BRUNEI DARUSSALAM, (PNA) — The leaders of the Association of Southeast Asian Nations (ASEAN) reiterated the need to enhance the region’s competitiveness and to continue deepening its economic integration to meet its targets in 2015.
In a statement at the conclusion of the 23rd ASEAN Summit here, Sultan Hassanal Bolkiah of Brunei said the regional block is pleased with the continued robust performance of each country’s economy.
“Last year, ASEAN grew by 5.7 percent and was able to maintain its level of Foreign Direct Investment (FDI) inflows at US$ 108.2 billion as well as the recorded US$ 2.47 trillion in total merchandise trade.
Against the backdrop of weaker global growth, regional growth is expected to moderate in the immediate term.
Nonetheless, in the longer term, economic activities in the region are expected to remain robust,” Bolkiah said in a statement released Thursday.
ASEAN, Bolkiah said, was encouraged by the progress of the ASEAN Economic Community (AEC), where 279 measures (79.7 percent) of the AEC Blueprint have been implemented.
“Recognizing the challenges being faced in implementing the AEC, we further agreed to intensify our efforts in those areas under the AEC with high impact to ensure credible integration results by 2015,” he said in a statement.
In this regard, he said ASEAN welcomed the progress in trade and investment liberalization and facilitation initiatives in the region, such as the on-going work to streamline Non-Tariff Measures (NTMs) and to address Non-Tariff Barrier (NTB) effects of NTMs through National level and Regional level Work Programmes on NTMs, efforts to deepen services integration through the ASEAN Framework Agreement on Services, especially the 9th Package of Services commitments and the enhancement of the AFAS, as well as the implementation of the ASEAN Comprehensive Investment Agreement.
The group also supported the development of effective rules and regulations, such as on competition policy and intellectual property rights, to foster a more competitive region.
At the same time, he said ASEAN remains committed to the facilitation of the movement of ASEAN nationals to complement trade and investment facilitation work.
It is also important to promote financial literacy among the region’s people and ASEAN welcomed the outcomes of the ASEAN Financial Literacy Conference held in Brunei Darussalam last September.
“We also intensified our efforts to build stronger integrated financial markets. We believe that robust capital markets are important to ensure financial stability, efficient allocation of capital, harness foreign capital inflows, and develop new investment vehicles in the region,” he said.
To enhance regional transport services, the ASEAN needs to strengthen intra-ASEAN maritime and shipping services, including the establishment of a task force to monitor and promote the implementation of the ASEAN Single Shipping Market and the progress of the ASEAN Single Aviation Market particularly on the development of a framework on Ramp Inspection, Aviation Security joint exercise and the ASEAN Regional Contingency Plan.
Also during the summit, leaders expressed their determination to continue enhancing ASEAN energy cooperation to address major energy challenges and thus, ensure a secure and reliable energy supply to the ASEAN region.
Ensuring regional food security is essential for ensuring broader security of the people in the region, Bolkiah said. He said leaders noted the on-going progress and achievement made in the implementation of the ASEAN Integrated Food Security Framework and its Strategic Plan of Action 2009-2013.
“We supported the initiation of the work on developing the post-2015 vision, objectives and goals of the ASEAN Cooperation in Food, Agriculture and Forestry sector towards 2020,” he said in the statement.
The regional grouping also realized the potential of SMEs to increase their contribution to the region’s economic development and to promote inclusive growth.
In this regards, ASEAN leaders welcomed the revision of the ASEAN Strategic Action Plan for SME Development 2010-2015 as part of rigorous efforts to align its work with the dynamic economic landscape and regional architecture, as well as the development of a draft Strategic Roadmap to enhance SMEs across the region.
The leaders also welcomed the progress on works aimed at integrating ASEAN into the global economy, particularly through the implementation of the ASEAN+1 FTAs, the on-going negotiations for the Regional Comprehensive Economic Partnership and preparations for the ASEAN-Hong Kong Free Trade Area negotiations.
Philippine President Benigno S. Aquino III joined fellow ASEAN leaders and other dialogue partners in the two-day ASEAN summit here.
Immediately after the closing ceremonies, the President left for Manila Thursday evening.