Intra-ASEAN trade grows

Intra-ASEAN trade grows

MANILA (AFP): Trade among members of the Association of
Southeast Asian Nations (ASEAN) is expected to grow further
following Vietnam's entry, "pragmatic free market policies" and
political stability, Philippine Trade Secretary Rizalino Navarro
said yesterday.

Intra-ASEAN trade registered an average growth of 28 percent
annually, Navarro said, adding that trade jumped 37.9 percent
from US$85.3 billion in 1993 to $117.6 billion in 1994.

Navarro addressed delegates from chambers of commerce and
industry of ASEAN members Brunei, Indonesia, Malaysia, the
Philippines, Singapore, Thailand and Vietnam, which was admitted
July 28.

The implementation of the common effective preferential tariff
(CEPT) scheme, the main mechanism for implementing that ASEAN
Free Trade Area (AFTA) by 2003, would further encourage the
growth of trade.

Navarro noted that the Vietnam's membership of ASEAN increased
the consumer market in the Southeast Asian region from 340
million to 420 million people.