Comprehensive Economic Partnership for East Asia


Comprehensive Economic Partnership for East Asia

The Comprehensive Economic Partnership for East ASIA (CEPEA) is a Japanese led proposal for trade co-operation, free trade agreement, among the 16 present member countries of the East Asia Summit.

Contents

Countries involved

The 16 countries are:

Background

The concept has been in discussion stages since 2006 but gained momentum in 2008 and 2009 when India and ASEAN; and Australia, New Zealand and ASEAN respectively concluded free trade agreements[1].

The CEPEA proposal was advanced by Japan in conjunction with the establishment of the Economic Research Institute for ASEAN and East Asia (ERIA). The two mechanisms are designed to be mutually supporting liberalisation and co-operation[2].

The details of the concept and its relationship with other proposals for the region, such as the East Asian Community, remain unclear. An alternative proposal based on the 13 members of the ASEAN Plus Three is called the East Asia Free Trade Agreement (EAFTA)[3].

The Third East Asia Summit agreed that a final report on the CEPEA proposal was to be received at the Fourth East Asia Summit[4] which was held in October 2009.

The Chairman's Report for the Fourth East Asia Summit (25 October 2009)[5] stated:

19.We noted the final Phase II Report of the Track Two Study Group on Comprehensive Economic Partnership in East Asia (CEPEA) and welcomed the decision of our Economic Ministers who met in Bangkok on 15 August 2009 to task the Senior Economic Officials to discuss and consider the recommendations in the Phase I and II reports. CEPEA and East Asia Free Trade Area (EAFTA) could be examined and considered in parallel.

The report for the ASEAN Plus Three meeting, held the day before with 13 of 16 of the same members, also stated[6]:

13.We noted the final report of the Phase II feasibility study of the East Asia Free Trade Area (EAFTA) and welcomed the decision of 12th AEM Plus Three Consultations in Bangkok on 15 August 2009 to task the Senior Economic Officials to discuss and consider the recommendations in the Phase I and II reports. EAFTA and Comprehensive Economic Partnership in East Asia (CEPEA) could be examined and considered in parallel.

The Chairman's Statement of the 16th ASEAN Summit (9 April 2010)[7] stated:

30. We noted the initiatives being undertaken to take forward broader regional integration by considering the recommendations of both East Asia Free Trade Agreement (EAFTA) and the Comprehensive Economic Partnership for East Asia (CEPEA) studies together. We looked forward to receiving the progress report at the 17th ASEAN Summit in October 2010 and to discussing with our Dialogue Partners the future direction of regional architecture with ASEAN at its core.

By August 2010 working groups involving the 16 nations to study Economic Cooperation, Rules of Origin, Customs Procedures and Tariff Nomenclature had been formed[8].

East Asia Free Trade Agreement

13 of the 16 nations (excluding India, Australia and New Zealand) are also simultaneously negotiating an East Asia Free Trade Area[9].

The two processes are not alternatives and both are being pursued simultaneously[10]

Current arrangements

The 16 members are presently involved in a series of separate arrangements among the members of the grouping. The 10 members ASEAN have established the ASEAN Free Trade Area. Australia and New Zealand have the long established Closer Economic Relations.

Between the 16 members bilateral and multilateral arrangements are in place or under negotiation.

ASEAN has the following arrangements in place:

    • the ASEAN–China Free Trade Area came into force on 1 January 2010;
    • a comprehensive economic partnership agreement with Japan[11] came into force on 1 December 2008;
    • the ASEAN Korea Free Trade Agreement[12], the trade in goods provisions came into effect on 1 June 2007, an agreement for trade in services was signed in 2007 and the trade in investments provisions were signed in 2009[13];
    • a free trade agreement with Australian and New Zealand (jointly) AANZFTA[14] that came into force on 1 January 2010;
    • the ASEAN-India Trade in Goods (TIG) Agreement came into effect on 1 January 2010[15] and the ASEAN-India Trade in Services and Investment Agreements are still under negotiation[15];

plus China, Japan and South Korea are researching (as at October 2009) a joint arrangement between the three countries with talks hoped to commence in 2012[16];

plus

China has the following additional arrangements in place:

    • negotiations are said to be announced to commence shortly (as at April 2010) with South Korea on an arrangement[17];
    • negotiations with Australia on an arrangement[18];
    • the New Zealand – China Free Trade Agreement came into force 1 October 2008;
    • a feasibility study on an arrangement with India was positively concluded in 2007[19];

plus

Japan has the following additional arrangements in place:

    • negotiations with South Korea on an arrangement but which have been suspended since 2004[20][21];
    • negotiations with Australia on an arrangement[22][23];
    • negotiations with India on an arrangement[24];
    • conducting a feasibility study with New Zealand as of (14 May 2008)[25]

plus

South Korea has the following additional arrangements in place:

    • negotiations with Australia on an arrangement[26];
    • negotiations with New Zealand on an arrangement [27];
    • India and South Korea signed a comprehensive economic partnership agreement in August 2009[28];

plus

Australia has the following additional arrangements in place:

plus

India has the following additional arrangements in place:

    • a feasibility study with New Zealand about entry into an arrangement[30];

plus

multiple additional bilateral arrangements between one or more ASEAN members separately.

In addition individual members of ASEAN may also have other arrangements in place beyond the arrangements negotiated by ASEAN as a bloc i.e., Singapore by itself outside of ASEAN has a series of FTAs[31].

Overview of current arrangements

The current status is summarised below.

ASEAN China Japan South Korea Australia New Zealand India
ASEAN Concluded Concluded Concluded Concluded Concluded Largely
Concluded
China Concluded Proposed
with South
Korea
Proposed
with Japan
or bilateral
Negotiating Concluded Proposed
Japan Concluded Proposed
with South
Korea
Proposed
with China
bilateral suspended
Negotiating Feasibility
Study
Concluded
South Korea Concluded Proposed
with Japan
or bilateral
Proposed
with China
bilateral suspended
Negotiating Negotiating Concluded
Australia Concluded Negotiating Negotiating Negotiating Concluded Negotiating
New Zealand Concluded Concluded Feasibility
Study
Negotiating Concluded Negotiating
India Concluded Proposed Concluded Concluded Negotiating Negotiating

See also

References

  1. ^ Comprehensive Economic Partnership in East Asia (Part 1)
  2. ^ Towards Comprehensive Economic Partnership in East Asia
  3. ^ to Realize EAFTA -Views from Joint Expert Group How to Realize EAFTA
  4. ^ Chairman's Statement of the 3rd East Asia Summit Singapore, 21 November 2007 at paragraph 14
  5. ^ Chairman’s Statement of the 4th East Asia Summit Cha-am Hua Hin, Thailand, 25 October 2009
  6. ^ Chairman’s Statement of the 12th ASEAN Plus Three Summit Cha-am Hua Hin, Thailand, 24 October 2009
  7. ^ Chairman’s Statement of the 16th ASEAN Summit “Towards the Asean Community: from Vision to Action"
  8. ^ India Committed to Regional Integration of CEPEA
  9. ^ Feasibility Study for East Asia Free Trade Area to Begin
  10. ^ Ha Noi Declaration on the commemoration of the fifth anniversary of the EAST ASIA summit, paragraph 3
  11. ^ ASEAN-Japan Comprehensive Economic Partnership Agreement
  12. ^ Overview of ASEAN Korea (AKFTA)
  13. ^ ASEAN AND SOUTH KOREA FTA
  14. ^ ASEAN–Australia–New Zealand Free Trade Agreement
  15. ^ a b ASEAN-INDIA DIALOGUE RELATIONS
  16. ^ China, Japan, S. Korea to mull FTAChina-Japan-ROK free trade talks 'set for 2012'
  17. ^ ;Korea-China FTA
  18. ^ Free Trade Agreement Negotiations
  19. ^ Home Page > China's Free Trade Agreements under Consideration> China-India Regional
  20. ^ Japan-Korea FTA cornerstone of the East Asian Community
  21. ^ Japan-Republic of Korea Economic Partnership Agreement
  22. ^ Australia-Japan Free Trade Agreement Negotiations
  23. ^ Japan-Australia Economic Partnership Agreement
  24. ^ Japan-India Economic Partnership Agreement
  25. ^ Daniels, Chris (13 May 2008). "High powered push for Japan trade deal". The New Zealand Herald. http://www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10509840. Retrieved 25 September 2011. 
  26. ^ Australia-Korea Free Trade Agreement (FTA) Negotiations
  27. ^ Fleming, Grant (16 May 2008). "Clark looks to put Korea in trade bag". The New Zealand Herald. http://www.nzherald.co.nz/section/1/story.cfm?c_id=1&objectid=10510512. Retrieved 25 September 2011. 
  28. ^ India, South Korea ink free trade pact
  29. ^ Australia-India FTA Feasibility Study
  30. ^ India Free Trade Agreement - New Zealand Ministry of Foreign Affairs and Trade
  31. ^ Singapore's FTAs

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