTA). [4]
The Third East Asia Summit agreed that a final report on the CEPEA proposal was to be received at the Fourth East Asia Summit [5] which was held in October 2009.
The Chairman's Report for the Fourth East Asia Summit (25 October 2009) [6] stated:
19.We noted the final Phase II Report of the Track Two Study Group on Comprehensive Economic Partnership in East Asia (CEPEA) and welcomed the decision of our Economic Ministers who met in Bangkok on 15 August 2009 to task the Senior Economic Officials to discuss and consider the recommendations in the Phase I and II reports. CEPEA and East Asia Free Trade Area (EAFTA) could be examined and considered in parallel.
The report for the ASEAN Plus Three meeting, held the day before with 13 of 16 of the same members, also stated: [7]
13.We noted the final report of the Phase II feasibility study of the East Asia Free Trade Area (EAFTA) and welcomed the decision of 12th AEM Plus Three Consultations in Bangkok on 15 August 2009 to task the Senior Economic Officials to discuss and consider the recommendations in the Phase I and II reports. EAFTA and Comprehensive Economic Partnership in East Asia (CEPEA) could be examined and considered in parallel.
The Chairman's Statement of the 16th ASEAN Summit (9 April 2010) [8] stated:
30. We noted the initiatives being undertaken to take forward broader regional integration by considering the recommendations of both East Asia Free Trade Agreement (EAFTA) and the Comprehensive Economic Partnership for East Asia (CEPEA) studies together. We looked forward to receiving the progress report at the 17th ASEAN Summit in October 2010 and to discussing with our Dialogue Partners the future direction of regional architecture with ASEAN at its core.
By August 2010 working groups involving the 16 nations to study Economic Cooperation, Rules of Origin, Customs Procedures and Tariff Nomenclature had been formed. [9]
In August 2011, East Asia Summit Economic Ministers welcomed a Chinese and Japanese joint 'Initiative on Speeding up the Establishment of EAFTA and CEPEA'. [10]
13 of the 16 nations (excluding India, Australia and New Zealand) are also simultaneously negotiating an East Asia Free Trade Area. [11]
The two processes are not alternatives and both are being pursued simultaneously [12]
The 16 members are presently involved in a series of separate arrangements among the members of the grouping. The 10 members ASEAN have established the ASEAN Free Trade Area. Australia and New Zealand have the long established Closer Economic Relations.
Between the 16 members bilateral and multilateral arrangements are in place or under negotiation.
ASEAN has the following arrangements in place:
plus China, Japan and South Korea are researching (as at October 2009) a joint arrangement between the three countries (China–Japan–South Korea Free Trade Agreement) with talks hoped to commence in 2012; [18]
plus
China has the following additional arrangements in place:
plus
Japan has the following additional arrangements in place:
plus
South Korea has the following additional arrangements in place:
plus
Australia has the following additional arrangements in place:
plus
India has the following additional arrangements in place:
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multiple additional bilateral arrangements between one or more ASEAN members separately.
In addition individual members of ASEAN may also have other arrangements in place beyond the arrangements negotiated by ASEAN as a bloc i.e., Singapore by itself outside of ASEAN has a series of FTAs. [33]
The Association of Southeast Asian Nations, commonly abbreviated as ASEAN, is a political and economic union of 10 states in Southeast Asia. Together, its member states represent a population of more than 600 million people and land area of over 4.5 million km2 (1.7 million sq mi). The bloc generated a purchasing power parity (PPP) gross domestic product (GDP) of around US$10.2 trillion in 2022, constituting approximately 6.5% of global GDP (PPP). ASEAN member states include some of the fastest growing economies in the world, and the institution plays an integral role in East Asian regionalism.
Asia-Pacific Economic Cooperation is an inter-governmental forum for 21 member economies in the Pacific Rim that promotes free trade throughout the Asia-Pacific region. Following the success of ASEAN's series of post-ministerial conferences launched in the mid-1980s, APEC started in 1989, in response to the growing interdependence of Asia-Pacific economies and the advent of regional trade blocs in other parts of the world; it aimed to establish new markets for agricultural products and raw materials beyond Europe. Headquartered in Singapore, APEC is recognized as one of the highest-level multilateral blocs and oldest forums in the Asia-Pacific region, and exerts significant global influence.
The ASEAN Free Trade Area (AFTA) is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international allies. It stands as one of the largest and most important free trade areas (FTA) in the world, and together with its network of dialogue partners, drove some of the world's largest multilateral forums and blocs, including Asia-Pacific Economic Cooperation, East Asia Summit and Regional Comprehensive Economic Partnership.
The ASEAN Summit is a biannual meeting held by the members of the Association of Southeast Asian Nations (ASEAN) in relation to economic, political, security, and socio-cultural development of Southeast Asian countries. In addition, it serves as a prominent regional (Asia) and international (worldwide) conference, with world leaders attending its related summits and meetings to discuss various problems and global issues, strengthening co-operation, and making decisions. The summit has been praised by world leaders for its success and ability to produce results on a global level.
The East Asia Summit (EAS) is a regional forum held annually by leaders of, initially, 16 countries in the East Asian, Southeast Asian, South Asian and Oceanian regions, based on the ASEAN Plus Six mechanism. Membership expanded to 18 countries including Russia and the United States at the Sixth EAS in 2011. Since its establishment, ASEAN has held the central role and leadership in the forum. EAS meetings are held after the annual ASEAN leaders' meetings, and plays an important role in the regional architecture of Asia-Pacific. The first summit was held in Kuala Lumpur, Malaysia on 14 December 2005.
The East Asia Economic Caucus (EAEC) or East Asia Economic Group (EAEG) was a regional free trade zone (FTA) proposed in 1997 by Malaysian Prime Minister Mahathir Mohamad and encompasses most nations of East and Southeast Asia (ESEA). However, Japan at the time refused participation due to the exclusion of the United States, which at the time had tariffs on each other, has an economy too deeply interlinked through trade, and was still reeling from the effects of the Japanese asset price bubble. They also added that they were already members of the Asia-Pacific Economic Cooperation (APEC) and many other notable regional organizations in ESEA. South Korea was also extremely dissatisfied with the idea of placing Japan at the center of the proposed organization due to historical connotations.
The East Asian Community (EAC) is a proposed trade bloc for the East and Southeast Asian (ESEA) countries that may arise out of either ASEAN Plus Three or the East Asia Summit (EAS).
The Second East Asia Summit was held in Mandaue, Metro Cebu, Philippines on January 15, 2007. The East Asia Summit (EAS) is a pan-Asia forum held annually by the leaders of 16 countries in the East Asian region. EAS meetings are held after annual ASEAN leaders' meetings.
The Third East Asia Summit was held in Singapore on November 21, 2007. The East Asia Summit (EAS) is a pan-Asia forum held annually by the leaders of 16 countries in the East Asian region. EAS meetings are held after annual ASEAN leaders' meetings.
The Economic Research Institute for ASEAN and East Asia or ERIA is an international organization established in Jakarta, Indonesia in 2008 by a formal agreement among Leaders of 16 countries in the East Asian region to conduct research activities and make policy recommendations for further economic integration in the East Asia. ERIA works very closely with both the ASEAN Secretariat and 16 Research Institutes to undertake and disseminate policy research under the three pillars, namely “Deepening Economic Integration”, ”Narrowing Development Gaps”, and “Sustainable Development” and provide analytical policy recommendations to Leaders and Ministers at their regional meetings. ERIA provides intellectual contributions to East Asian Community building and serves as a Sherpa international organization. ERIA Ranks 9th among the world's "Top International Economics Think Tanks" according to the 2020 Global Go To Think Tanks Index Report conducted by the University of Pennsylvania.
New Zealand is party to 14 free trade agreements (FTAs) worldwide. Together they accounted for over 70% of New Zealand's trade in 2023.
The China–Japan–South Korea trilateral summit is an annual summit meeting attended by the People's Republic of China, Japan and South Korea, three major countries in East Asia and the world's second, fourth and 12th largest economies. The first summit was held during December 2008 in Fukuoka, Japan. The talks are focused on maintaining strong trilateral relations, the regional economy and disaster relief.
The ASEAN–China Free Trade Area (ACFTA) is a free-trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China.
The ASEAN–India Free Trade Area (AIFTA) is a free trade area among the ten member states of the Association of Southeast Asian Nations (ASEAN) and the Republic of India. The initial framework agreement was signed on 8 October 2003 in Bali, Indonesia. and the final agreement was on 13 August 2009. The free trade area came into effect on 1 January 2010. India hosted the latest ASEAN-India Commemorative Summit in New Delhi on 26 January 2018. In the financial year 2017–18, Indo-ASEAN bilateral trade grew by almost 14% to reach US$81.3 billion. India's imports from ASEAN were valued at US$47.13 billion while its exports to ASEAN stood at US$34.2 billion.
The China–Japan-South Korea Free Trade Agreement is a proposed free trade agreement between China, Japan and South Korea. The China-Japan-South Korea Free Trade Agreement was proposed in 2002. Negotiations on the agreement were set in motion in 2012. At the time, the three nations made up to 19.6% of the world's economy. Two-way trade between South Korea and China was totaled at $230 billion in 2013.
The Regional Comprehensive Economic Partnership is a free trade agreement among the Asia-Pacific countries of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. The 15 member countries account for about 30% of the world's population and 30% of global GDP, making it the largest trade bloc in history. Signed in November 2020, RCEP is the first free trade agreement among the largest economies in Asia, including China, Indonesia, Japan, and South Korea.
Vietnam, although a relatively young and small nation, has successfully established trade relations with dozens of countries worldwide. This is especially evident in the number of free trade agreements (FTAs) that the country has signed and is participating in. Being part of the Association of Southeast Asian Nations (ASEAN), economic opportunities for Vietnam expands beyond bilateral trade agreements, with specific countries in order to include multilateral trade agreements via the ASEAN Free Trade Area (AFTA).
Australia is party to 18 free trade agreements (FTAs) worldwide covering 30 economies.
