Malaysian PM calls on ASEAN to enhance economic integration
Malaysian Prime Minister Najib Razak urged reduction of non-tariff barriers and measures so as to facilitate intra-ASEAN trade.
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
You should also see
Energy industry needs nearly 5 trillion VND of investment in 2021-2030
The total investment capital demand for the whole energy sector in the 2021-2030 period is between 4.13-4.8 trillion VND (163.01-189.46 million USD), according to a plan to implement the National Power Planning in the 2021-2030 period with a vision to 2050.
See more
World
Argentinian media praises Dien Bien Phu Victory
Argentinian newspapers have called Vietnam's Dien Bien Phu Victory (May 7, 1954) a symbol of the national liberation movement of oppressed and colonialised peoples worldwide.
World
Laos speeds up granting licences to foreign workers
Laos's Ministry of Labour and Social Welfare plans to issue visas to illegal foreign workers and extend permits to legal ones so that they can continue to work in the country.
World
Argentinian scholar praises Vietnam’s April 30, 1975 victory
The complete reunification of Vietnam on April 30, 1975 was an extremely significant event in the history of the country and the world, opined a scholar from the Institute for International Relations at the National University of La Plata, Argentina.
World
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
World
Danger warning issued for Thailand’s Bangkok as extreme heat bites
Thai authorities on April 24 issued an extreme heat warning for Bangkok, urging people to stay indoors for their safety as temperatures soared.
