ASEAN to hasten tariff cuts

ASEAN to hasten tariff cuts

MANILA (Reuters): Members of the Association of South East Asian Nations (ASEAN) are planning to hasten economic integration and tariff cuts on 3,000 products to spur trade within the crisis-hit region, a senior Philippine official said on Friday.

"The ASEAN countries will bring to the meeting a list of products which they will put on the acceleration mode," Philippine Trade and Industry Assistant Secretary Edsel Custodio said at a news conference.

Manila will host the 30th ASEAN economic ministers' meeting from October 5 to 8.

"I think we are all unanimous in the assessment that in fact it is important for ASEAN to continue with the economic integration at this point," Custodio said.

ASEAN had originally aimed at creating a free trade zone under a Common Effective Preferential Tariff (CEPT) scheme by 2008 but economic ministers later agreed to speed up its implementation to 2003.

The CEPT scheme, which began in 1993, called for tariffs to be cut to between zero and five percent by 2003.

Custodio said some members proposed the cuts be hastened to 2000.