August 27, 2014
– NAY PYI TAW – Economic ministers of ASEAN and East Asia Summit (EAS) countries reiterated here Wednesday their commitment to promote broader economic integration in East Asia and the Asia Pacific region.
ASEAN’s eight EAS partner countries are Australia, China, India, Japan, South Korea, New Zealand, Russia and the United States.
In a joint statement issued after the Second East Asia Summit (EAS) Economic Ministers Meeting in Nay Pyi Taw, the ministers vowed to continue to work closely with the EAS framework, not only to achieve their respective economic integration objectives and contribute to regional economic resilience, but also for the EAS to contribute to global stability and prosperity.
The meeting was held as part of a series of related meetings of the 46th ASEAN Economic Ministers Meeting (AEM).
The ministers underscored the need to sustain the gains from their respective economic integration efforts especially in light of a global economy still recovering from the slowdown.
The ministers emphasized the importance of prioritizing cooperative efforts between ASEAN and EAS partners to facilitate the ASEAN Economic Community (AEC) goal and further integration of ASEAN with the wider region.
To this end, the ministers shared the need to identify areas for prioritized cooperation with focus towards 2015 and beyond.
Expressing concern about the inability of WTO members to implement the Bali Package in accordance with the ministerial decision in Bali, the ministers reaffirmed their commitment to maintaining support for the multilateral system and called for a comprehensive and balanced implementation of the Bali Package.
According to the statement, the combined GDP of the EAS participating countries grew 0.9 percent in 2012-13 compared to the 5.3 percent growth in 2011-12. The combined GDP of EAS participating countries stood at 39.813 trillion US dollars in 2013.
ASEAN’s total trade with the non-ASEAN EAS countries expanded by 1.6 percent from 1.082 trillion U.S. dollars in 2012 to 1.099 trillion U.S. dollars in 2013.
The eight non-ASEAN EAS countries accounted for 43.8 percent of ASEAN’s total trade.
Foreign direct investment (FDI) inflow from the non-ASEAN EAS countries in 2013 reached 64.3 billion U.S. dollars or 52.5 percent of ASEAN’s total FDI inflow.
Upgrading ACFTA
ASEAN and China have agreed to negotiate for an upgraded ASEAN-China Free Trade Area (ACFTA) in order to ensure that the ACFTA remains dynamic and facilitates trade activities, said a joint statement of consultations between the two sides.
The consultations between ASEAN economic ministers and the Chinese Minister of Commerce (AEM-MOFCOM) took place in Nay Pyi Taw, Myanmar, on Tuesday, within the framework of the 46th ASEAN Economic Ministers’ Meeting.
The ministers said that the agreement on upgrading the ACFTA reflects the positive relations between the two sides and helps deepen their economic cooperation in a mutually beneficial manner.
They also urged to expedite the conclusion of the Custom Procedures and Trade Facilitation (CPTF) negotiations and to report progress made to the next AEM-MOFCOM consultations.
Thai service enterprises will have more opportunities to do business in ASEAN countries, thanks to the regional grouping having agreed to more service-sector liberalization among member nations.
The agreement will become effective within 180 days of its being signed.
Chutima Bunyapraphasara, permanent secretary of the Thai Commerce Ministry, said ASEAN countries would allow more service businesses to be liberalized, which would give Thai companies more investment opportunities elsewhere in the bloc, as well as allowing other member countries’ firms to do business in the Kingdom.
Under the ninth edition, all ASEAN countries will allow more liberalization in 101 businesses, including accountancy, boat reservations, international cruises, maritime shipping services, and online information services.
Under the agreement, ASEAN countries will accept one another’s regulations, discipline, ethics and standards in this field, so that each member state’s accountants will have more chance of getting work around the region.
(VNA/Xinhua/The Nation)