Cambodia to accelerate AFTA

Cambodia to accelerate AFTA

PHNOM PENH (AP): A positive outlook for Cambodia's economy convinced the government to accelerate tariff cuts necessary to join the ASEAN Free Trade Area, Finance Minister Keat Chhon said Monday upon his return from the group's summit in Manila.

Economic growth, increased foreign reserves and a stable currency have contributed to a sunny forecast of 5.5 percent growth for Cambodia in 2000, Keat Chhon said at the Phnom Penh airport.

"It is these indicators that give us a boost to act in a proactive way (on AFTA)," the finance minister said.

All 10 members of ASEAN moved forward their AFTA targets during the summit, amid optimism that Southeast Asia has rebounded from a two-year financial crisis.

Brunei, Indonesia, Malaysia, Singapore, Thailand and the Philippines tightened their deadlines on the elimination of import tariffs from 2015 to 2010.

Underdeveloped members Cambodia, Laos, Myanmar and Vietnam moved them forward from 2018 to 2015.