President Huang Tianwen Attending the Third East Asia Forum

On Oct. 31, the third East Asia Forum was held in Beijing. Under the establishment of Free Trade Zone among the 10 ASEAN countries plus China, Japan and South Korea, the East Asia forum was set up at the suggestion of South Korea and supported by the government departments from the other countries. Chinese State Councilor, Tang Jiaxuan, attended the forum and delivered a speech on the opening ceremony. About 100 people including government officials, experts, scholars and industrial personnel attended this forum. President Huang Tianwen attended the meeting as formal industrial representative on invitation, and delivered an address entitled Meeting East Asia Community Opportunities--Strengthened Complementary Cooperation, Promotes East Asia Steel Growth. Mr. Huang said that as the enterprise representative, Sinosteel would like to exert its advantages in resource development, commodity trade and engineering contracting and consolidate the cooperation with partners in East Asia to promote regional economic prosperity.

 

Meeting East Asia Community Opportunities 

--- Strengthened Complementary Cooperation

Promotes East Asia Steel Growth 

Mr. Tianwen Huang - President Sinosteel

The 3rd East Asia Forum，Beijing 31 Oct. 2005

_______________________________________________________________

Dear Chairperson, ladies and gentlemen,

 

It is a great honor for me to address at this important Forum. This Forum is known as an important process in the “ASEAN plus 3” mechanism, so it will certainly improve the mutual trust in the area and promote the progress of East Asia Community. On behalf of Sinosteel Corporation, I am giving sincere wish for the success of this event.

 

Driven by the economic globalization, more and more economic regions were established around the world: NAFTA in American continent, EU in Europe which has recently expanded to 25 members, and AU (African Union) in African nations. Asia, despite its contribution to the world economy, is delayed forming its own economic unity in real sense. Early in 1970s the first economic unity in Asia  - Association of Southeast Asian Nations (ASEAN) was founded. Since then, the East Asian nations made tangible steps trying to establish a Free Trade Area in the region. The steps were quickened after the Asian Financial Crisis in 1997. It was not long before ASEAN established dialogues with China, Japan and Republic of Korea collectively known as “10 plus 3” and individually as “10 plus 1”.  Soon afterwards, ASEAN and China announced they will create the ASEAN-China FTA by 2010. At the “10+3” Summit Meeting of 2003, China, Japan and ROK made the joint announcement to promote economic cooperation and introduced the concept of East Asia Community. The East Asia Community, as the picture goes, will basically consist of 13 East Asian nations before India, Australia and New Zealand may propose to join in later on. We can imagine how exciting the idea would be when the most populous Free Trade Area (shall) be created for the first time in the history of human world.  I. Vital to The World, East Asian Economy Turns Positive; Complementary Cooperation Benefits Regional Prosperity.

The East Asia Area has a population over 2 billion, nearly 1/3 of the world population. Market is huge with great potential. The Area’s GDP contribution and foreign currency reserve are respectively 20% and 50% of the world. Being the biggest GDP growth region for recent several years, East Asia has become an important player in the global economy. Boosted by strong export, investment and private consumption, the year 2004 ended up with ASEAN GDP growth above 6% in average, the biggest increase since the Financial Crisis in 1997. Meanwhile Japan and ROK economies are