{
    "success": true,
    "data": {
        "id": 1345652,
        "msgid": "peak-us-business-group-calls-for-asean-to-integrate-markets-1447893297",
        "date": "2003-01-18 00:00:00",
        "title": "Peak U.S. business group calls for ASEAN to integrate markets",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "Peak U.S. business group calls for ASEAN to integrate markets Agence France-Presse, Bangkok Southeast Asian nations should work quickly to integrate their economies in order to compete successfully against their giant neighbor China, a peak U.S.-based business group said Friday.",
        "content": "<p>Peak U.S. business group calls for ASEAN to integrate markets<\/p>\n<p>Agence France-Presse, Bangkok<\/p>\n<p>Southeast Asian nations should work quickly to integrate their<br>\neconomies in order to compete successfully against their giant<br>\nneighbor China, a peak U.S.-based business group said Friday.<\/p>\n<p>\"The fear that ASEAN (the Association of Southeast Asian<br>\nNations) countries may have about foreign direct investment going<br>\nto China is well-founded,\" Ernest Bower, president of the U.S.-<br>\nbased U.S.-ASEAN Business Council, warned during a visit here.<\/p>\n<p>\"Our recommendation to the ASEAN countries is to integrate<br>\nyour economies, to implement the ASEAN Free Trade Agreement<br>\n(AFTA) totally, as soon as possible, and without derogation.\"<\/p>\n<p>Under the AFTA, launched in 1993, most countries in the 10-<br>\nmember ASEAN must cut import tariffs to a maximum of five percent<br>\nby 2003.<\/p>\n<p>But countries may seek to temporarily opt out of their<br>\ncommitments in sectors that they feel are not prepared to face<br>\nforeign competition.<\/p>\n<p>\"Areas such as the Malaysian derogation on autos, and planned<br>\nrollbacks on tariffs by the Filipinos could really hurt investor<br>\nperspective in terms of investors believing the ASEAN free trade<br>\nagreement is going to be fully implemented,\" he said.<\/p>\n<p>Bower said investors were keen to establish a presence in<br>\nASEAN in the hope of taking advantage of the proposed ASEAN-China<br>\nfree trade agreement (FTA).<\/p>\n<p>But ASEAN nations should ensure investors \"are strongly<br>\nsupported with good infrastructure, strong corporate governance<br>\nand a strictly enforced rule of law,\" Bower said.<\/p>\n<p>\"If this is the case, we believe U.S. investors will build<br>\ntheir investment positions in Thailand and ASEAN to take<br>\nadvantage of a combined ASEAN-China market.\"<\/p>\n<p>Under a landmark agreement signed at the ASEAN summit in<br>\nCambodia in November, the FTA would be completed in 2010 between<br>\nChina and the six original ASEAN members of Brunei, Indonesia,<br>\nMalaysia, the Philippines, Singapore and Thailand.<\/p>\n<p>The least-developed ASEAN nations of Cambodia, Laos, Myanmar<br>\nand Vietnam would join in the agreement by 2015.<\/p>\n<p>The ASEAN-China market groups 1.7 billion consumers in<br>\ncountries with a combined gross domestic product of US$2<br>\ntrillion.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/peak-us-business-group-calls-for-asean-to-integrate-markets-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}