ASEAN will emphasize more on implementing AEC blueprint commitments

KUALA LUMPUR, July 5 (PNA/Bernama) -- The Association of Southeast Asian Nations (Asean) will give more emphasis on implementing the commitments made in the Asean Economic Community (AEC) blueprint to realize the goals of creating a free trade area in goods, services and investments by 2015, Malaysian Ministry of International Trade and Industry (MITI) said.

Asean will also continue to strengthen ties with its dialogue partners, Miti said in its Malaysia International Trade and Industry Report 2007 released here Thursday.

The AEC Blueprint is one of the documents that was adopted and signed by the Asean leaders at the 13th Asean Summit in Singapore in November 2007.

The second document was the Asean Charter.

The AEC is one of the three pillars to achieve a cohesive Asean community.

The other two are security and socio-cultural pillars.

Miti said to achieve a single market and production base, Asean countries will be dismantling tariff barriers and other impediments to cross-border trade in goods and services and investment.

"Tariffs for intra-Asean trade have been progressively eliminated since 1993 and the process will be completed by 2010 for Asean-6 and by 2015 for Cambodia, Laos, Myanmar and Vietnam," it said.

It said the Asean Charter provided for the strengthening of Asean as a more rules-based and well-structured organisation to meet the current political and economic challenges, as well as to maintain Asean’s relevance in the rapidly changing global environment.

Miti said work was also being undertaken to strengthen the Asean capital market.

"The liberalisation of capital movement in Asean will be done in accordance with member states’ national agendas as well as the readiness of the economy," it said.

Asean finance ministers had agreed to establish an Asean bond portal that will provide a centralised information platform on Asean’s bond markets.

Miti said that Asean had also set up SME Working Group to provide a platform for sharing common interest, views and information on the development of small and medium enterprises.

It said the significant achievement in 2007 was the conclusion of negotiations to establish the Asean-Japan Comprehensive Economic Partnership Agreement (AJCEP).

"The implementation of AJCEP in the later half of 2008 will complete Asean’s pursuit of deeper regional integration through free trade agreements (FTAs) with the three East Asian economies of China, Japan and South Korea.

"This will set the momentum for a future of Asean Plus Three FTA which will further strengthen economic integration among Asean and the three East Asian economies," it said.