MANILA, Philippines - The Association of Southeast Asian Nations (ASEAN) High Level Task Force (HLTF) on Economic Integration is set to meet in Myanmar this week to discuss efforts to establish the ASEAN economic community (AEC) by 2015, the Department of Trade and Industry (DTI) said.
Trade undersecretary Adrian Cristobal, Jr. who will be attending the HLTF’s meeting today until tomorrow, told reporters the discussions will cover the steps being taken to set up the AEC.
“This HLTF is the body in ASEAN that looks into the deepening of economic integration in the region or regional economic integration so in the agenda, we will be updating each other on the AEC Blueprint 2015,†he said.
He said the meeting will also tackle issues on the negotiations for the Regional Comprehensive Economic Partnership, which aims to consolidate all the ASEAN plus agreements into one regional free trade network.
“And then we will make recommendations to the (ASEAN) ministers,†he added.
The AEC Blueprint serves as a guide for the region to establish the AEC.
The AEC seeks to establish a single market and production base, in which there is free flow of goods, services, investments, skilled labor as well as capital.
In line with the aim of regional economic integration, the ASEAN-6 member states Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand eliminated duties on 99.65 percent of traded goods since 2010.
The other four member states Cambodia, Lao People’s Democratic Republic, Myanmar and Vietnam meanwhile have 98.86 percent of their traded tariff lines reduced to zero to five percent.
In the Philippines, the DTI is conducting consultations with the private sector to be able to define the country’s trade and economic interests in the region.
The DTI likewise holds information sessions with businesses to help them become aware on how to take advantage of opportunities offered by the AEC.
The AEC is seen to open opportunities for businesses in the country in terms of having a market for exports and raw materials as well as having a source or destination for investments.