$10,000b 16-nation Asian FTZ
- $10,000b 16-nation Asian FTZ
Japan is proposing 16 nation FTZ that shall have $10 trillion GDP and we ought to prepare ourselves to serve this huge market by developing new products and markets.
Any one will be able to sell its products to 3.1b population at minimum tariff levels. The purchasing power of this FTZ is 15 times than India in terms of GDP but in terms of disposable income 20 times.
People should impress upon the UPA government to put money behind high-tech innovating companies than wasting resources after Crooks led companies.
People should empower Qualified and Dedicated and honest leaders.
Tokyo, Aug 02: Japan's trade minister will propose forming a 16-nation East Asian Free Trade Zone, including India, that covers half the world's population and a quarter of its gross domestic product at an upcoming regional forum, an official said.
Economy, trade and industry Minister Toshihiro Nikai will call for a pan-Asian FTA - involving India, Australia, China, Korea, Japan and New Zealand, along with the 10 members of the Association of Southeast Asian nations - at an Asean ministerial gathering in Kuala Lumpur later this month, according to ministry official Hideyasu Tamura.
The proposed free trade area has a combined population of 3.1 billion people and combined gross domestic product of almost USD 10 trillion, or almost half of the world's population and a quarter of its GDP.
That's more people than the European Union and the North American Free Trade Agreement nations combined, and almost matches the United States' GDP of USD 12.5 trillion.
The figures are based on UN and World Bank statistics for 2005. GDP measures the value of all goods and services produced within a country.
Japanese officials have said they hope the initiative will help stimulate trade, as well as enhance Japan's presence in the region.
Tokyo hopes to dilute the influence of china, which earlier suggested a more limited trade zone excluding India, Australia and New Zealand.
"The participation of democracies like India and Australia would enable the region to forge more open economic partnerships," Tamura said.
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