FEALAC Plays Important Role In Global Economy

Nusa Dua, Bali, June 13 (Antara) - Foreign Minister Marty Natalegawa said countries grouped in the cooperation forum of East Asia and Latin American Countries (FEALAC) play an important role as leading players in the global economy. "The role of FEALAC in the world is by far bigger than those of the United States and the European Union and in many standards FEALAC is a big group," Marty said when opening the ministerial meeting of the group here on Thursday. He said out FEALAC accounted for 33 percent of the world`s Gross Domestic Product (GDP). East Asia and Latin American countries contribute 30 percent to the world trade, and 24 percent of foreign direct investment in the world are in FEALAC, he said. "Eight of 20 largest economies in the world are in FEALAC," he added. An eight fold increase was recorded in trade in FEALAC in the period of 2000-2011 with GDP doubling to almost US$22 trillion, he noted. He predicted that the contribution of Asian countries to the global economy in 2011-2021 would not be less than 60 percent with contribution from Latin America estimated at 8 percent or the third after Asia and North America. The two regions, Asia and Latin America have recorded a positive growth in economy op0ening a wide opportunity for FEALAC to expand economic cooperation. "There are still wide room for expansion of cooperation. We don`t want to miss the opportunity," he said. However, the world economy is facing a crucial challenges with global economic slowdown, he said. FEALAC groups 36 countries including 16 East Asian countries -- 10 ASEAN member countries, Australia, China, Japan, South Korea, New Zealand and Mongolia, and 20 Latin American countries - Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay, Venezuela, Republic of Dominica, and Suriname.