Economic
ministers agree to establish Asean+6 FTA by 2015
The Cambodia Herald 23-08-2013
Bangkok -- The 16 economic ministers of Asean+6 have agreed to finalise the
Regional Comprehensive Economic Partnership by 2015, when the Asean Economic
Community takes full effect.
"The ministers
agreed that this free-trade agreement should be a single schedule of commitment
that should not be separately negotiated by some countries," Thai Commerce
Minister Niwatthumrong Boonsongpaisan said yesterday.
The ministers from 16
countries joined their first ministerial meeting and the 45th ASEAN Economic
Ministers Meeting in Brunei this week.
The RCEP will become
the largest free-trade area with 3.35 billion people, or more than half of the
world population. Its gross domestic product would be US$17.1 trillion (Bt538
trillion), or 27 per cent of global GDP. Combined trade is worth $740 billion,
he said.
The RCEP comprises
the 10 ASEAN nations and China, South Korea, Japan, India, Australia and New
Zealand.
The second round of
RCEP negotiations by officials is set for September 23-27 in Brisbane,
Australia.
During the AEM
meeting in Brunei, ASEAN member states also agreed to encourage each country to
cut at least one non-tariff barrier a year.
Malaysia and Indonesia were urged to reduce their high duties on alcoholic beverages by 2015. If both countries do not want to cut import tariffs, they should at least lower excise taxes to show their sincerity in dismantling trade barriers.
Malaysia and Indonesia were urged to reduce their high duties on alcoholic beverages by 2015. If both countries do not want to cut import tariffs, they should at least lower excise taxes to show their sincerity in dismantling trade barriers.
Vietnam and Cambodia
have been called on to minimise duties on petrochemical products.
Asean countries have
been advised to accelerate integration plans for the AEC. The ministers also
agreed to the 10th pact of service business liberalisation among ASEAN members.
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