Politic-Economic-Society-Tech

Ramos: S-E Asian nations need to revive trade, economic ties

FORMER Philippine President Fidel Ramos called on South-East Asian economies to revive trade and economic co-operation in the region so as to cope with globalisation. 
He said there was a need to strengthen ties and look to opportunities, rather than focus on the differences between the neighbouring countries. 

"The Philippine government is already taking steps to provide a new momentum for the BIMP-EAGA (Brunei, Indonesia, Malaysia, Philippines-East Asian Growth Area) initiative in order for it to become more progressive," Ramos said. 

He said the BIMP-EAGA had lost momentum in the last 1-1/2 years owing to the financial crisis and political uncertainty in South-East Asia. 

"The new administration under President Arroyo, however, has initiated strong steps to regain the lost momentum," he said. 

Ramos said Manila "hoped that Malaysia would continue to pursue its interest in the area of tourism joint venture development in the Philippines." 

Under the BIMP-EAGA, each member country is assigned a specific task in certain areas, with Malaysia's being tourism, the Philippines focusing on fishing and food processing, Indonesia on shipping and sea transport, and Brunei on aviation and air transport. 

He said the BIMP-EAGA was important because it could open a market of some 45 million people to member countries. 

Ramos is in Malaysia for the World Economic Development Congress and 10th Annual Asia Leadership Forum. 

"The Philippines is now in recovery mode and is utilising its advantageous and highly-desired assets like skilled workers in the fields of medicine and information technology, and its strategic location," he told a press briefing after a breakfast dialogue with the Malaysia-Philippines Business Council in Kuala Lumpur yesterday. 

Philippine Secretary of Finance Jose Camacho said the council had exhibited positive feelings on strengthening economic ties between Malaysia and the Philippines. 

"There is still the natural tendency for regional economies to be defensive and look inwards following their experience with the Asian financial crisis," he said. 

"It was time to revive co-operation between regional economies, not just between the governments but also between businesses. 

"We hope that Malaysia will look to the Philippines for opportunities, particularly now that our country is moving towards an era of active private sector participation in the economy and a period of rebuilding," Camacho added. 

source: thestar.com.my, 30 Jun 2001