ASEAN completes economic milestone

via Khmer NZ

August, 24 2010

DA NANG — This city is prepared for several ASEAN ministerial meetings on economics that start today and run until Saturday.

Ministry of Industry and Trade official Le Quang Lan said officials had prepared for the 42nd ASEAN Economic Ministers' Meeting, the fourth ASEAN Economic Community Council Meeting and other related meetings.

The gathering of economic ministers is considered the most important annual event in the ASEAN economic calendar. The Vietnamese Minister of Industry and Trade, Vu Huy Hoang, will be chair.

Ministers from ASEAN and its eight dialogue partners - China, South Korea, Japan, Australia, New Zealand, India, the European Union and Russia - will participate.

They will discuss strategies to promote economic co-operation leading up to the establishment of an ASEAN Economic Community (AEC) by 2015.

"Themed AEC: A Community for Dynamic and Sustainable Growth, the 42nd meeting confirms ASEAN's commitment towards economic growth and a balanced, stable and sustainable development," said Deputy Minister of Industry and Trade Nguyen Cam Tu.

"This year is a milestone in the process of realising the community," he said.

Tu was referring to several core and significant agreements that will come into force. These include an agreement on the ASEAN trade in goods, the ASEAN Comprehensive Investment Agreement - and the seventh package under the ASEAN framework agreement on services.

The bloc will also implement many important co-operation programmes, such as ASEAN Single Window, Trade Facilitation Work Programme and measures to enhance the participation of the private sector in regional integration.

At this week's meetings, economic ministers from ASEAN and dialogue partners will assess the implementation of free-trade agreements and ways to promote new trade arrangements.

It will also be the first time ASEAN nations and Russia will talk at ministerial level to promote economics and investment.

Viet Nam has proposed talks with the private sector in regional policy making and the first consultations among the economic ministers of Cambodia, Laos, Myanmar and Viet Nam to discuss narrowing development gaps between them and other ASEAN nations. — VNS