China + 10 ASEAN)New Trade Pact Could Cut Clout of U.S. in Asia

[papau]

http://www.latimes.com/business/la-fi-china30nov30.story
New Trade Pact Could Cut Clout of U.S. in Asia
The economic zone's creation will boost China's interests in an area where its relations have been strained.
By Evelyn Iritani Times Staff Writer November 30, 2004

China inked a deal with 10 Southeast Asian countries Monday to create the world's largest free trade area, bolstering its influence in a region long dominated by the United States.

The leaders attending the Assn. of Southeast Asian Nations meeting in Laos also announced plans to hold the first-ever East Asian Summit next year in Malaysia. The Asia-only gathering would include China, Japan and South Korea.

The moves are likely to boost China's political and economic interests in an area where its relations have been strained by territorial disputes and lingering war animosities.

That could reduce U.S. clout among Southeast Asian nations that are key military allies and large markets for U.S. farm goods, machinery and Hollywood films.

"This is a wake-up call," said Myron Brilliant, senior vice president of Asia policy for the U.S. Chamber of Commerce. "China is becoming more aggressive in its outreach to its neighbors, and we don't want to be left behind."<snip>

Under the trade pact, the six largest members of ASEAN — Singapore, Indonesia, Malaysia, Brunei, Thailand and the Philippines — agreed to cut tariffs on 4,000 categories of goods to between zero and 5% by 2010. The four poorest countries — Laos, Vietnam, Cambodia and Myanmar — have until 2015. Governments are given leeway to move more slowly in lowering tariffs on their most sensitive products, such as sugar, steel and automobiles.<snip>

[aquart]

1. Gosh, who could have predicted that?

They're all going to do so nicely without us.

[Dhalgren]

2. The American Century

was the 1900's. We are yesterday's news. Good-bye to all that. Now we all know how the dinosaurs felt.

[papau]

3. Bush cut the tied that bound the world to us - guess non-USA folks should

thank him for their new economic freedom from US "control"

:-)

[fertilizeonarbusto]

4. Welcome to Irrelevance, folks

Thanks again, chimp.

[mumon]

5. Not a peep on CNN

I was watching CCTV-9 simultaneously with Lou Dobbs last night.

This is potentially huge- the "Greater East Asian Co-prosperity Sphere" come to life without a war.

We are sooo screwed.

[DeepModem Mom]

6. kick