Asean, US to boost regional trade

The ASEAN (Association of Southeast Asian Nations) and the United States on Friday launched two new cooperation programs worth some $30 million to further boost trade and investments in the region.

In a statement posted on the Asean website, one of the five-year flagship programs launched was the “Asean Connectivity through Trade and Investment,” which is expected to support the implementation of the Asean Economic Community (AEC), particularly in areas of customs integration, trade and investment facilitation, small and medium-sized enterprises, clean and efficient energy, and information and communication technologies.

The AEC, set to be established in 2015, will turn the 10 member states of Asean into a single market and production base. For the Philippines, this presents dynamic competition and vast opportunities with the free flow of goods, services, skilled labor, investments and capital.

The second program was the Asean-US Partnership for Good Governance, Equitable and Sustainable Development and Security. It will promote good governance, public-private sector dialogue and cooperation, and the promotion of human rights.

It will also support Asean’s work in disaster management, human capital development, and science-based policy-making.