Asean meet aims to achieve economic integration

05 Sep '07

2 min read

The just concluded 39th Asean Economic Ministers' Meeting focussed on the way forward to achieve both Asean Economic Integration to evolve the Asean Economic Community by 2015, and the greater East Asia Economic Integration with a possible East Asia Free Trade Area.

Within Asean, both Malaysia and Singapore have complied with the requirement for the Asean-6 to eliminate duties on, at least 80 percent of products under the CEPT Scheme, with Malaysia having eliminated duties on 81.1 percent of products.

Utilization of the CEPT Scheme by Malaysian exporters have increased Malaysia's exports under the scheme to Asean by 28.5 percent in 2006 to RM14.17 billion previously.

Malaysia, like Singapore is committed towards making the Asean region a production and export base, and an “investment destination” which is as seamless as possible and to ensure that Asean serves as the economic axis and the engine of growth for the greater East Asean region.

It is both in the bilateral context and the context of regional collaboration and integration that the respective business communities of Singapore and Malaysia can find new and dynamic business opportunities, particularly those created by the various initiatives and programmes, spearheaded by the Asean Governments.

While there will be areas in which companies from both countries will continue to compete in the regional and global markets, there are other areas and activities which lend themselves to mutually beneficial business collaboration and strategic cooperation at any or all levels of business operations.

It is clear that as market competition becomes more keen, industry competitors and rivals have found it a viable strategy to forge alliances and to work together rather than dissipate resources by competing, particularly in sectors and markets, where experience, strength, and resilience can provide that competitive edge.

Bilateral economic linkages between Malaysia and Singapore continue to strengthen.

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Ministry of International Trade and Industry

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