VIENTIANE: History has shown that single market and economic cooperation are ideas
worth fighting for despite the continuing debates on the future extent of wider
European integration, said Datuk Seri Najib Tun Razak.
The Prime Minister said as
South-East Asian nations work towards a single market with the setting up of
the Asean Economic Community (AEC) in 2015, its ambition and resolve should be
strengthened by the knowledge that a single market could bring growth,
influence and opportunity.
“Properly designed, the AEC can
build on the successes of the European project while learning from its
failings.
“My hope is that over the coming
decades, the people of South-East Asia enjoy democracy, prosperity and peace
that greater economic cooperation can bring,” he said in an editorial published
by Vientiane Times in conjunction with the 9th Asia-Europe Summit.
Najib said it was necessary for
Europe to have political union and workable governance after having monetary
union, stressing that far from being toxic, economic cooperation could be a
powerful driver of competitiveness and growth, pointing out that the European
single market remained a unique accomplishment.
“In 2015, our own single market
will come into effect. It is a chance for us to restate the case for economic
cooperation across borders. Of course, Asia is not Europe. Our implementation
of a single market will necessarily differ, but fundamental principles behind free
trade are the same wherever you are in the world,” he said.
He added that like all single
markets, the AEC aimed to boost trade among member countries, reduce barriers
such as tariffs, harmonise rules and enhance regional competitiveness to
provide a fertile ground for Asean firms to expand and flourish into global
corporations.
“Just as the European project
helped some of its smaller nations develop into mature democracies, AEC can
strengthen institutions and promote good governance. Just as democracies rarely
go to war with each other, single markets can also bring a peace dividend,” he
said.
Najib said geopolitical strength
was another compelling argument for closer economic cooperation where the world
was shifting from a hegemonic era to a multipolar system with new power centres
such as China, India and Brazil vying for influence.
Asean, he said, would need to
work harder to be heard and a single market would further strengthen its hand
in international negotiations and give the regional grouping an opportunity to
advance collective positions.
The Prime Minister said AEC would
be a platform to increase opportunities for the people, where free movement of
skilled labour and the opening up new prospects for Asean's 600 million people
would make regional economies stronger and their businesses more competitive.
“It will also help more of our
citizens realise their ambitions, as a new frontier of opportunity stretches
out before them,” he said.
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