We are fully aware that post-crisis economic landscape will be very different. One key pre-occupation of economies around the world today is the advent of the "new economy". There is a constant theme of peoples, countries and regions striving to be "plugged in" to this new economic order, lest they are marginalised and left by the wayside.

As of today, the US clearly has a head-start. The real strength of the US economy today is the effective and creative exploitation of technology. Internet penetration in the US is about 50%. However, it is only about 12.5% for Europe and only 2.5% for Asia. Europe and Asia will need to catch up quickly.

The Europeans are not taking this lightly. They are aware that they are behind in this game and are working hard to catch up. Just few weeks ago, the European leaders met in Lisbon and launched the "e-Europe - An Information Society For All" initiative. They aim to speed up the adoption of digital technologies across European economies and societies, and ensure that all Europeans have the necessary skills to use the technologies. They are putting in place new initiatives to achieve faster and cheaper access to Internet through greater competition, faster take-up of e-commerce, more comprehensive implementation of on-line government... and the list goes on.

Asia is on the move too. As part of its negotiation with the US for its entry into the WTO, China has committed to cut its overall tariff level from the current 22% to 17%. In the information-communications sector, China will allow 49% foreign ownership in telecommunications services immediately and 50% after two years. It will also allow foreign companies to invest in Chinese Internet Content Providers. By 2003, telecommunication services in Beijing, Shanghai and Guangzhou will be fully opened to foreign participation. Producers of semi-conductor, telecommunications and information technology (IT) equipment will benefit from China's signing of the IT Agreement (ITA), which commits China to eliminating tariffs on IT imports by 2005.

These are indeed bold moves by China to plug in to the New Global Economy. A recent study estimated that China's WTO accession will add about 0.5 percentage points to her economic growth rates from 2005 and double her total trade with the rest of the world. China's entry into the WTO will mean greater competition, and at the same time more opportunities for ASEAN. Overall, it should be good for ASEAN if we can collaborate, adapt and change to embrace the New Economy quickly.

The US, EU, China are all large and attractive markets. The US and EU also have tremendous strengths in term of talent and technology. We must not forget India too, which is also a hotbed for technology and talent. These countries are taking decisive steps to open up and get plugged in to the "new economy". ASEAN, with its 500 million people, must likewise summon the will to do so, if we are not to be left along the wayside.

We in ASEAN will have to think hard about how we can best carve a niche for ourselves. ASEAN will need to respond decisively on how we can remain attractive as an investment region. The global economic landscape is changing fast. We either embrace liberalisation and technology, or become less competitive in economic growth and employment creation. Embracing the New Economy is one race we must run as fast as we can, as individual economies, as one region.

At the Third Informal ASEAN Summit in Manila last year, our leaders agreed to quickly establish a free trade area for goods, services and investments for the info-comms industries under a new e-ASEAN agreement. The vision is to create one seamless ASEAN market. e-ASEAN could be our strategic response and strategic link to e-Europe and the USA, resulting in a truly borderless global e-marketspace. The possibilities for ASEAN to play an greater role in the global cyberspace are only limited by our collective will and imagination.

The e-ASEAN Task Force has been given this great responsibility of developing a broad and comprehensive action plan for ASEAN to plug itself into the global e-space. As I understand from His Excellency Mr Romulo this morning, your work will take a holistic approach - covering the physical, legal, social, economic and government infrastructure aspects, and developing competencies within ASEAN to compete in the global information economy. You will also be proposing a few flagship projects in implementing e-ASEAN. I am confident that your collective efforts under the able leadership of HE Roberto Romulo will culminate in an e-ASEAN Agreement to be signed by the Leaders at the Informal Summit at the end of this year.

Technology is neutral. On the one hand, we will face greater competitive pressures from all over the world. On the other hand, we stand to gain from the abundance opportunities in the fast emerging "new economy", if we act quickly, collectively.

The work of the Task Force will have great impact on the future competitiveness of ASEAN. The e-ASEAN Agreement that you are working hard to achieve will send an important signal to investors that ASEAN too is ready to be plugged into this "new economy". It will help reinforce the message that post crisis ASEAN is in fact "cheaper, better and bigger". "Cheaper" in operating cost, because the crisis has forced many of us to re-align our cost structure. "Better" in capabilities, because we undertake necessary structural reforms. "Bigger" in market potential, because through e-ASEAN, we will realise the vision of a common ASEAN marketplace in the New Economy.

It now leaves me to thank His Excellency, Mr Roberto Romulo and all members of the Task Force for your efforts and contribution. I wish you a fruitful deliberation over the next two days. Thank you.