The 21st ASEAN Economic Ministers’ Retreat kicked off in Malaysia’s Kota Baharu on February 28 with discussions focusing on the establishment of the ASEAN Economic Community (AEC).
The 21st ASEAN Economic Ministers’ Retreat kicked off in Malaysia’sKota Baharu on February 28 with discussions focusing on theestablishment of the ASEAN Economic Community (AEC).
The two-day event, which was started with a preparatory meeting ofASAN senior economic officials, is expected to debate practicalintegration measures for the AEC, which is scheduled to come into beingbefore December 31 this year.
Recommendations fromthe private sector and concerns over an increase in non-tariff barriersto trade in the region when the AEC is formed also top the agenda of themeeting.
Attending officials believe that the AEC,whose objective is to create a single market and production base in theregion, will further foster the bloc's development and prosperity.
However, many economists said that there will be great challengesahead for the AEC, including large differences in tax rates on intra-and trans-regional business and investment activities, differentstandardisations of laws and regulations on business and competition,dissimilarities in the interest and inflation rates and no ASEAN commoncurrency.-VNA
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