Excellencies,
Ladies and gentlemen,
East Asia's dramatic transformation is the biggest growth story of our times. Powered by the rapid emergence of China and India, the region is on the move and surging ahead. While the recent turbulence in global financial markets introduces significant near-term uncertainty, it does not alter the broader picture of an increasingly dynamic and resilient East Asia.
Over the last decade, East Asia has become more integrated, reflecting the growing intra-regional trade, investment and people linkages. Intra-EAS trade now accounts for almost 60% of the total foreign trade of the member countries. East Asian countries still depend on key markets in the US and Europe. But the strong and growing demand from within the region is making its growth more self sustaining.
The East Asia Summit (EAS) is a response to these intensifying linkages between our countries. It is a forum to promote cooperation, while managing healthy competition in the region. It is also a platform to manage the complexities of a rapidly changing regional environment, so as to preserve favourable conditions for growth and prosperity in East Asia. By coming together in the EAS, our whole is greater than the sum of our 16 individual parts. This is the basic tenet we recognised and reaffirmed at our first meeting in Kuala Lumpur.
The 2nd EAS in Cebu built upon the firm foundations laid in Kuala Lumpur. We focussed on energy security as a concrete area of cooperation, and initiated several other EAS projects, including financial integration, economic cooperation, and the rebuilding of Nalanda University. The ongoing studies on the Comprehensive Economic Partnership in East Asia (CEPEA) are also significant. If we succeed in creating an EAS-wide Free Trade Area, it will completely reshape and transform the region's economic landscape.
We should continue to broaden and deepen cooperation activities within the EAS framework. As the number and scope of activities increase, we will need better coordination and strong structures to support the EAS process.This will propel the EAS into its next phase of development and enable it to better contribute to stability and growth in East Asia.
Besides focusing on regional cooperation, EAS countries should also work together to address pressing global issues. As individual countries, there are limits to what we can do. But together, the EAS has a powerful voice, with which to act and call for change.
In particular, the most serious long-term challenge confronting all of us today is climate change. This is a global problem, which requires a coordinated global solution. But the EAS, which comprises both developed and developing countries, as well as major emitters and massive carbon sinks, can play a unique role in shaping the global consensus on the way forward. Our approach must be holistic and multi-faceted. This is why we have chosen the inter-related themes of "Energy, Environment, Climate Change and Sustainable Development" for our discussion. The Singapore Declaration on Climate Change, Energy and the Environment that we will sign later today sets out our approach, and reaffirms our commitment to tackle climate change and contribute to global mitigation efforts. This will provide impetus for the UNFCCC meeting in Bali next month.
The EAS is still a relatively new grouping. But it has started off on a strong footing, and we should seize the momentum to push the process forward. I look forward to a fruitful and productive session this afternoon, as we discuss ways to enhance regional cooperation, tackle new challenges, and build an open and inclusive East Asian community.
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21 NOVEMBER 2007