ASEAN to become important economic bloc

An economist and former Industry Minister has urged all Thais to be prepared for the ASEAN Economic Community (AEC) establishment in 2015 as the world is keeping an eye on its development and influence.

Saturday, March 17, 2012 09:08

Bangkok, Mar.17 (VNA/NNT) – An economist and formerIndustry Minister has urged all Thais to be prepared for the ASEAN EconomicCommunity (AEC) establishment in 2015 as the world is keeping an eye on itsdevelopment and influence.

Bangkok Bank Executive Chairman KositPanpiemras stated that in 2000, 19 percent of Thai exports went to ASEAN nations andin 2010 the percentage increased to 23 percent indicating the greater importance ofthe region.

Within the 10-nation bloc, Mr Kosit explainedthat Thailand’s immediateneighbors, consisting of Cambodia,Laos, Malaysia, and Vietnam or CLMV are the new marketsfor Thai exports. He added that trade with these countries has increased by 30 percentin 2011 compared to 2010.

Located between Chinaand India,world’s emerging economic giants, ASEAN is expected to play a vital role in theglobal stage. The Chairman said other developed nations are losing their gripin the global economy; now the ASEAN bloc is getting more attention from theworld./

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