Myanmar joins AFTA earlier

Myanmar joins AFTA earlier

KUALA LUMPUR (AFP): ASEAN newcomer Myanmar is likely to join a proposed regional free-trade area before its 10-year grace period expires in 2008, according to ASEAN secretary-general Ajit Singh.

Speaking ahead of the annual meeting of the group's economic ministers this week, Ajit praised Myanmar's offer to cut tariffs as one of the newest members of the Association of Southeast Asian Nations (ASEAN).

Myanmar, which joined ASEAN in July along with Laos, "has submitted not just a complete package but a good one. It has gone beyond what we had asked for", he was quoted as saying by Bernama news agency.

"I think they can join earlier," he said.

Under a 1993 accord, the six most developed members -- Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand -- agreed to work toward an ASEAN Free Trade Area (AFTA) by implementing common effective preferential tariffs of five percent or less on 98 percent of their products by 2003.

Vietnam, which joined the group in 1995, has been given until 2006 while Myanmar and Laos have another two years.