Sunday, 20 November 2011

Planning to bring together ASEAN FTA


Association of South east Asian Nations ( ASEAN )and its dialogue partners are studying the possibility to expand and strengthen the economic integration by creating a single Free Trade Agreement (FTA) between the 10-member regional organization with all trading partners in East Asia.
ASEAN now has established a separate FTAs ​​with six dialogue partners in East Asia the ASEAN-China FTA (2005), ASEAN-Korea FTA (2006), ASEAN-Japan FTA (2009), ASEAN-India FTA (2010) and the Asean FTA -Australia and New Zealand (2010).
ASEAN leaders also recommends work plan for ASEAN to establish the ASEAN + 1 FTAs ​​templates, taking into account the East Asia Free Trade Area (EAFTA - ASEAN +3) and Comprehensive Economic Cooperation Agreement (ASEAN + 6). - Mustapa Mohamed, Minister of International Trade and Industry Minister of International Trade and Industry (Miti), Datuk Seri Mustapa Mohamed said ASEAN maintained to ensure convergence of the expansion process, the ASEAN Economic Ministers outlined a set of general principles in an effort to broaden and deepen ASEAN's relations with the respective FTA partners. My 19th ASEAN Summit in Bali, Indonesia, he said, recommends the Regional Framework for Comprehensive Cooperation. "ASEAN leaders also recommends work plan for ASEAN to establish the ASEAN + 1 FTAs templates, taking into account the East Asia Free Trade Area (EAFTA - ASEAN +3 ) and Comprehensive Economic Cooperation Agreement (ASEAN + 6), "he told Malaysian journalists. Mustapha represent Malaysia at the Preparatory Meeting of the ASEAN Economic Ministers to the ASEAN Summit and Related Summit. He said the ASEAN summit-19 agreed to accept the proposal jointly by Japan and China for three working groups established to study the integration of the Trade Working Group, Working Group on Services and Investment Working Group. He said the three working groups that will examine detailed modalities for the integration of all our economic and trade FTA will then also invited to participate in the work group. He said the summit directed that all work related to the place and modalities related to the three working groups was finalized before the ASEAN Summit on 21 November 2012. An economist who contacted The Star said the current global economic scenario to motivate the ASEAN countries to move faster in terms of economic integration and trade. "The economic situation the United States and Europe made ​​the agenda to be more needed and plan towards integration will be implemented immediately. "While Asia has performed good, the focus should be geared to the economy and a better trade among ASEAN countries as well as integrated with external markets.

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