ASEAN Economic Ministers Discuss Regional Economic Cooperation

Home>>World

Last updated at: (Beijing Time) Friday, September 13, 2002

ASEAN Economic Ministers Discuss Regional Economic Cooperation

The Association of Southeast Asian Nations (ASEAN) was urged Thursday to extend the frontiers of cooperation to benefit fully from globalization.

DISCUSSION

CHINESE

SEND TO FRIEND

The Association of SoutheastAsian Nations (ASEAN) was urged Thursday to extend the frontiers of cooperation beyond its to benefit fully from globalization.

Opening the 34th ASEAN Economic Ministers meeting in Bandar Seri Begawan, Brunei Darussalam, Brunei Sultan Hassanal Bolkiah said if ASEAN wants to benefit fully from globalization, collaboration with other economic players in the region and beyondwas necessary.

According to a report of Malaysia National News Agency, the Sultan said that every constructive relationship with other countries and other regions will help strengthen the framework of economic cooperation and allow ASEAN to be more effective in addressing future challenges and opportunities.

In this respect, he encouraged various efforts currently undertaken by ASEAN in supporting the ASEAN-China Free Trade Area,economic cooperation with the plus three partnerships -- China, Japan and Korea as well as Australia and New Zealand.

Sultan Hassanal Bolkiah said though economies in the region arealready recovering from the after shocks of the Asian financial crisis and the Sept. 11 terrorist attacks, "We still face challenges in becoming a key global player."

Among others, he said, foreign direct investments had dwindled significantly from the pre-crisis levels and even though the ASEANFree Trade Area had been realized for six ASEAN countries, growth in intra-ASEAN trade had yet to increase significantly.

Consequently, the Sultan said the confidence of foreign investors has to be restored and the cost of doing business in theregion would have to be minimized.

"You have already progressed in the right direction by undertaking to reduce non-tariff barriers as well as by bringing in harmonized or mutually recognized standards and professional qualifications and also by simplifying customs procedures," he said.

He also commended efforts by ASEAN to forge ahead by placing greater emphasis on closer economic integration within ASEAN and to draw up the roadmap for the integration of ASEAN.

It is reported the main topics of the three-day meeting includeintra-ASEAN economic cooperation and the framework of setting up China-ASEAN Free Trade Area.

ASEAN comprises Malaysia, Singapore, Thailand, the Philippines,Indonesia, Brunei, Myanmar, Vietnam, Cambodia and Laos.

Questions?Comments? Click here

Japanese Court Dismisses Germ Warfare Victims' Damages Claim ( 94 Messages)

China Plans to Stop the Overeas Flight of Corrupt Officials ( 69 Messages)

China Blocks the Way of Corrupt Officials Fleeing Overseas ( 5 Messages)

Survey Discloses Bad Service of Domestic Banks ( 4 Messages)

Quantitative Study Uncovers US Media Blackout: China Youth Daily ( 25 Messages)