ASEAN vows to stay on course on economic integration

The upcoming meetings will also touch on the progress in the enhancement and upgrade of ASEAN-China Free Trade Agreement.

Falling oil and commodity prices, currency volatility and dim export growth took centre stage when ministers from 10 Asean members met at a working dinner on Friday ahead of their formal meeting, Mustapa said.

“Despite these challenges, we all agreed, that there will be no turning back on regional economic integration program, that we will stay the course”, he said in the opening address of the meetings.

Asean aims to announce the formation of the Asean Community at the end of this year, which will comprise three core pillars, namely the Asean Political Security Community (APSC); Asean Economic Community (AEC) and Asean Socio-Cultural Community (ASCC). ASEAN’s total GDP is now estimated at $2.7 trillion, according to a MITI press release.

Chinese President Xi Jinping proposed during his visit to some Southeast Asian countries in 2013 that China and ASEAN countries make joint efforts to build the 21st Century Maritime Silk Road, which Gao said is an important measure to realize common development and prosperity in countries both in and outside the region for peace and stability for all.

An example of a true Asean identity, Director of Dale Lokman Associates Datuk Mahadzir Lokman said the younger generation from should work hand-in-hand with all other nine countries together with the Asean secretariat to achieve the ASEAN theme, ‘Our People, Our Community, Our Vision’.

“I must admit that the establishment of the AEC at the end of 2015 does not imply that come Jan 1, 2016, all red tape gets untangled and that trade and investment will flow freely across borders, and that there will be free movement of people and harmonisation of standards”.

It was reported at the meeting that to date, ASEAN has fulfilled 91 percent of measures in the AEC blueprint and 46 remaining ones will be implemented soon.

The private sector would also be invited to step in and play its role to lead the Asean initiative going forward.

During AEM, Mustapa will chair the Asean Economic Ministers Consultations with Asean’s dialogue partners and economic ministers from China, Japan, Korea, Australia, New Zealand, India, Canada, Russian Federation and the United States of America.

Despite the sluggish global economic environment and China’s undergoing a “new normal” in its economy that demands shifting its development model to a more balanced and sustainable one, the trade between China and ASEAN increased by 1.6 percent to 224.38 billion U.S. dollars in the first half of 2015.

Mustapa did not discount that the issue would emerge in bilateral talks between the participating countries.

The 12 TPP countries failed to reach an agreement during their much-anticipated ministerial meeting in Hawaii last month, leading to scepticism if a deal could be struck by year-end.