ASEAN economic ministers agreed on a variety of measures to boost tradeand investment within the bloc and with outside partners, as theyexpressed confidence on regional economic prospects and headed to theestablishment of an ASEAN Economic Community (AEC) by 2015.
They reached agreements at the 42nd ASEAN Economic Ministers' Meetingand the fourth ASEAN Economic Community Council Meeting, that bothstarted in Da Nang on August 25.
Prime Minister NguyenTan Dung opened the meeting, re-affirming the importance of acomprehensive, balanced and systematic approach in policy co-ordinationat national and regional levels.
"This year is a pivotalyear for the association in establishing the ASEAN Community, resting onthe three pillars of political-security, economic and socio-culturalcommunities on which the economic community is making remarkableprogress," Dung said.
He noted that member countriesshould pursue balanced and sustainable development policies and strike abalance between economic development targets, macro-economic stabilityand social development.
At the meeting, ministers forecastASEAN's real GDP growth to reach over 5 percent this year, comparedwith only 1.5 percent last year. The region was significantly helpingdrive global economic recovery, besides key economies such as Chinaand India , they said.
Ministers noted that ASEAN'stotal merchandise trade value remained resilient at about 1.54 trillionUSD last year, while trade surplus with the rest of the world reached61.2 billion USD in 2009, doubling that of 2008.
They alsoaffirmed that trade with its dialogue partners remained strong despitethe global financial and economic crisis, especially with China , theEuropean Union and Japan .
ASEAN's share of totalglobal foreign direct investment (FDI) inflow increased from 2.8 percentin 2008 to 3.6 percent in 2009, and ministers anticipated higher FDIinto ASEAN from this year.
The EU tops the FDI into theregion with a share of 18.3 percent, followed by Japan with 13.4percent, and the US with 8.5 percent. Intra-ASEAN investments arealso significant, accounting for 11.2 percent.
Ministersreaffirmed their resolve to ensure the timely and substantiveimplementation of measures in the AEC Blueprint to ensure thecredibility and integrity of ASEAN economic integration, with therealisation of a single market and production base in 2015.
Ministers acknowledged important progress in such processes as tariffreduction and elimination, trade facilitation, the implementation of theASEAN Trade in Goods Agreement and the ASEAN Single Window.
They committed to eliminate all forms of non-tariff barriers tomaximise benefits from tariff reduction and further promote tradefacilitation measures for a free flow of goods in the region.
They also agreed to boost investments through joint investmentpromotions and the engagement of the private sector in furtherconsultations on improving ASEAN investment climate.
TheStrategic Plan of Action for ASEAN SME Development over the next fiveyears was endorsed at the meeting, as ministers underscored theimportance of bringing small- and medium-size enterprises (SMEs) intothe mainstream of the bloc's economic integration.
Ministers agreed to continue to hold regular talks with industryassociations and private sector representatives from ASEAN and dialoguepartners; appreciated the implementation of trade and investmentagreements with China , the Republic of Korea , India , Australiaand New Zealand ; and expected progress in economic co-operation withthe East Asia region.
An important issue was that, they said, development gaps among ASEAN member nations should be narrowed.
"Development gaps remain a fundamental issue that we need to correct,"ASEAN Secretary General Surin Pitsuwan told reporters on the sidelinesof the meeting. "A house divided by such gaps is not stable."
"That's a concern for all of us (ASEAN nations) and it has come upquite often at the highest levels how to bridge these gaps," he said,adding that ASEAN's dialogue partners would play significant roles inhelping to solve the problem./.
They reached agreements at the 42nd ASEAN Economic Ministers' Meetingand the fourth ASEAN Economic Community Council Meeting, that bothstarted in Da Nang on August 25.
Prime Minister NguyenTan Dung opened the meeting, re-affirming the importance of acomprehensive, balanced and systematic approach in policy co-ordinationat national and regional levels.
"This year is a pivotalyear for the association in establishing the ASEAN Community, resting onthe three pillars of political-security, economic and socio-culturalcommunities on which the economic community is making remarkableprogress," Dung said.
He noted that member countriesshould pursue balanced and sustainable development policies and strike abalance between economic development targets, macro-economic stabilityand social development.
At the meeting, ministers forecastASEAN's real GDP growth to reach over 5 percent this year, comparedwith only 1.5 percent last year. The region was significantly helpingdrive global economic recovery, besides key economies such as Chinaand India , they said.
Ministers noted that ASEAN'stotal merchandise trade value remained resilient at about 1.54 trillionUSD last year, while trade surplus with the rest of the world reached61.2 billion USD in 2009, doubling that of 2008.
They alsoaffirmed that trade with its dialogue partners remained strong despitethe global financial and economic crisis, especially with China , theEuropean Union and Japan .
ASEAN's share of totalglobal foreign direct investment (FDI) inflow increased from 2.8 percentin 2008 to 3.6 percent in 2009, and ministers anticipated higher FDIinto ASEAN from this year.
The EU tops the FDI into theregion with a share of 18.3 percent, followed by Japan with 13.4percent, and the US with 8.5 percent. Intra-ASEAN investments arealso significant, accounting for 11.2 percent.
Ministersreaffirmed their resolve to ensure the timely and substantiveimplementation of measures in the AEC Blueprint to ensure thecredibility and integrity of ASEAN economic integration, with therealisation of a single market and production base in 2015.
Ministers acknowledged important progress in such processes as tariffreduction and elimination, trade facilitation, the implementation of theASEAN Trade in Goods Agreement and the ASEAN Single Window.
They committed to eliminate all forms of non-tariff barriers tomaximise benefits from tariff reduction and further promote tradefacilitation measures for a free flow of goods in the region.
They also agreed to boost investments through joint investmentpromotions and the engagement of the private sector in furtherconsultations on improving ASEAN investment climate.
TheStrategic Plan of Action for ASEAN SME Development over the next fiveyears was endorsed at the meeting, as ministers underscored theimportance of bringing small- and medium-size enterprises (SMEs) intothe mainstream of the bloc's economic integration.
Ministers agreed to continue to hold regular talks with industryassociations and private sector representatives from ASEAN and dialoguepartners; appreciated the implementation of trade and investmentagreements with China , the Republic of Korea , India , Australiaand New Zealand ; and expected progress in economic co-operation withthe East Asia region.
An important issue was that, they said, development gaps among ASEAN member nations should be narrowed.
"Development gaps remain a fundamental issue that we need to correct,"ASEAN Secretary General Surin Pitsuwan told reporters on the sidelinesof the meeting. "A house divided by such gaps is not stable."
"That's a concern for all of us (ASEAN nations) and it has come upquite often at the highest levels how to bridge these gaps," he said,adding that ASEAN's dialogue partners would play significant roles inhelping to solve the problem./.
