World Business

ASEAN countries determined to overcome economic crisis

(Xinhua)
Updated: 2010-04-08 15:28

HANOI: The Association of Southeast Asian Nations (ASEAN) leaders will adopt an ASEAN declaration on sustainable recovery and development during the 16th ASEAN Summit that will open here Thursday afternoon, media center sources said Thursday.

The ASEAN Economic Community (AEC) Council adopted a draft declaration on economic recovery and sustainable development initiated by Vietnam at its third meeting in Hanoi Wednesday.

The document, to be submitted to the ASEAN Summit, reiterates the bloc's determination to overcome the negative impacts of the global economic crisis to maintain regional growth.

Addressing the function, AEC Chairman, Vietnamese Minister of Industry and Trade Vu Huy Hoang stressed the necessity of boosting linkage and cooperation among ASEAN members in the economic sector. He also said that 2010 is an important year for the implementation of free trade liberalization.

The third meeting of the AEC Council aims to review and evaluate the implementation of the ASEAN Economic Community Blueprint based on four main pillars: developing a single market and production base, becoming a highly competitive economic region, equal development across the region, and full integration into the world economy in 2015.

According to the Vietnamese head delegate, Deputy Minister of Industry and Trade Nguyen Cam Tu, the ASEAN has made significant progress on the implementation of the AEC since it was endorsed in 2007.

As of January 1, 2010, the ASEAN-6 achieved full liberalization of 99.65 percent of the total tariff lines and CLMV countries ( Cambodia , Laos , Myanmar and Vietnam ) had already established 98. 86 percent of their total tariff lines at 0-5 percent under the Common Effective Preferential Tariffs for ASEAN Free Trade Area ( CEPT-AFTA). "This is the most prominent outcome and important landmark for the ASEAN,"said Tu.

January 1 was also the date when the ASEAN saw the realization of its FTAs with China and South Korea, as well as the entry into force of the ASEAN-Australia-New Zealand FTA and the ASEAN-India Trade in Goods Agreement.

ASEAN leaders are also expected to approve two other important documents during the Summit, namely the Joint Response to Climate Change; and a Statement by the Summit Chairperson.