Maritime Silk Road will promote ASEAN integration, says ESM Goh
Emeritus Senior Minister Goh Chok Tong had a meeting with Guangdong Party Secretary Hu Chunhua while attending the 21st Century Maritime Silk Road International Expo Forum in Guangzhou, China. Photo: Ministry of Communications and Information (MCI)
GUANGZHOU — China’s proposal for a 21st Century Maritime Silk Road can be a pathway towards a “peaceful and prosperous Asian Community”, said Emeritus Senior Minister Goh Chok Tong today (Oct 30), adding that one of the ways to achieve this objective is for Beijing’s initiative to complement existing processes of regional integration among the Association of Southeast Asian Nations (ASEAN) states.
Delivering the keynote address for the 21st Century Maritime Silk Road Expo Forum in Guangzhou, Mr Goh noted that the Silk Road project will promote regional economic growth.
At the same time, it can support ASEAN’s ongoing community-building efforts by improving connectivity with other regional communities.
“This includes both traditional connectivity such as virtual connectivity, electric grids and financial connectivity. In doing so, the 21st Century Maritime Silk Road not only amplifies its economic contributions to the region, but also strengthens the bonds between China and the other existing regional frameworks,” he said.
The 21st Century Maritime Silk Road and the New Silk Road Economic Belt, which together form the “One Belt, One Road” initiative, is an ambitious initiative launched by President Xi Jinping to sustain China’s economic growth. With the plan’s scope stretching from Hungary to Indonesia, Beijing estimates that the initiative will add another US$2.5 trillion (S$3.5 trillion) to China’s trade in the next decade. China has committed US$40 billion to its Silk Road Fund to finance infrastructure projects in the region.
In his speech, Mr Goh said the Silk Road initiative can also contribute to building an Asian Community by adopting an inclusive approach, just like how China consulted various parties before setting up the Asian Infrastructure Investment Bank (AIIB) which drew 57 founding members this year.
“It (inclusiveness) will help to boost the legitimacy of the Silk Road. It also offers the opportunity for more countries to contribute and enhance their stakes in the Silk Road initiative,” said Mr Goh, adding that many developed countries in the region have the necessary expertise to play a useful role.
He added that the Silk Road should focus on mutually beneficial cooperation and the scope of cooperation should be kept as broad as possible. “The ancient Maritime Silk Road thrived because it embraced diversity,” he said, referring to how the historical trade network had connected Chinese, Central Asian, South-east Asian, Indian and Arabian traders.
Mr Goh also spoke about the strong economic linkages between China and ASEAN, noting that last year, China was the top trading partner for ASEAN member states such as Vietnam, Malaysia and Singapore. But he said there remains immense potential for ASEAN-China economic cooperation to expand further and both sides are working towards a commitment made in 2013 to achieve the goal of two-away annual trade worth US$1 trillion and increase two-way investment by US$150 billion in 2020.
Mr Goh pointed out that the various countries in the region have in fact already embarked on a collective journey towards an Asian Community, as evident through building blocks such as the integrated ASEAN Community 2015 target, AIIB and the Asian Development Bank.
“In essence, we need to first see ourselves as members of the same community who can and will work together for the common good,” he said. “We can start with East Asia first ... and consider a longer-term vision of establishing an East Asian Prosperous Community by 2050.”
