China-ASEAN Free Trade Area on schedule
I have mentioned in the past, that Asia is underway to form its own free trade zone like the E.U.. (For material goods,) the article says China-ASEAN Free Trade will commence in 2010 – which is on schedule. More details: China-ASEAN FTA to be completed in 2010, ASEAN envoy.
The E.U. took many treaties between member states to culminate in the union that exists today and then the single currency, Euro. See, E.U. Timeline for details. I see what is happening in Asia mirroring what happened in Europe.
In my Sept 1st post, “Yukio Hatoyama, Japan’s new Prime Minister: “A New Path for Japan””, I brought to your attention Hatoyama’s support of an Asian Union. In this Xinhua article, we hear Asian leaders continue the push towards this direction. It’s all slowly adding up.
Also worth pointing out is the experiment underway to settle trade using RMB between China and some ASEAN members:
“In July of this year, China implemented pilot scheme for cross-border RMB trade settlement in Shanghai. Currently, China has sealed cooperation agreements of bilateral trade settlement with the central banks of Laos and Vietnam in ASEAN.”
This is a healthy experiment and learning towards establishing a single Asian currency. I think this bodes well for the peace and stability of the Asia region.
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