Blueprint Ready For Asean Free Trade Zone
By M K Anwar

Bandar Seri Begawan - The blueprint to transform the Asean region into a booming free trade zone is finalised at the 39th Asean Economic Ministers Meeting held in Manila, Philippines.

Asean targets the year 2015 for the setting up of the Asean Economic Community. With a total population of 500 million people from the 10 Asean member countries, the importance of the AEC is even more touted to make the region competitive with Asian giants such as China and India.

The 2015 target is five years ahead of the previously planned 2020, and if implemented, will see goods, production assets, people and capital within the region move freely across the borders.

The Philippine Trade Secretary, Peter Favila, said that the time to implement the blueprint has now come and that there is no room for complacency.

Associated Press reported that Favila, who is chairing the meeting, said that the key was the willingness to work together rather than to just sit back.

Talking during the annual meeting, Favila said that the blueprint seeks to strengthen the region enough to withstand financial and political shocks.

Meanwhile, the Asean Secretary General, Ong Keng Yong reported on the progress in talks with Japan and South Korea for the creation of a separate free trade areas. The negotiations with India, however, have hit a stumbling block with discussions stuck on the type of products and levels of tariff reduction.

The Asean Economic Ministers will also be meeting their dialogue partners from China, Japan, Australia, New Zealand, India and South Korea.

Asean includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. -- Courtesy of Borneo Bulletin

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