Prospects remain bright for EAGA after 9 years

DAVAO CITY — Prospects remain bright for the Brunei, Indonesia, Malaysia and the Philippines — East Asean Growth Area (BIMP-EAGA) geo-economic grouping nine years after it was formally created and having gone through major economic setback during the Asian economic crisis in the late 1990s and the present US-led war against Iraq.

EAGA, which has a market base of over 60 million consumers, comprises the sub-national economies of East Indonesia, East Malaysia, Brunei Darussalam with Mindanao and Palawan as component areas for the Philippines. The economic cooperation was primarily created as a key strategy for strengthening islands and sub-regions that lagged behind the economic capitals of each of the participating countries.

"We are keeping the faith on EAGA, the cooperation is still going strong despite the setback it experienced during the Asian financial crunch and what is now happening in Iraq. The prospects for EAGA remain bright," said Trade and Industry Region XI director Merly Cruz. Cruz, who is also currently a consultant of the Asian Development Bank (ADB) on SMEs in the EAGA. She said the cooperation among the member countries of the growth area has remained strong and has become very relevant even after nine years since it started.

At least 14 working groups have also been established to address the different concerns in the EAGA involving various sectors such as tourism, fishing and agriculture, construction and construction materials, human resource development as well as environment and customs procedures.

"All these working groups are still active and cooperation is still ongoing among the national secretariats of the four countries," Cruz said.

Former East Asean Business Council country director Sebastian Angliongto cited the major strides EAGA has undertaken through the years which he said had solidified further their economic cooperation.