PM Lee welcomes the strong commitment to cooperation and trade
By
Kor Kian Beng
PM Lee attends the Asean - Republic of Korea Commemorative Summit and welcome by ROK President Lee Myung-Bak. -- PHOTO: ZAOBAO
JEJU (South Korea) - THE investment agreement Asean and South Korea will sign today is a good signal that both sides are committed to bilateral cooperation and free trade, Prime Minister Lee Hsien Loong said on Monday.
Such a commitment will spur economic confidence throughout the region, Mr Lee told fellow leaders from both sides at a closed-door meeting.
The collective responses will also make a difference in these times of global uncertainty, he added.
PM Lee was speaking at the first of two meetings for leaders of the Asean regional grouping and South Korea. The other will be held today. In his address, Mr Lee also spoke on the tensions in the Korean peninsula following North Korea's nuclear threat.
However, strengthening economic ties was the main theme of his address.
Referring to a joint communique to be issued today, Mr Lee said it 'contains many good ideas to consolidate our cooperation'.
One of them is for an Open Skies agreement, an idea he endorsed. Such a pact could give airlines of both sides free access and no limits on the number of flights, among other benefits.
It makes South Korea the first among the Asean Plus Three Dialogue Partners to complete a comprehensive free trade agreement (FTA) with Asean, he added. The other partners are China and Japan.
The agreement completes more than four years of negotiations on the Asean-South Korea FTA.
With the FTA, consumers can expect lower-priced goods while businesses can enjoy tariff concessions and greater ease in customs clearance, starting as early as next year.
Read the full story in The Straits Times on Tuesday.
