"While the recent turbulence in global financial markets introduces significant near-term uncertainty, it does not alter the broader picture of an increasingly dynamic and resilient East Asia," Lee said welcoming delegates from India, China, New Zealand, Australia, South Korea and the ASEAN members to the third East Asia Summit in Singapore.
Over the last decade, East Asia has become more integrated, reflecting the growing intra-regional trade, investment and people linkages, he said. "Intra-EAS trade now accounts for almost 60 per cent of the total foreign trade of the member countries."
East Asian countries still depend on key markets in the US and Europe. But the strong and growing demand from within the region is making its growth more self sustaining, he said.
The East Asia Summit (EAS) is a response to these intensifying linkages between our countries, Lee said, adding it was a forum to promote cooperation, while managing healthy competition in the region.
"It is also a platform to manage the complexities of a rapidly changing regional environment, so as to preserve favourable conditions for growth and prosperity in East Asia," he said.
The Singapore premier was of the view that if the region succeeded in creating an EAS-wide Free Trade Area, it would completely reshape and transform the region's economic landscape.
He urged the leaders to broaden and deepen cooperation activities within the EAS framework.
"As the number and scope of activities increase, we will need better coordination and strong structures to support the EAS process. This will propel the EAS into its next phase of development and enable it to better contribute to stability and growth in East Asia," Lee said.
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