The CEPEA proposal was advanced by Japan in conjunction with the establishment of theEconomic Research Institute for ASEAN and East Asia (ERIA). The two mechanisms are designed to be mutually supporting liberalisation and co-operation.[3]
The details of the concept and its relationship with other proposals for the region, such as theEast Asian Community, remain unclear. An alternative proposal based on the 13 members of theASEAN Plus Three is called the East Asia Free Trade Agreement (EAFTA).[4]
19.We noted the final Phase II Report of the Track Two Study Group onComprehensive Economic Partnership in East Asia (CEPEA) andwelcomed the decision of our Economic Ministers who met in Bangkokon 15 August 2009 to task the Senior Economic Officials to discuss andconsider the recommendations in the Phase I and II reports. CEPEA andEast Asia Free Trade Area (EAFTA) could be examined and consideredin parallel.
The report for theASEAN Plus Three meeting, held the day before with 13 of 16 of the same members, also stated:[7]
13.We noted the final report of the Phase II feasibility study of the East AsiaFree Trade Area (EAFTA) and welcomed the decision of 12th AEM PlusThree Consultations in Bangkok on 15 August 2009 to task the SeniorEconomic Officials to discuss and consider the recommendations in the PhaseI and II reports. EAFTA and Comprehensive Economic Partnership in EastAsia (CEPEA) could be examined and considered in parallel.
The Chairman's Statement of the 16thASEAN Summit (9 April 2010)[8] stated:
30. We noted the initiatives being undertaken to take forward broader regional integration by considering the recommendations of both East Asia Free Trade Agreement (EAFTA) and the Comprehensive Economic Partnership for East Asia (CEPEA) studies together. We looked forward to receiving the progress report at the 17th ASEAN Summit in October 2010 and to discussing with our Dialogue Partners the future direction of regional architecture with ASEAN at its core.
By August 2010 working groups involving the 16 nations to study Economic Cooperation, Rules of Origin, Customs Procedures and Tariff Nomenclature had been formed.[9]
In August 2011, East Asia Summit Economic Ministers welcomed a Chinese and Japanese joint 'Initiative on Speeding up the Establishment of EAFTA and CEPEA'.[10]
The 16 members are presently involved in a series of separate arrangements among the members of the grouping. The 10 members ASEAN have established theASEAN Free Trade Area. Australia and New Zealand have the long establishedCloser Economic Relations.
Between the 16 members bilateral and multilateral arrangements are in place or under negotiation.
a comprehensive economic partnership agreement with Japan[13] came into force on 1 December 2008;
the ASEAN Korea Free Trade Agreement,[14] the trade in goods provisions came into effect on 1 June 2007, an agreement for trade in services was signed in 2007 and the trade in investments provisions were signed in 2009;[15]
a free trade agreement with Australian and New Zealand (jointly) AANZFTA[16] that came into force on 1 January 2010;
the ASEAN-India Trade in Goods (TIG) Agreement came into effect on 1 January 2010.[17] India has formally signed the Trade in Services & Trade in Investments Agreement with ASEAN. The Services Agreement will open up opportunities of movement of both manpower and investments from either side between India and ASEAN. Nine out of ten ASEAN countries have signed the same. Philippines is completing its domestic procedure and it is expected to sign soon;[17]
plusChina, Japan and South Korea are researching (as at October 2009) a joint arrangement between the three countries (China–Japan–South Korea Free Trade Agreement) with talks hoped to commence in 2012;[18]
plus
China has the following additional arrangements in place:
a feasibility study with India about entry into an arrangement;[31]
plus
India has the following additional arrangements in place:
a feasibility study with New Zealand about entry into an arrangement;[32]
plus
multiple additional bilateral arrangements between one or more ASEAN members separately.
In addition individual members of ASEAN may also have other arrangements in place beyond the arrangements negotiated by ASEAN as a bloc i.e., Singapore by itself outside of ASEAN has a series of FTAs.[33]
Market Access Map (A free tool developed byInternational Trade Centre, which identify customs tariffs, tariff rate quotas, trade remedies, regulatory requirements and preferential regimes applicable to products, including Comprehensive Economic Partnership for East Asia)
Rules of Origin Facilitator (A free tool jointly developed byInternational Trade Centre,World Trade Organization andWorld Customs Organization which enables traders to find specific criteria and general origin requirements applicable to their products, understand and comply with them in order to be eligible for preferential tariffs. The tool is very useful for traders who want to gain benefit from Comprehensive Economic Partnership for East Asia)
^Zhang, Yunling, " How to Realize EAFTA: Views from Joint Expert Group" (2006a, November). Paper presented at the Conference on South Asia-East AsiaEconomic Cooperation and Pan-Asian Integration, Singapore.
