CEBU CITY—In what is considered a “very major step” by one of the world’s fastest-growing economies, China on Sunday agreed to sign a Memorandum of Understanding with the Asean on an Asean-China center on trade, investment and tourism promotion.   

Victoriano Licaros, spokesman of the 12th Asean Summit, said in a news briefing the plan was among the topics taken up at the Asean-China Summit.    

“China, in probably a very major step, has agreed to signing an MOU with Asean on the Asean-China center on trade investment and tourism promotion . . . China will also favorably consider setting up their business in Asean countries on the basis of reciprocity,” Licaros said.      

He added that the leaders and their dialogue partner represented by Premiere Wen Jiabao discussed the implementation of the Declaration of Conduct “to promote practical cooperation and joint development in the South China Sea” and defense cooperation.   

In her opening statement at the Asean-China Summit, President Arroyo recognized China’s important and strategic role to play in the economic development and security situation of the Asia-Pacific region.”            

“We also look to China to take the lead in promoting good neighborly relations and regional cooperation by handling sensitive issues with surrounding countries in a manner that is guided by the spirit of equality, respect, consultation and mutual benefit,” she said, alluding to the development in the North Korean peninsula.        

In his opening remarks, Wen said, “We should seize the opportunity to deepen win-win cooperation and open a new chapter in China-Asean relations.”

He assured Asean member-nations that on top of full cooperation in trade and economic matters, China also would like to strengthen sociocultural and people-to-people exchanges, particularly involving the youth.  

This year, China will invite 300 young people to visit China over a five year period, to participate in youth and summer camps across China.   

He said China will set up a China-Asean Youth Campus in Guangxi, China.      

To promote China-Asean media exchanges, Wen said, China will also host this year the third China-Asean high level seminar on media cooperation.

CEBU—Member countries of the Association of Southeast Asian Nations (Asean) signed on Sunday a framework agreement with China on trade in services (TIS), a key move toward a future free-trade agreement (FTA) between Beijing and the regional bloc.

CEBU CITY—Southeast Asian leaders have expressed their “continuing concern” over the situation in Iraq and the Middle East, and have called for a dialogue between the contending parties in Iraq to pave the way for national reconciliation in the war-torn country.

CEBU CITY—President Arroyo said on Sunday that the 12th Asean Summit has broken “new ground” and has brought the regional grouping closer to its envisioned “formidable bloc” with the endorsement of a blueprint for an updated charter, and fresh pacts on security, migrant workers and trade.

CEBU CITY—In what is considered a “very major step” by one of the world’s fastest-growing economies, China on Sunday agreed to sign a Memorandum of Understanding with the Asean on an Asean-China center on trade, investment and tourism promotion.

The economic managers said on Friday the country’s macroeconomic underpinnings this year should prove significantly stronger than originally assumed, one where local output or the gross domestic product were to quicken to as high as 6.1 percent from the  expectation of just 5.8 percent.

ANOTHER apparent money-making scheme by telecommunications companies already raking in multibilllion net profits each year has consumers up in arms, and a consumer advocacy group has asked the National Telecommunications Commission to immediately stop two of these telecom giants from imposing expiry dates on free text allocations and free airtime loads, which would begin Monday.

THE government may grant the appeal of power firm STEAG AG for a new power supply agreement in view of its proposed capacity expansion of up to 100 megawatts to 50 megawatts for the 210-megawatt Mindanao Coal power plant.

HONG KONG—China’s leading pharmaceutical giant is set for a battle with multinational companies (MNCs) as it opens its branch in the Philippines next month, banking on the growing popularity of Chinese medicine and alternative treatments.