ASEAN fast-tracks agreements to meet 2015 deadline

MANILA (AFP) - The Association of Southeast Asian Nations (ASEAN) must fast-track trade and investment agreements if it is to meet the 2015 deadline for an integrated economic community, officials said Thursday.

This comes after ASEAN leaders agreed to accelerate the creation of an ASEAN Economic Community from the original target date of 2020 to 2015, said ASEAN Secretary General Ong Keng Yong.

"Shortening of the end-goal means many of the 12 agreed (ASEAN investment) proposals would now have to be accelerated," said Ong.

"There will be a lot of pressure on us, to speed up the completion of these proposals," he said without going into details.

Among the 12 proposals being considered include the integration of the electronic, automotive and grament sectors by 2010 and the integration of the region's logistics services sector.

Philippine Trade and Investment Secretary Peter Favila, who was chairing a meeting of ASEAN economic officials in Manila said 10 issues have been identified as do-able by the ASEAN Investment Area (AIA) council but added he could not go into specific details.

Ong said moving the deadline for the ASEAN community to 2015 had accelerated the various free trade agreements being worked out by ASEAN members and other countries like China, Japan, South Korea, India and possibly even the European Union.

He said that despite the huge attraction of China and India as investment destinations, the ASEAN region would continue to attract investment as well.

He cited services as a potential growth area for ASEAN, saying most ASEAN members had a young, well-educated population.