ASEAN Leaders Agree to 12-Month Extension of Deadline for Regional Integration

An NNN-Xinhua Special Report

PHNOM PENH (NNN-XINHUA) -- Leaders of the Association of South East Asian Nations (Asean) have agreed to extend the deadline to realize economic, political and social integration among the 10 countries to the end of 2015 from the originally-envisioned Jan 1, 2015.

The extended timeframe, coming amidst increasing pressure on Asia as the global economy wobbles, reflects sober assessment by the Asean leaders and underlines the urgent need for the body to forge closer partnerships with neighbouring countries so as to achieve the ambitious goal on time.

In its 45 years of development, Asean has been aspiring to become an integrated community for a greater say on the world stage, with a practical role model of the European Union.

Despite the remarkable progress achieved in the past decade in boosting its international profile and internal unity, Asean is still seen as facing an uphill battle in its integration endeavours, based on factors such as the vast development gaps, the actual implementation of signed documents and the existence of conflicting political interests among the member States.

Undaunted by these challenges, however, Asean decision-makers have engaged their counterparts from around the bloc in co-operation talks. The biannual Asean Summit and related platforms including the "10 3" summit between Asean and North East Asian partners China, Japan and South Korea are now capturing attention beyond Asia.

Leaders of both Asean and six key Asia Pacific powers, including China, Australia, India, Japan, South Korea and New Zealand, will kick-start negotiations of a broad free trade zone during the on-going Asean summit and related meetings.

The so-called Regional Comprehensive Economic Partnership (RCEP), if realized, would cover half of the world's population and further cement a shift in global economic power from the West towards Asia.

It is really an opportune moment for Asean to ride the tidal wave of Asia's resurgence and bolster its significance by forging closer ties from within and with bigger players on the continent as well.

By further liberalizing the market, Asean will enjoy better efficiency in overall development, particularly in the elimination of economic disparities that have bothered the grouping for a long time.

By pooling more resources to tackle common challenges, the bloc will be better positioned to fend off both internal and external risks, as shown by the example of the Chiang Mai Initiative, under which Asean plus China, Japan and South Korea built themselves a war chest of 240 billion USD to tackle international foreign exchange issues affecting them.

And most important of all, some Asean countries have to set aside controversial issues such as territorial disputes and have faith in dialogue and peaceful negotiation to build mutual trust. Otherwise, the hard-won regional stability would be jeopardized and Asean integration a never-fulfilled dream. -- NNN-XINHUA