SINGAPORE, Feb 5 (Bernama) -- Asia is expected to do better than the rest of
the world economically, said Singapore''s Defence Minister Dr Ng Eng Hen.
He said according to the International Monetary Fund, Asia will be
comparable in size to the economies of the United States and Europe combined, by
2015.
"With its growing middle class, Asia would account for more than 40 percent
of global output, exceeding the size of the G-7 economies combined, by 2030.
"Developing Asia alone, will account for 43 percent of world consumption at that
time," he said during the "America, Europe and the Rise of Asia" panel
discussion at the Munich Security Conference in Germany.
Dr Ng said Asean, of which Singapore is a member, has actively pushed for an
inclusive regional security architecture.
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SINGAPORE-NG 2 (LAST) SINGAPORE
"We must re-double our existing efforts to facilitate dialogues and
cooperation’s such as the East Asia Summit, the ASEAN Regional Forum,
Asia-Europe Meeting and the Shangri-La Dialogue. I would like to say that we are
making progress," he said.
Touching on the role of the European Union, Dr Ng said it was Asean''s third
biggest trade partner last year, which amounted to 40 per cent of its total
trade.
"European states cannot afford to be disengaged from our region, their
present pre-occupations notwithstanding," he said.
Dr Ng also pointed that for over 60 years, the US has provided the security
which underpinned the stability and remarkable economic progress enjoyed by the
Asia-Pacific countries.
He said America''s global dominance was the critical pillar enabling all East
Asian export-based strategies, to develop their trade, finance, investment and
banking reach.
"America''s deterrence critically maintains both intra-regional and
trans-regional strategic balances as Japan, S Korea, Taiwan and China continue
to enhance their economic, trade and investments interactions with South East
Asia," he added.
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TNS PA
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