Asean economic ministers to meet in Singapore

MANILA, Philippines - The Association of Southeast Asian Nations (ASEAN) economic ministers are meeting this week to outline plans for the year in line with the region’s economic integration in 2015.

Trade Secretary Gregory Domingo told reporters he is meeting with other ASEAN economic ministers in Singapore this week to discuss plans for the year.

 â€œThis (meeting) is to determine what we want to achieve this year. Part of the discussions will be the RCEP (Regional Comprehensive Economic Partnership) and the AEC (ASEAN Economic Community) 2015,” he said.

The RCEP aims to consolidate all ASEAN plus agreements into one regional free trade network.

The AEC, to be established in 2015, would transform ASEAN into a region with 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.

For the AEC, Domingo said the economic ministers would focus on services and investments.

He said discussions would also cover banking and financial services.

“These are the difficult areas,” he said.

He noted that while the Philippines may have some restrictions in terms of entry of foreign investors, other countries in the region also have their own set of limitations.

 â€œThe Philippines is not unique in terms of that limitation,” he said.