The ASEAN Economic Ministers (AEM) will hold their annual retreat on 1 May 2000 in Yangon, Myanmar. The retreat will be immediately followed by the first consultations among the trade ministers of East Asia, namely ASEAN, China, Japan and the Republic of Korea. This will be in pursuance of the Joint Statement on East Asia Cooperation issued at the ASEAN+3 Summit in November 1999.

At the ASEAN retreat, the Ministers are expected to discuss the implementation of the ASEAN Free Trade Area (AFTA), hear progress report on the AFTA-CER free trade area, the e-ASEAN initiative, and discuss international economic issues of concern to ASEAN.

A high level task force headed by Former Philippine Prime Minister Cesar Virata was created last year to discuss the feasibility of an AFTA-CER free trade area. The CER is the regional free trade area composed of Australia and New Zealand. The chairman is expected to provide a progress report to the ASEAN ministers.

The Ministers will also consider proposals on the e-ASEAN initiative. The e-ASEAN initiative is a broad-based and comprehensive action plan, covering the legal, physical, social and economic infrastructure needed to develop ASEAN’s competitiveness in the new knowledge-based economy. A high-level task force, headed by former Philippine Secretary of Foreign Affairs R. Romulo, was established last year to chart the direction of this initiative for ASEAN. The Task Force is expected to recommend an agreement containing basic elements needed to prepare the region for the new information economy.

Furthermore, the ministers are expected to discuss the preparations for the upcoming APEC Trade Ministers Meeting in early June 2000 and recent developments in the World Trade Organization and in the Asia-Europe Meeting.

The meeting of the trade ministers among ASEAN, China, Japan and the Republic of Korea is intended to promote more intensive economic cooperation in East Asia. In addition, the ASEAN+3 meeting will aim to coordinate their positions on international issues of common interest, which are being taken up in such bodies as APEC, WTO and ASEM.