ASEAN business urges economic integration

ASEAN business urges economic integration

JAKARTA (JP): Private businesses in the Association of
Southeast Asian Nations (ASEAN) called yesterday for further
integration of the region's economy.

ASEAN Chamber of Commerce and Industry's (CCI) Chairman
Aburizal Bakrie said here yesterday "closer business integration"
was necessary to spur regional economic growth.

He said ASEAN businesses must work toward a "loosely united
economic entity which builds on its present economic
achievements".

"Such an approach recognizes ASEAN's regionalism and
cooperation and stresses common interests while recognizing the
different development needs of member countries," Aburizal said
at ASEAN's CCI's presentation of its upcoming celebration of
ASEAN's 30th anniversary.

Aburizal, chairman of the Bakrie Group, said ASEAN's vision
would face challenges in the coming decade.

Among them was the evolution of a more competitive global
economy from the trend toward a globalized and liberalized
economy, he said.

Other challenges would come from previously closed economies
such as those in China and south Asia.

These economies would not only capture a larger share of the
world's trade but also its flow of financial resources and
foreign direct investment, he said.

Other challenges to ASEAN would come from regional trade
agreements such as the North American Free Trade Agreement and
the Asia-Pacific Economic Cooperation, he said.

Meanwhile, ASEAN CCI's vice president Iman Taufik said
yesterday cooperation between ASEAN businesses would help reduce
the countries' deficits.

Long years of colonization meant Southeast Asian countries,
except Thailand, conducted most of their trade with countries
outside their region until the last five years, he said.

"For years, trade was always between the South and the North,
and it left deficits," he said.

But in the past five years, inter-ASEAN trading had grown by
20 percent to over US$100 billion, he said.

This made up 18 percent of ASEAN trade in the global market,
he said.

He said ASEAN expected the amount of trade between its member
countries to increase to US$150 billion within the next 10 years.

ASEAN's CCI will commemorate ASEAN's 30th anniversary from
Dec. 14 to Dec. 16. The event, called "A Private Sector Salute to
ASEAN", will be held in Kuala Lumpur, Malaysia. (das)