Merkel urges Europe to establish free trade pact with Southeast AsiaJuly 11, 2012 - 13:54 AMT PanARMENIAN.Net - German Chancellor Angela Merkel on Wednesday, July 11 said Europe must step up its efforts to establish a free trade pact with booming Southeast Asia, according to AFP. "I am deeply convinced that Europe has to hurry up in setting up a free trade agreement with this region if it wants to be able to compete," she said during a visit to Jakarta. As European nations are struggling to climb out of debt, Southeast Asian nations are experiencing strong growth. Indonesia grew 6.5 percent in 2011 and is forecast to grow at the same pace this year. On Tuesday, Merkel and Indonesian President Susilo Bambang Yudhoyono pledged to boost trade, which now stands at around $7 billion, and Indonesian officials forecast it to reach $12 billion by 2014. The 10-member Association of Southeast Asian Nations (ASEAN) and the European Union in May 2007 agreed to start free trade agreement talks after years of wrangling over human rights abuses in Myanmar. The EU has begun negotiating agreements with individual ASEAN states, including Malaysia and Singapore. Myanmar in April pushed for an EU-ASEAN agreement, citing major reforms in the country. ASEAN as a whole represents the EU's third-largest trading partner outside Europe, with more than 206 billion euros ($253 billion) of trade in goods and services in 2011, according to the European Commission. The EU is ASEAN's second-largest trading partner after China, accounting for around 11 percent of ASEAN trade. ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Merkel, who arrived for her first official visit to Southeast Asia's largest economy on Tuesday, was due to depart for Berlin later Wednesday. She also visited a tsunami early warning centre in Jakarta, built with help from German experts and 53 million euros of German funding after a tsunami in 2004 killed 170,000 people in Indonesia's Aceh province The system consists of a network of tidal gauges, buoys and seismic monitors. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |