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Japan to propose Asian FTA including India
By agencies
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Wednesday, 02 August 2006, 19:30 IST
TOKYO: Japan's trade and industry minister Toshihiro Nikai, will propose forming a 16-nation East Asian free trade zone, including India, that covers half the world's population and a quarter of its gross domestic product at an upcoming regional forum, an official said.
Japan's influence in the region can be enhanced, as the agreement would have more people than the European Union and the North American Free Trade Agreement nations combined, and almost match the United States' GDP of $12.5 trillion.
Japanese officials have shown their interest in the initiative to help stimulate trade, and compete with China, which earlier suggested a more limited trade zone excluding India, Australia and New Zealand.
The proposed free trade area has a combined population of 3.1 billion people and combined gross domestic product of almost $10 trillion, or almost half of the
world's population and a quarter of its GDP.
The figures are based on UN and World Bank statistics for 2005. GDP measures the value of all goods and services produced within a country.
The initiative would be to establish a pan-Asian FTA - involving India, Australia, China, Korea, Japan and New Zealand, along with the 10 members of the Association of Southeast Asian Nations. "The participation of democracies like India and Australia would enable the region to forge more open economic partnerships," Ministry official Hideyasu Tamura said.
The proposal would be placed at an ASEAN ministerial gathering in Kuala Lumpur later on this month informed Tamura.