Submitted by 2point6billion.com Blog

The East Asia Summit (EAS), (or ASEAN+3 summit) a “leaders-driven forum” with India, China and Japan in its fold, “is studying the feasibility of a free trade area among its 16 countries,” the official spokesman for the Summit told The Hindu. The forum of Asian leaders met in Singapore on Tuesday to discuss ways in which Asian nations could enhance their “internal consolidation”. The ASEAN-Plus-Three covers China, Japan, and South Korea, besides all the 10 members of the Southeast Asian grouping.

Although the United States was not a part of the forum, economic linkages between the U.S. and East Asia had already ensured that Washington “is very much a part of this region,” the spokesperson added. The forum however, made no mention of the new Australian proposal of forming a wider “Asia Pacific Community” or even the other idea of a pan-Asian grouping, the spokesman said.

The ASEAN-Plus-Three Foreign Ministers also agreed to set up a “Cooperation Fund” for these 13 countries, with a seed amount of US$3 million. The Fund would help implement “concrete” economic projects of value to at least two or more countries.

The Ministers had a wide-ranging and fruitful exchange of views on key regional and international issues. Amidst volatile and escalating oil prices, the Ministers agreed that greater regional and international cooperation was important in ensuring the region’s energy security. The Foreign Ministers agreed that they should pursue a holistic and sustainable approach to food security and climate change given the country’s inter-related nature.