KUALA LUMPUR, Oct 15 (Bernama) -- The ASEAN
Economic Council (AEC) Retreat was held on 14-15 October 2011 at the Palace of
the Golden Horses, Selangor.
The Retreat was chaired by H.E. Dr. Mari Elka
Pangestu, Minister of Trade Indonesia. Indonesia is the current Chair of ASEAN.
This Retreat was convened to discuss the economic
inputs and documents for consideration of the 19th ASEAN Summit in Bali, 17-19
November 2011. The AEC Ministers deliberated on the:
i. ASEAN Framework for Equitable Economic Development:
Guiding Principles for Inclusive and Sustainable Growth;
ii. ASEAN Framework for Regional Comprehensive
Economic Partnership; and
iii. Economic Inputs for the Bali Declaration
on ASEAN Community in a Global Community of Nations.
In the discussions to finalise the documents
for the Summit, the Ministers noted that ASEAN is now faced with many external
challenges, including the financial and economic crisis in Europe and United
States.
In this regard, the Ministers also noted that
the global economic growth for 2011 is expected to decline to
3.8% compared with 5.2% in 2010.
The Ministers noted that ASEAN economic
integration initiatives have contributed to the economic growth of the region,
especially with increased inflows of FDIs and expansion in intra-ASEAN and
extra-ASEAN trade.
The Ministers agreed that in further deepening
of economic integration and for ASEAN to move beyond ASEAN 2015, it is important
for ASEAN to ensure equitable economic development within and between ASEAN
Member States.
YB Dato Sri Mustapa Mohamed, Minister of International
Trade and Industry informed the Meeting that to promote inclusive growth ASEAN
will need to accelerate economic activities, reduce barriers to trade,
intensify collaboration with sub-regional initiatives in the region, enhance
SMEs access to finance, technology transfer and strengthen institutional
capacity.
Another major topic discussed by the Ministers
is to enhance ASEAN’s engagements with the current FTA partners, namely China,
Japan, Korea, Australia, New Zealand and India. To ensure ASEAN’s centrality in
this engagement, the Ministers tasked the Senior Officers to develop template
for ASEAN’s engagement with these FTA and other external economic partners.
The AEC Ministers also deliberated on steps to
further address non-tariff measures that could contribute to reduction in
production and transaction costs.
YB Dato Sri Mustapa Mohamed highlighted the
difficulties faced by Malaysian exporters. Among the measures that impede trade
highlighted are delays in obtaining permits, non-recognition of standards, high
costs imposed in undertaking pre-shipment inspection and market access
conditions imposed such as requesting manufacturers to have local presence.
The Ministers tasked the Senior Officials to
compile a comprehensive database on non-tariff measures.
The Ministers also agreed to establish a mechanism
which would facilitate the private sector in addressing the non-tariff
measures.
Since 2008, ASEAN has been implementing the
ASEAN Economic Community Blueprint measures.
Currently, the second phase of measures
(2010-2011) is being implemented. To date, ASEAN has implemented on the average
80 per cent of the measures for Phase I and Phase II.
In this context, Malaysia has implemented most
of the commitments towards liberalization of trade in goods, services and investment.
The Ministers also expressed their sympathy to
Thailand which is facing one of the worst floods in recent years. The ministers
also noted the possible impact of the flood on the supply and distribution
chain within the region.
SOURCE: Ministry of International Trade and
Industry
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment