International Business News

Asean nations press on with trade pacts

Six southeast Asian nations signed trade agreements on Tuesday paving the way for a single market in the region, pressing on with the pacts despite the postponement of a key summit.
The economic ministers of Brunei, Cambodia, Indonesia, Laos, Singapore and Malaysia signed three separate deals covering trade in goods, investment and services.
They had decided to press on with the signing rather than wait for a summit of the Association of Southeast Asian Nations (Asean) that was delayed by recent unrest in Thailand.
"As these agreements are integral to Asean's economic integration, the Asean economic ministers agreed to meet in Singapore to sign and have them enter into force as soon as possible," said Malaysian Trade Minister Muhyiddin Yassin.
The three agreements were originally to be signed at the 10-member Asean's annual summit in Thailand this month, officials said.
Anti-government protests in Thailand, which currently chairs Asean, forced that country's former government to move the summit from Bangkok to the northern city of Chiang Mai, and then to postpone it until March.

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