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Home / Knowledge / News / Textiles / ASEAN Economic Community to trade in textiles, apparels, goods and capital by 2020

ASEAN Economic Community to trade in textiles, apparels, goods and capital by 2020

04
Jul '05
By 2020, the ASEAN Economic Community (AEC) will experience free trade and market access of goods, services, investment and a freer flow of capital, Ministry of International Trade and Industry (MITI) reported in its 2004 Report released here Monday.

According to the report, the region will be transformed into an attractive investment hub forming a large single market and production base.

Agreement has been reached for free trade integration of 11 priority sectors like rubber based products, textiles and apparels, wood-based products, automotive products, agro-based products, fisheries, electronics, e-ASEAN, healthcare products, air travel and tourism.

Harmonisation of product standards and technical regulations as well as establishment of mutual recognition of test reports and certification has also been undertaken, currently.

Several Mutual Recognition Arrangements (MRAs) are being worked out at present covering both, products and services of interest to ASEAN, said MITI.


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