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Over the years, Asian countries, due to greater competition and economic globalization, have made great strides in economic and social development by carrying out economic restructuring, opening up wider and promoting regional co-operation.

For instance, ASEAN countries and China have established preferential trade relations in terms of reducing tariffs. As a result, 7,000 types of goods have enjoyed low or zero tariffs. For ASEAN countries, members also decided to achieve the aim of zero tariffs in 2007 and 2012 respectively for 11 goods including automobiles and textiles. Besides, Japan has concluded a free trade agreement (FTA) with Malaysia.

Negotiations on FTA between ASEAN and South Korea, Australia, New Zealand and India are also in the works.

On December 14 last year, the first East Asia Summit was held, which was the first step in shaping an intended East Asian community. The East Asia Summit signaled the birth of a community composed of some of the most dynamic economies in the world. Member economies account for almost half of the world's population and about a fifth of all world trade.

In addition, the semi-regional economic co-operations continue to progress. From that, a summit on Indonesia, Malaysia and Thailand was held.

Countries looping the Bangladesh Bay were attempting to push forward co-operations in building the semi-regional FTA.

The Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) was formed with the goal of increasing trade, investments and tourism in the region.

On the other hand, Asian countries have their share of problems in regional economic co-operation; outside of ASEAN there is hardly a community, for lack of mutual values, aspirations and common identity.

The group is large and diverse, including countries of rich and poor, large and small. The differences are also manifested in level of political development and political system, and tensions within the membership. Thus, it will be difficult for the EAS to become an EU-type grouping in a short time.

In the past 27 years since China embarked on the reform and opening-up program, its economy has been growing rapidly at an average annual rate of 9.4 percent. China is the most dynamic performer in international trade, the third-largest trader, and the world's most populous country. As such, it has a major stake in regional economic co-operation.

China cannot develop itself in isolation from the rest of the world, and especially not in alienation with other Asian countries. Thanks to pursuing a policy of "building good relations and partnership with neighbors," China enjoys close relations with its neighbors. This has laid a solid political and economic foundation for enhancing its co-operation with other Asian countries.

China is committed to Asian cooperation in the interest of fostering a harmonious, secure and prosperous neighborly environment.

China hopes that such co-operation will promote regional peace and prosperity and create a friendly international environment that will facilitate its development endeavor. China is proud to be a good neighbor, good friend and good partner of other Asian countries.

(China Daily March 27, 2006)