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12 Aug, 2015

47TH ASEAN Economic Meet in Kuala Lumpur to finalise formation of AEC

KUALA LUMPUR, Malaysia Aug 11 (NNN-Bernama) — The 47th ASEAN Economic Meeting, to be held here from Aug 22 to Aug 25, will put the finishing touches to the formal establishment of the ASEAN Economic Community (AEC) by year-end.

Minister of International Trade and Industry, Mustapa Mohamed, said the meeting will discuss the implementation of the AEC measures, especially the completion of commitments agreed under the AEC 2015 Blueprint.

“The meeting would also develop the ASEAN Post-2015 Economic Vision 2025 and Strategic Action Plans for the next 10 years and the development of the ASEAN Small and Medium Enterprises Master Plan 2016-2025.

“The AEC seeks to formally establish a single market and production base among the 10-member states of ASEAN,” he said in a statement Tuesday.

Mustapa said the integration of national economies into a single regional bloc would create a seamless trade and investment regime in ASEAN.

“It will propel ASEAN’s economy into a global powerhouse with its gross domestic product (GDP) to rise to US$4.7 trillion by 2020 from US$2.7 trillion currently,” he said.

Mustapa will chair the ASEAN Economic Ministers Consultations with ASEAN’s dialogue partners which would involve economic ministers from China, Japan, South Korea, Australia, New Zealand, India, Canada, Russia and the US.

The ASEAN economic ministers will also be meeting with representatives from the ASEAN Business Advisory Council, East Asia Business Council, Federation of Japanese Chambers of Commerce and Industry in ASEAN, US-ASEAN Business Council, Canada-ASEAN Business Council and the ASEAN-India Business Council.

In addition, the EU-ASEAN Business Summit and the East Asia Investment Forum will be held on Aug 23 and Aug 24 respectively.

The meetings will include discussions on enhancing economic linkages with ASEAN dialogue and sectoral partners.