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Minister Lim Hng Kiang to attend the 39th ASEAN Economic Ministers (AEM) Meeting in Manila, Philippines, 23 - 27 August 2007

22 August 2007

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MINISTER LIM HNG KIANG TO ATTEND THE 39TH ASEAN ECONOMIC MINISTERS (AEM) MEETING IN MANILA, PHILIPPINES, 23 – 27 AUGUST 2007

Minister for Trade and Industry, Mr Lim Hng Kiang will be in Manila, Philippines to attend the 39th ASEAN Economic Ministers (AEM) Meeting and related meetings from 23 to 27 August 2007.

The AEM will discuss matters on regional economic integration and focus on work towards achieving an ASEAN Economic Community (AEC) by 2015. The AEM will finalize a Declaration on the ASEAN Economic Community Blueprint that ASEAN Leaders are to sign at the upcoming ASEAN Summit in November 2007 in Singapore. The Blueprint is the product of ASEAN’s work to develop a comprehensive and ambitious document that charts ASEAN’s journey towards an AEC by 2015. The Blueprint identifies economic integration measures that ASEAN is committed to implement, along with targets and timelines for implementation. The aim is to realize a single market and production base in a stable, prosperous and highly competitive ASEAN economic region, in which there is a free flow of goods, services, investments and skilled labor, and a freer flow of capital, along with equitable economic development and reduced poverty and socio-economic disparities.

The AEM will also sign the Sectoral Integration Protocol for Logistics to formalize measures to accelerate economic integration of this sector. With this, the logistics sector will be added as the 12th priority sector in ASEAN. The business community can expect to benefit from measures on progressive liberalization of the logistics sub-sectors by 2013, trade and customs facilitation, and enhanced transparency of logistics-related regulations. The existing 11 priority sectors are : agro-based products, air travel, auto motives, e-ASEAN, electronics, fisheries, healthcare, rubber, textiles, tourism, and wood-based products.

To ensure that ASEAN agreements remain relevant and effective in light of developments in regional and global business processes, Ministers will also discuss the approach and principles to enhance the ASEAN Free Trade Area Common Effective Preferential Treatment Scheme (AFTA CEPT Scheme) and the ASEAN Investment Area Agreement (AIA Agreement).

The ASEAN Economic Ministers will also meet economic ministers from China, Japan, India, Australia and New Zealand to discuss issues relating to ASEAN’s progress on FTA negotiations and economic relations with Dialogue Partners. They will also have dialogues with the ASEAN-Business Advisory Council and the US-ASEAN Business Council to obtain views and feedback from the business community.

Minister Lim will be accompanied by officials from the Ministry of Trade and Industry and the Economic Development Board.


MINISTRY OF TRADE AND INDUSTRY
22 AUGUST 2007

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