Malaysian Prime Minister Najib Razak (Source: ABS-CBN News) Manila (VNA) – Malaysian Prime Minister Najib Razak urged reduction of non-tariff barriers and measures so as to facilitate intra-ASEAN trade.
It is in ASEAN's own interests to lead the way in this endeavor, the PM said at a session themed "Prosperity for All Summit" held during the ASEAN's 30th summit and related meetings on April 28.
The Malaysian PM said that ASEAN countries should further bring down the existing trade tariffs.
WTO figures showed average tariffs in ASEAN were around four percent in 2015, and vigorous efforts are needed to bring them down to zero.
According to Najib, economies of the ASEAN nations are growing faster than most of the rest of the world, and it is expected that by 2050 the ASEAN economy will amount to over 9.2 trillion USD, making ASEAN the world's fourth largest economy.
To achieve the goal, there has to be a 20 percent reduction in fixed trade costs, said the PM, adding that ASEAN needs to work toward facilitative measures such as standardized customs procedures.-VNA
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