ASEAN leaders pledge to realize economic community

ASEAN leaders on Sunday vowed to intensify their efforts in realizing the ASEAN Economic Community (AEC) by 2015 and implement a number of initiatives to achieve a single market and production base.

The leaders of the 10-member regional bloc made the pledge in the Nay Pyi Taw Declaration on Realization of the ASEAN Community by 2015 adopted at the 24th ASEAN Summit.

The initiatives include trade facilitative ones such as the ASEAN self-certification system and the ASEAN Single Window, the ASEAN Customs Transit System as well as other measures meant to allow free flow of goods, services, investment and skilled labor and freer flow of capital across the region.

The leaders also agreed to continue undertaking concerted action towards realizing regional transport connectivity initiatives, and to accelerate efforts in enhancing regional connectivity through the implementation of the Master Plan on ASEAN Connectivity, which they believe is critical in creating a more efficient regional market, strengthening ASEAN competitiveness and advancing the community building process.

According to the declaration, the leaders pledged to ensure a competitive ASEAN through improved policies and regulations for competition, as well as intellectual property and consumer protection that foster open and efficient markets.

They agreed to further promote equitable economic development by assisting ASEAN member states in meeting the commitments for economic integration, conducting the ASEAN Framework on Equitable Economic Development and advancing the interests of small and midsize enterprises and entrepreneurs in the region.

The AEC, initiated in 2003, aims to create a single market and production base with a population of over 600 million. It would be the culmination of the regional grouping's economic efforts since the 1990s.

According to latest figures from the ASEAN Secretariat, around 80 percent of all action lines towards the AEC have been completed.