The World Bank Sunday lauded East Asia’s economic integration, saying opening of regional trade has helped reduce poverty and made it the most dynamic region in the world.

World Bank Vice President Johannah Joy Phumphi said the region’s annual average growth over the past decade and expansion of intra-trade surpassed other regions.
Speaking at the opening of the fourth China-ASEAN Expo trade fair, Phumphi called on East Asian countries to ensure the growth benefited the people and to focus on human resources.
“With globalization, there will be more people movements and this requires governments to have flexible labor policies and invest in training,” she said.
The four-day expo was opened by China’s Vice-Premier Zeng Peiyan and attended by the prime ministers of Cambodia, Loas, Vietnam, and the Crown Prince of Brunei Al-Muhtadee Billah.
Malaysia was represented by Deputy Minister of International Trade and Industry Ng Lip Yong. Also here are Malaysian External Trade Development Corporation (Matrade) Deputy Chief Executive Officer Wong Lai Sum and Matrade Guangzhou trade commissioner Roslina Long.
Malaysia has the biggest international presence here with 120 companies, including many small- and medium-sized enterprises, seeking to penetrate the Chinese market with a wide range of food, household, office equipment, cosmetics products, and franchise opportunities.
Malaysian Timber Council, Malaysian Investment Development Authority (Mida), InvestKedah, and Mara are among the participants.
Organizers said that since its inauguration, the expo had achieved a total of US$3.5 billion sales and international investment projects worth US$16.11 billion.
“It has become the best platform for ASEAN-China cooperation,” ASEAN secretary-general Ong Keng Yong said.
ASEAN and China are on track to form the world’s most populous free trade area by 2010 and have begun cutting tariffs on bilateral trade towards the goal.
(Source: NST Online)