ASEAN prepares for third meeting with Economic Community Council
April 7th, 2010 - 11:51 pm ICT by BNO NewsHANOI, VIETNAM (BNO NEWS) – The Association of Southeast Asian Nations (ASEAN) Economic Community Council (AECC) met for the third time, reviewing topics such as economic cooperation as they prepare for the upcoming 16th ASEAN Summit.
The AECC meeting, which was chaired by Vietnamese Minister of Industry and Trade Vu Huy Hoang, reviewed and evaluated the implementation of the ASEAN Economic Community Blueprint that was endorsed in 2007, as well as achievements in areas of investment, financial sector, tourism cooperation, food security and energy sector.
Nguyen Van Long, a senior official in Vietnam’s Ministry of Industry and Trade, mentioned that member countries have gathered efforts to implement signed agreements on tariff reductions, as ten member nations had already implemented over 98 percent of tariff reductions under the Common Effective Preferential Tariffs for ASEAN Free Trade Area.
Despite the efforts, ASEAN must overcome slow approval of the signed treaties and fight for agreed commitments to be brought into domestic law, said Long.
The AECC meeting wrapped up on Wednesday, as ASEAN is scheduled to hold its annual Summit in Hanoi, Vietnam from April 8-9. It is planning to establish an economic community by 2015.
ASEAN member countries include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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Tags: aecc, asean free trade area, asean member countries, asean summit, association of southeast asian nations, bno, economic community, economic cooperation, energy sector, financial sector, food security, hanoi vietnam, huy, member nations, minister of industry, nguyen van, southeast asian nations, tariff reductions, third time, tourism cooperation