SINGAPORE
(NNN-Bernama) -- For Asean to sustain its dynamism, it must be able to deliver
on its promises to establish an economic community by 2015, says Malaysian
Minister of International Trade and Industry, Mustapa Mohamed.
Despite
the global challenges, he said, Asean has continued to work on building the
Asean Economic Community (AEC).
"Over
80 per cent of the economic measures under Phases 1 and 2 of the AEC Blueprint
for the period of 2008-2011 have been successfully implemented.
"The
Asean Comprehensive Agreement was entered into force in March this year, while
the Customs Act has been revised and has entered into force.
"Rules
and regulations continue to be simplified to reduce the cost of doing business
in the region," he said in his speech at the Boston University Asian
Alumni Business Forum at Marina Bay Sands here Saturday.
His
speech was read by his deputy, Mukhriz Mahathir.
Mustapa
said there are challenges and these are being openly discussed by the Asean
Economic Ministers.
Consultations
are being intensified with various stakeholders nationally as well as
regionally. The inputs and views of the private sector have been useful to the
policy makers in making changes to the rules and regulations.
In
addition to developments within Asean, the minister called on the private
sector and other stakeholders to look at the role of Asean in a broader
perspective.
"I
am saying this as Asean has been pragmatic in its economic engagements with
major trading partners," he said.
Mustapa
noted that Asean has free trade agreements (FTAs) with all the East Asian countries,
while its economic engagement with the European Union, Canada and Russia
He
said there are on-going discussions between Asean and its FTA partners to form
a Regional Comprehensive Economic Partnership (RCEP) which will bind together Asean , China ,
Japan , Korea , India ,
Australia and New Zealand
Mustapa
said the leaders of Asean and its FTA partners will be meeting in Phnom Penh
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