SE Asia prepared to be world's new economic powerhouse

In his opening remarks, Widodo mentioned the implementation of the Regional Comprehensive Economic Partnership as part of efforts to reinforce inclusive cooperation for ASEAN in the future.

The trade deal comprises 15 Asia-Pacific countries, including the 10 ASEAN member states of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, and ASEAN's five trading partners, namely China, Japan, South Korea, Australia and New Zealand.

According to the World Bank, RCEP, the world's largest free trade area, covers 2.3 billion people or 30 percent of the world's population, contributes $25.8 trillion or about 30 percent of global gross domestic product, and accounts for $12.7 trillion or over a quarter of global trade in goods and services.

Noting that China and ASEAN are each other's largest trading partners, Indonesian Tourism and Creative Economy Minister Sandiaga Uno said he saw "the relationship between ASEAN and China beneficial for the world".

The International Monetary Fund said in April's World Economic Outlook report that the reopening and growth of China's economy will likely generate positive spillover for countries with stronger trade links and reliance on Chinese tourism.

"After China's reopening of its borders, we are looking to achieve more equitable and more sustainable operations, and with better quality in terms of trade and investment between ASEAN and China," Uno said.

Xinhua