Trade and The Comprehensive Economic Partnership in East Asia (CEPEA)
Trade is an important focus for the summit.
As to trade and regional integration the following was noted in the Chair's report for the Second EAS:
12. We welcomed ASEAN's efforts towards further integration and community building, and reaffirmed our resolve to work closely together in narrowing development gaps in our region. We reiterated our support for ASEAN's role as the driving force for economic integration in this region. To deepen integration, we agreed to launch a Track Two study on a Comprehensive Economic Partnership in East Asia (CEPEA) among EAS participants. We tasked the ASEAN Secretariat to prepare a time frame for the study and to invite all our countries to nominate their respective participants in it. We welcomed Japan's proposal for an Economic Research Institute for ASEAN and East Asia (ERIA).
The reality appears however that movement towards such a relationship is a long way-off. Lee Kuan Yew has compared the relationship between South-East Asia and India with that of the European Community and Turkey, and has suggested that a free-trade area involving South-East Asia and India is 30 to 50 years away.
The members of EAS agreed to study the Japanese proposed Comprehensive Economic Partnership in East Asia (CEPEA). The Track Two report on CEPEA is due to be completed in mid-2008 and at the Third EAS it was agreed this would be considered at the Fourth EAS.
As noted above the Second EAS welcomed the Economic Research Institute for ASEAN and East Asia (ERIA). It was subsequently announced that the ERIA would be established in November 2007 and confirmed at the Third EAS.
The Declaration of the Fifth Anniversary of the East Asia Summit issued at the Fifth EAS provided the Summit declared:
3. To redouble efforts to move progress and cooperation in the EAS further forward, including in the priority areas and in the promotion of regional integration through supporting the realisation of the ASEAN Community and such initiatives as the ASEAN Plus FTAs and other existing wider regional economic integration efforts including studies on East Asia Free Trade Area (EAFTA) and Comprehensive Economic Partnership in East Asia (CEPEA);
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