Asean trading link goes live in September

Wednesday, Aug. 29 2012
JEREMY GRANT
SINGAPORE — Financial Times

A share-trading system linking key markets in the Association of Southeast Asian Nations (Asean) is expected to go live next month after regulators approved the launch of a first stage of the project linking the Singapore and Malaysian bourses.

The project, known as the “Asean Trading Link,” is part of a vision by Asean policy makers to unite the capital markets of the 10-member bloc, which has an economy bigger than India’s.

Asean’s capital markets regulators have agreed on a “road map” for integration of the region’s capital markets by 2015. This would ultimately allow the creation of Asean “as an investable asset class,” according to the Singapore Exchange, one of the link’s main backers.

ASEAN to launch free-trade talks in November, promote regional growth

Tuesday, July 24, 2012
By Petchanet Pratruangkrai, The Nation/Asia News Network

The Association of Southeast Asian Nations (ASEAN) will this November launch free-trade negotiations with six major trading partners to promote regional growth amid the slowdown of Western economies.

The formal announcement is expected to be made at the ASEAN Leaders Summit in Cambodia. The negotiations are expected to be wrapped up by 2015, when the ASEAN Economic Community is scheduled to be fully implemented.

Srirat Rastapana, director-general of the Trade Negotiations Department, said last week that ASEAN countries and the private sector envision the ASEAN+6 pact as paving the way for stimulating economic growth and helping to balance economic expansion between Eastern and Western countries.

ASEAN+6 will offset the power |of the U.S.-led Trans-Pacific Partnership Agreement, which is gathering nine trade members in Asia-Pacific. The group will also be an important stepping stone to achieving the Free-Trade Area of the Asia-Pacific before 2020.

EU to strengthen trade, investment relations with South-East Asia

PHNOM PENH, March 28 (Xinhua) -- The European Union aims to open up new trade and business opportunities in this fast growing region and create strong partnerships which support ASEAN's economic integration.

In a statement released Wednesday by EU office in Cambodia, it said the European Union Trade Commissioner Karel De Gucht will head to Cambodia on Thursday to meet with ASEAN economic ministers and attend the second ASEAN-EU Business Summit on April 1.

"EU is increasing its economic ties with South-East Asia by opening negotiations for free trade agreements with Singapore and Malaysia in 2010 and remains open to start negotiating similar comprehensive free trade agreements with other partners in the region," the statement said.

Sam Rainsy addressed NA meeting on draft law on Asean Trade in Goods Agreement

Part 1

Part 2

On August 18, 2009, oppositon leader Sam Rainsy addressed National Assembly meeting on draft law on Asean Trade in Goods Agreement.

Asean rift on rice, sugar

August 15, 2009
By Petchanet Pratruangkrai
The Nation

Other Asean countries have pressured Indonesia, Malaysia and the Philippines for a reduction in their tariffs on highly sensitive products, including rice and sugar, under the Asean Free Trade Agreement (Afta).

They fear that failure to do so will affect progress towards the goal of an Asean Economic Community.

The move came after the three countries' failure to fulfil Afta commitments for substantive reductions in tariffs, thus potentially prolonging the process of integration under a single market.

A senior Commerce Ministry source said yesterday that during the current Asean Economic Ministers Meeting, there had been a call from other member countries for Indonesia, Malaysia and the Philippines to fulfil the grouping's commitment to bring down import tariffs on rice and sugar.

"Other Asean members fear that the breaking of the commitment will create conflict among Asean countries. They would focus on seeking compensation in solving disputes between each other, if the three nations did not follow through on the commitment," said the source.

Under Afta, the three countries have kept rice and sugar on lists of highly sensitive products, maintaining high tariffs on those items.

Indonesia has only committed to cutting its tariff for rice to 25 per cent in 2015, and the tariff on sugar from 30-40 per cent to 5-10 per cent in the same year.

Malaysia has only committed to lowering its tariff for rice from 40 per cent to 20 per cent next year, while the Philippines has retained a high import duty of 40 per cent on rice import under the World Trade Organisation. The latter has also restricted its import quota to 350,000 tonnes a year.

Thailand, Singapore and Brunei, meanwhile, have committed to bringing down tariffs to between zero and 5 per cent for highly sensitive products next year, while Laos, Burma, Cambodia, and Vietnam will delay tariff reductions on seven highly sensitive products for a further five years.

According to a Commerce Ministry report, Thailand will suffer the most if Malaysia, Indonesia and the Philippines do not further reduce their import duties on rice and sugar. Sugar exports to Indonesia would be especially affected.