Asean steps up economic integration
Asean took more steps towards economic integration on Tuesday, when its economic ministers agreed to a comprehensive set of new measures that include the dismantling of non-tariff barriers and free-flow of talent.
Singaporean Prime Minister Lee Hsien Loong said at an opening ceremony yesterday: "Singapore believes that a strong, rules-based global trading system is still the best recipe for continued growth and prosperity for all economies.
"Therefore, it is imperative that we see beyond the recent difficulties, and continue to push for multilateral trade liberalisation."
The 40th annual Asean Economic Ministers Meeting is the first of its kind since the Asean Charter was inked in the republic by the 10 leaders in November last year.
Singapore Minister for Trade and Industry Lim Hng Kiang will be chairing the meetings, which are being held at the Shangri-La Hotel until Friday.
Economic officials from Japan, South Korea, China, India, Australia and New Zealand are also in town for the event.
Lee said these talks come at a crucial moment, after the breakdown of global trade talks in Geneva last month.
Asean 'should continue to integrate and liberalise' its own economies, he added.
He disclosed that officials have reported a 'substantial conclusion' on a new Asean goods agreement which will allow Asean to "move beyond tariff reforms to trade facilitation measures".
These include the elimination of non-tariff barriers, harmonisation and simplification of customs procedures and development of common product certification standards.
Mutual Recognition Arrangements for accountancy, dental and medical practitioners have also been concluded, to help the flow of skilled labour within the region.
Asean is expected to seal a free trade agreement (FTA) with India on merchandise trade.
It is also hoping to announce the conclusion of talks on a substantive portion of a comprehensive economic agreement with Australia and New Zealand.
If successful, this will be the first FTA that Asean has pulled off in which all elements of the deal were settled in simultaneous negotiations.
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