Indonesian Trade Minister Muhammad Lutfi AFP FILE PHOTO
MANILA, Philippines – What should people expect from the 2015 deadline of the Association of Southeast Asian Nations (Asean)?
“Nothing,” said Indonesian Trade Minister Muhammad Lutfi on Thursday during a conference at Makati Shangri-La where the World Economic Forum was being held.
Lutfi explained that this is because most of the tariff targets have already been reached by the Asean countries.
“Because 99.6% of the tariff is zero,” he said, agreeing to Philippine Trade Secretary Gregory Domingo’s earlier pronouncements.
Of course, he was pertaining only to trade and goods.
“There are many components to AEC (Asean Economic Community) 2015. But from the trade minister’s perspective we’re looking at trade and goods, trade and services,” Domingo said.
“Trade and goods has basically been accomplished four years ago. Wherein Asean, as a whole, reduced its tariff in over 99 percent of goods, for Asean 6 (Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand), to zero percent,” he explained.
Domingo said Asean is now working on the trade and services sectors and removing non-tariff barriers.
Lutfi and Domingo were joined by Malaysia Minister of International Trade and Industry Mustapa Mohamed, Cambodia Commerce Minister Sun Chanthol, Singapore Senior Minister of State Josephine Teo and Mitsubishi Chairman of the Board Yorihiko Kojima.
The speakers discussed the prospects of the AEC and how greater liberalization can enhance regional economic development.
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