Asean members bent on economic integration

Member states of the Association of Southeast Asian Nations (Asean) remain committed to pursue efforts to remove trade and investment barriers in the region as they seek to implement the regional economic integration by yearend as planned.

In a statement, Malaysian Trade Minister Dato’ Sri Mustapa Mohamed noted that Asean economies are united by a common goal to increase trade and investments in the region, and to carry out more initiatives to make sure that the region will achieve an equitable economic development.

In particular, there has been an increase in efforts among Asean leaders to implement initiatives that will make the flow of trade and the people more seamless, he added.

“What the Asean targets to achieve is an improved business environment, enhance connectivity and improving trade facilitation such as establishment of common products standard within Asean and substantial removal of tariff for intra-Asean trade,” Mustapa said.

According to the Asean, the region is on track with the planned establishment of the Asean Economic Community by Jan. 1, 2016. On this day, the region will become a common market and single production base, characterized by the free flow of goods, services, skilled labor, investments and capital.

Among the sectors that are expected to benefit from the regional economic integration would be services, whether for construction or professional services; business process outsourcing sector, from which both Malaysia and the Philippines can benefit; and education and healthcare.

According to Mustapa, Malaysians and Filipinos can leverage on their strengths to bring more competitive products and services in the Asean region.

“We want Malaysian products to be known in Manila, and we want Filipino companies to promote products and services in Malaysia. We want to promote your products, and we will focus on what we do best,” Mustapa said.

“I had a dialogue with some of my Filipino businessmen friends. One of the issues raised is reducing hurdles in doing business in Malaysia, and also for Malaysians doing business in the Philippines,” Mustapa said.

“This is a very important issue that I am working closely with Trade and Industry Secretary Gregory Domingo.”