ASEAN calls for deeper economic integration to build Economic Community

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Leaders from the 10 ASEAN member countries on Wednesday said the regional bloc should deepen economic integration to further promote the ASEAN Economic Community (AEC) building process, according to the Chairman's Statement of the 23rd ASEAN Summit.

Noting that 79.7 percent of the AEC Blueprint has been implemented, the leaders said efforts must be intensified to enhance ASEAN's competitiveness and continue to deepen and broaden economic integration so as to meet the set targets in a timely manner.

The leaders called for further investment liberalization and facilitation in the region, highlighting areas of cooperation such as non-tariff measures and services integration. They also called for development of effective rules and regulations to foster a more competitive region.

They vowed to build stronger integrated financial markets and spur infrastructure development in the region to strengthen regional physical connectivity, and narrow the infrastructure development gaps among ASEAN members, besides strengthening intra- ASEAN maritime and shipping services.

They emphasized the need to further integrate ASEAN into the global economy, especially through implementation of ASEAN+1 free trade areas and negotiations for the Regional Comprehensive Economic Partnership and preparations for the ASEAN-Hong Kong Free Trade Area negotiations.

ASEAN member countries also eyed to facilitate the movement of ASEAN nationals, business persons and tourists in the region to complement the trade and investment facilitation work. They reiterated the importance of promoting financial literacy amongst people in the region.

The Chairman's Statement said leaders vowed to enhance energy cooperation in order to address energy challenges and ensure a secure and reliable energy supply for the region. They would make greater efforts to ensure regional food security, which leaders say is essential for broader security of the people.

The leaders also called for realizing the potential of small and medium-sized enterprises to increase their contribution to the region's economic development and to promote inclusive growth.

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