ASEAN-China cooperation contributes to regional development: Myanmar media

Myanmar official newspaper The New Light in its editorial Monday hailed the cooperation between the Association of Southeast Asian Nations (ASEAN) and China, believing that their cooperation, which creates a huge market for ASEAN products, will contribute much to the economic development of the entire region.

The editorial's remarks came after the end of the recent China-ASEAN Business and Investment Summit held in Nanning, China's Guangxi Zhaung Autonomous Region.

Quoting Prime Minister Lieutenant-General Soe Win, who represented Myanmar at the summit, the editorial maintained that in the rapidly changing world, regional cooperation is the only thing that can promise economic growth, attract foreign investment and create job opportunities, emphasizing the need for integration for East Asia to secure a position in the world market.

"Although it is said that developed countries are in support of free trade, it is regional solidarity that matters as protectionism is still in practice," it said, stressing the need for ASEAN and China to make greater cooperation to overcome challenges.

Noting that China's economic growth will lead to creating opportunities for ASEAN nations, the editorial pointed out that the Chinese practice of the opening-up economic policy has provided a huge market for ASEAN products.

With economic development between ASEAN and China, the commercial and trade links between them is becoming broader.

There has been a gradual growth in ASEAN-China economy and trade in the past years with 15 percent annual increase in trade, reaching 78.2 billion US dollars in 2003, up 42.9 percent from 2002.

Noting that ASEAN-China integration will create a market for 1,700 million consumers, one third of the world population, the editorial said the prospects of economic growth in Myanmar, which is heading towards the market-oriented system, is encouraging.

With 7.6 billion dollars' foreign investment in Myanmar from 27 countries and regions so far, the bilateral trade between Myanmar and China is also growing steadily, the editorial said, adding that the two neighbors have agreed to raise their trade value to 1.5 billion dollars by 2005.