By Lee Hyo-sik
Staff Reporter
Jeju ― Asia needs Europe's experience and expertise in realizing economic integration, calling on Asian economies to work harder toward the establishment of a common economic community, Vice Finance and Economy Minister Choi Joong-kyung said Sunday.
In a speech to finance ministers and other delegates from 43 member economies of Asia-Europe Meeting (ASEM), Korea's No.2 economic policymaker said Asian nations need help from experienced and credible partners to turn Asia's increasing economic cooperation into true economic integration.
``Our European partners will be able to play a significant role in guiding Asia reach the goal. Europe has successfully created an economic community that shares a common currency and financial market but at the same time, acknowledges each member's own policies,'' he said.
Choi said the economic integration process in Europe can present important lessons for Asian economies in stepping up the integration process, adding Asia should incorporate the integration experiences of Europe but develop its own integration model, reflecting the region's unique situation.
``We still have a long way to go. Compared to Europe, Asian countries show more difference in terms of levels of development, political structures and cultural backgrounds. Some argue that the different level of economic development and diversity in cultural and historical backgrounds poses more difficult conditions for regional countries to move toward economic integration,'' the vice minister said.
But he expressed a positive view on the issue, stressing the differences and diversities may require more concerted efforts for the integration, but these are not a critical hindrance for the integration.
``We should note that in the early stage of the European integration, diversity also existed. As we can see in the case of the discussions on Turkey's accession to EU, countries with different cultural backgrounds could be considered as members for the integration,'' Choi said.
He also pointed out that intra-regional relationship in terms of trade and investment has recently become stronger, making the environment for the integration of Asian countries more favorable.
Many Asian economies are seeking to achieve trade liberalization and economic growth through free trade agreement (FTA).
``Currently, ASEAN countries concluded FTA negotiations with Korea, China, and Japan. And various efforts are being made to start the Korea-China FTA and Korea-Japan FTA. In particular, the 1997-98 Asian financial crisis presented an invaluable opportunity for us to recognize the importance of collective actions in confronting such challenges,'' Choi said.
In this regard, the ASEAN+3 Finance Ministers Meeting was launched in 1999 in an effort to secure regional financial stability and cooperation, he said, stressing great advancement has been made in the establishment of the Chiang Mai Initiative and Asian Bond Market Initiative Roadmap.
More than 500 delegates from 43 ASEM member countries ― 27 EU countries, 16 Asian countries ― and the six international organizations came to the scenic resort island of Jeju for the 8th ASEM Finance Ministers' Meeting on June 14-17.
The gathering is the highest-level international event since the Lee Myung-bak administration was inaugurated Feb. 25.
Ministers and other participants have been exchanging views on a range of issues, including Europe's economic integration and consequent implications for Asia.
On the sidelines of official events, they have also extensively discussed the Asia-Europe strategic partnership and ways of strengthening bilateral ties on the political, economic and social fronts.