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Malaysian PM calls on ASEAN to enhance economic integration

Malaysian Prime Minister Najib Razak urged reduction of non-tariff barriers and measures so as to facilitate intra-ASEAN trade.
Malaysian PM calls on ASEAN to enhance economic integration ảnh 1 Malaysian Prime Minister Najib Razak  (Source: ABS-CBN News)

Manila (VNA) – Malaysian PrimeMinister Najib Razak urged reduction of non-tariff barriers and measures so asto facilitate intra-ASEAN trade.

It is in ASEAN's own interests to lead theway in this endeavor, the PM said at a session themed "Prosperity for AllSummit" held during the ASEAN's 30th summit and related meetings on April28.

The Malaysian PM said that ASEAN countries shouldfurther bring down the existing trade tariffs.

WTO figures showed average tariffs in ASEANwere around four percent in 2015, and vigorous efforts are needed to bring themdown to zero.

According to Najib, economies of the ASEANnations are growing faster than most of the rest of the world, and it isexpected that by 2050 the ASEAN economy will amount to over 9.2 trillion USD,making ASEAN the world's fourth largest economy.

To achieve the goal, there has to be a 20percent reduction in fixed trade costs, said the PM, adding that ASEAN needs towork toward facilitative measures such as standardized customs procedures.-VNA
VNA
#Malaysian Prime Minister#Najib Razak#ASEAN#non-tariff#ASEAN trade#ASEAN Summit#Philippines#WTO
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