ASEAN gearing for trade liberalization<\/p>\n
MANILA (AFP): Economic ministers of the Association of
\nSoutheast Asian Nations (ASEAN) will push for an accelerated free
\ntrade area in the region when they meet here in October, a
\nPhilippine trade official said yesterday.<\/p>\n
Trade and Industry Assistant Secretary Edsel Custodio told
\nreporters here that ASEAN economic ministers are expected to push
\nfor the acceleration of an envisioned ASEAN Free Trade Area
\n(AFTA) from the original schedule of 2003 to the year 2000.<\/p>\n
Custodio said all member-economies were due to submit a list
\nfor tariff reduction at the meeting.<\/p>\n
The October discussions will also include prospects for the
\nASEAN Investment Area, which aims for a free flow of investments
\nin the region by the year 2010 and by the year 2020 to include
\nnon-ASEAN economies.<\/p>\n
Under an agreement reached in 1993, the six more developed
\nASEAN members -- Brunei, Indonesia, Malaysia, the Philippines,
\nSingapore and Thailand -- agreed to create a free-trade area with
\ntariffs of five percent or less by 2003.<\/p>\n
Vietnam, which joined ASEAN in 1995, has until 2006 while the
\ndeadline for newcomers Myanmar and Laos is 2008.<\/p>\n
Custodio did not say if the deadlines for these three
\ncountries would also be changed.<\/p>\n
He admitted, however, that \"the most prominent issue\" to be
\ndiscussed was the raging financial crisis that has plunged many
\nASEAN members into recession.<\/p>\n
\"The main question is what has ASEAN done to address the
\ncrisis?\", he said, stressing \"social safety nets\" would still
\nhave to be developed.<\/p>\n
ASEAN groups Brunei,Indonesia, Laos, Malaysia, Myanmar, the
\nPhilippines, Singapore, Thailand and Vietnam.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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