The establishment of the ASEAN Economic Community (AEC) as of late 2015underscores the urgent of additional measures on building a freer andmore integrated economic structure for the region, said a Malaysianofficial.
Speaking at a press conference afterthe conclusion of the 21 st ASEAN Economic Ministers’ Retreat inMalaysia on March 1, Malaysian Minister of International Trade andIndustry Mustapa Mohamed stressed that regional economic integrationwill help ASEAN members overcome challenges posed by global economicchanges.
He cited figures that showed intra-ASEANtrade in 2013 hit 608.6 billion USD, up from 458.1 billion USD in 2008,the year which the blueprint for AEC was devised.
The bloc expected their regional economy to grow 5.1 percent this year,compared to the forecast global rate of 3.5 percent. The expectationwas attributable to a greater demand from developed economies, a strongeconomic recovery of the US and increasing domestic consumer spendingthanks to dropping oil prices.
The minister saidthe focal tasks of the year for ASEAN are to further simplify customsprocedures, harmonise their standards and liberalise the market ofservices while promoting trade and concluding the section on servicesand investment within the ASEAN-Japan comprehensive partnershipagreement.
Malaysia is the chair of ASEAN in 2015,the target year for the bloc’s efforts to form an ASEAN Community onthe three pillars, namely the ASEAN Political-Security Community, theASEAN Economic Community and the ASEAN Social-Cultural Community.
Founded in 1967, the ASEAN groups Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-VNA
Speaking at a press conference afterthe conclusion of the 21 st ASEAN Economic Ministers’ Retreat inMalaysia on March 1, Malaysian Minister of International Trade andIndustry Mustapa Mohamed stressed that regional economic integrationwill help ASEAN members overcome challenges posed by global economicchanges.
He cited figures that showed intra-ASEANtrade in 2013 hit 608.6 billion USD, up from 458.1 billion USD in 2008,the year which the blueprint for AEC was devised.
The bloc expected their regional economy to grow 5.1 percent this year,compared to the forecast global rate of 3.5 percent. The expectationwas attributable to a greater demand from developed economies, a strongeconomic recovery of the US and increasing domestic consumer spendingthanks to dropping oil prices.
The minister saidthe focal tasks of the year for ASEAN are to further simplify customsprocedures, harmonise their standards and liberalise the market ofservices while promoting trade and concluding the section on servicesand investment within the ASEAN-Japan comprehensive partnershipagreement.
Malaysia is the chair of ASEAN in 2015,the target year for the bloc’s efforts to form an ASEAN Community onthe three pillars, namely the ASEAN Political-Security Community, theASEAN Economic Community and the ASEAN Social-Cultural Community.
Founded in 1967, the ASEAN groups Brunei, Cambodia, Indonesia, Laos,Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.-VNA
