(Reuters) — Economic Ministers of 10 member states of the Association of Southeast Asia Nations (ASEAN) kicked off a three-day meeting in Malaysia on Saturday (August 22).
The meeting was hosted by Malaysia.
The 47th ASEAN Economic Ministers’ Meeting and related meetings are to deliberate on the implementation of the ASEAN Economic Community (AEC) measures, especially the completion of commitments agreed to under the AEC 2015 Blueprint.
The 10 nation bloc is set to announce the establishment of ASEAN community by the end of this year based on three issues: political-security community, economic community and socio-cultural community.
“It is heartening to note that more than 91 percent of the AEC Blueprint measures have been implemented. We have another 46 measures to work on. And we are working to address these issues and we are committed to delivering on our pledge,” said Malaysian International Trade and Industry Minister Mustapa Mohamed at the opening ceremony
The ASEAN Community’s Post-2015 Vision, the bloc’s roadmap for the next 10 years, is also expected to be adopted this year.
“I must admit that the establishment of the AEC at the end of this year does not imply that come January 1, 2016, all red tape gets untangled, trade and investment flows freely across borders and that there will be free movement of people and harmonization of standards,” Mustapa said
“But what the establishment of the AEC means is that ASEAN is reaching one of the key milestones on the ASEAN journey. The end of 2015 is by no means the end of the journey. It is the conclusion of one very important phase and the beginning of another,” he added
ASEAN, established on August 8, 1967, groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
ASEAN’s dialogue partners, including China, will join the meetings to discuss ways to strengthen economic ties including trade and investment.