ASEAN economic ministers meeting kicks off in Myanmar

The 46th meeting of economic ministers of the Association of Southeast Asian Nations (ASEAN) and its related meetings kicked off in Myanmar's capital of Nay Pyi Taw Monday.

Myanmar is rotating chair of ASEAN this year.

Speaking at the opening of the four-day ASEAN Economic Ministers Meeting (AEM), Myanmar President U Thein Sein called on the member states to exert collective efforts for the regional economic integration through free flow of goods, free flow of services and investment, free flow of skilled labor and free flow of capital as envisaged in the ASEAN Economic Community (AEC) blueprint.

Telling the meeting that Myanmar is giving priority to carrying out the task for small and medium enterprises (SME) development, U Thein Sein said the capacity building programs for the four ASEAN member states -- Cambodia, Laos, Myanmar and Vietnam under the Initiative of ASEAN Integration (IAI) Phase-2 will contribute to narrowing the development gap among ASEAN member states and to accelerate the regional integration.

In order to operationalize the ASEAN Framework on Equitable Economic Development (AFEED), a monitoring report, being developed with the World Bank's technical assistance, will be tabled at the 25th ASEAN Summit to be held in November this year in Myanmar, he said.

He expressed welcome of the commencement of negotiation for the establishment of ASEAN-Hong Kong FTA to promote trade and investment, while also welcoming the negotiation on the Regional Comprehensive Economic Partnership (RCEP) in order to deepen and broaden the economic relations between ASEAN and its existing FTA partners in the future.

Observing that 82.1 percent has been completed on the implementation of AEC blueprint which is to be realized by 2015, he urged the ASEAN member states to make utmost efforts to implement the remaining measures in a timely manner.

He also called for increased awareness and involvement of the people and businessmen in the region on AEC.

He urged the member states to support Myanmar's endeavor in developing the ASEAN Principles for the Public-Private Partnership Framework during Myanmar's ASEAN chairmanship this year.

The Public-Private Dialogue on New Industries and the 2nd ASEAN- US Business Summit will be organized during the present AEM in order to create platforms for business to business and government to business engagement, he added.

The four-day 46th ASEAN Economic Ministers Meeting will discuss issues related to AEC, implementation of tasks by sectoral working groups, implementation over FTA agreements between ASEAN and its dialogue partners.

The ASEAN ministers will also discuss progress of their economic cooperation, focusing on the ASEAN's service liberalization and talks on the RCEP and the elimination of non- tariff barriers once the ASEAN international goes into effect in 2015.

Issues concerning service and investment liberalization with Japan, as well as upgrading its existing free-trade pacts with China and South Korea will be finalized at the meeting.

Moreover, ASEAN will sign four agreements on the liberalization of more service businesses and agree to amend FTA with Australia and New Zealand.

ASEAN will also sign an FTA with India and agree on the acceptance of accounting professionals among ASEAN members.

According to the agenda, the first day of the meeting will start with AEM-28th ASEAN Free Trade Area (AFTA) Council Meeting, AEM-17th ASEAN Investment Area (AIA) Council Meeting, 46th AEM and 12th ASEAN Economic Community (AEC) Council Meeting.

ASEAN comprises ten member countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The sessions will include partners from Australia, Canada, China, European Union (EU), India, Japan, Republic of Korea, New Zealand, Russia, the United States as well as ASEAN-Business Advisory Council, US-ASEAN Business Council and ASEAN-EU Business Council.