Senior Minister of State Lee Yi Shyan's reply to the Parliament Question on the key progress achieved by ASEAN member countries towards the ASEAN Economic Community at the recent Asean Summit

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Question

Mr R Dhinakaran: To ask the Minister for Trade and Industry what is the key progress achieved by ASEAN member countries towards the ASEAN Economic Community at the recent Asean Summit.

Oral Answer by Mr. Lee Yi Shyan, Senior Minister of State for Trade and Industry

1. ASEAN Member States have made steady progress in building the ASEAN Economic Community (AEC) by 2015. We are strengthening customs and cross-border cooperation, enhancing trade facilitation initiatives, as well as eliminating tariff and addressing some non-tariff measures to facilitate and increase trade in goods. We are also working hard to complete the 9th package of commitments under the ASEAN Framework Agreement on Services, which will reduce services barriers, including the lowering of foreign equity limits. On investment, there are on-going activities aimed at improving ASEAN’s investment regimes and promoting ASEAN as a single investment destination.

2. At the 24th ASEAN Summit held in Nay Pyi Taw, Myanmar, from 10 to 11 May 2014, ASEAN Leaders reviewed the efforts made by ASEAN Member States and reaffirmed their commitment to intensify efforts to implement the remaining action plans, in order to establish a single market and production base.

3. ASEAN Member States are also working to develop the AEC’s post-2015 agenda. This is because economic integration is a journey, and the region needs to continue to follow the course on which it has embarked, even after 2015. ASEAN Member States recognise that integration is the only way forward if ASEAN wants to compete successfully in an increasingly globalised world.