ASEAN speeds up free trade<\/p>\n
MANILA (Agencies): Southeast Asian nations Sunday announced
\nthey will further speed up a free-trade program and expand
\ncooperation with northern neighbors as the region moved to
\nstrengthen its rebound from a recession.<\/p>\n
Summit host Philippine President Joseph Estrada in a closing
\nstatement said ASEAN's six original members will eliminate import
\nduties on most goods traded in the region by 2010, five years
\nahead of schedule.<\/p>\n
The accelerated zero-tariff plan covers Brunei, Indonesia,
\nMalaysia, the Philippines, Singapore and Thailand.<\/p>\n
The four newer and less developed members -- Cambodia, Laos,
\nMyanmar and Vietnam -- plan to do the same by 2015, three years
\nearlier than planned.<\/p>\n
The tariff cutting is aimed at creating a free-trading zone in
\nthe region of more than 500 million people, with a long-term goal
\nof establishing a European-style common market with a single
\ncurrency.<\/p>\n
By Jan. 1, 2000, 90 percent of goods due for tariff reduction
\nin ASEAN will have import duties of five percent or less.<\/p>\n
Indonesian foreign minister Alwi Shihab said the move had come
\nat Singapore's request to speed the development of the ASEAN Free
\nTrade Area (AFTA).<\/p>\n
"Singapore suggested moving the AFTA deadline forward to
\n2015," he said. He added that it had also sought to speed other
\n"bold reform measures" for trade and investment outlined in an
\nASEAN agreement reached last December in Hanoi, but that Vietnam,
\nMyanmar, Cambodia and Laos had objected, arguing they needed more
\ntime to prepare their economies.<\/p>\n
"The leaders accepted the first proposal, but not the second,"
\nShihab said.<\/p>\n
The agreement was reached despite signs at the summit that
\nsome ASEAN members were backsliding on near-term commitments to
\nopen their markets.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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