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ASEAN Leaders call for deeper economic challenges, Singh urged ASEAN and India
integration to build the ASEAN to sign an ASEAN-India Trade in Services
Economic Community (AEC). During the and Investment Agreement before the
23rd ASEAN Summit held on end of the year. India is also engaged in
9 October 2013 in Bali, Indonesia, negotiations on the RCEP with ASEAN
Leaders from the 10 ASEAN member that aims to create the world's largest
countries called on the regional bloc to free trade area encompassing the major
deepen economic integration to further Asian economies by 2015. (14 October
promote the AEC building process. 2013, ASEAN Affairs website)
Noting that 79.7 percent of the AEC
Asian Development Bank (ADB) voices
Blueprint has been implemented, the
concern over Trans-Pacific Partnership
Leaders said efforts must be intensified
(TPP) agreement. The ADB expressed
to enhance ASEAN’s competitiveness
concern over the "ambitious and wide-
and continue to deepen and broaden
ranging" agenda of the TPP, a proposed
economic integration so as to meet the
regional free trade agreement (FTA)
set targets in a timely manner. The
under negotiations between the United
Leaders also called for further
States, Japan and 10 other countries
investment liberalization and facilitation
namely Australia, Brunei, Chile, Canada,
in the region, highlighting areas of
Malaysia, Mexico, New Zealand, Peru,
cooperation such as non-tariff measures
Singapore and Vietnam. In its Asian
and services integration. They likewise
Economic Integration Monitor (AEM)
emphasized the need to further
publication, a semi-annual review of
integrate ASEAN into the global
Asia's regional economic cooperation
economy, especially through
and integration, the ADB expressed the
implementation of ASEAN+1 free trade
view that the year-end deadline for TPP
areas and negotiations for the Regional
to conclude the talks will likely be
Comprehensive Economic Partnership
missed. The report also casts doubt on
(RCEP), as well as preparations for the
the ASEAN’s RCEP with Australia, China,
ASEAN-Hong Kong Free Trade Area
India, Japan, South Korea and New
negotiations. ASEAN member countries
Zealand being completed by its target
also eyed to facilitate the movement of
date of 2015. The TPP and RCEP are two
ASEAN nationals, business persons and
major free trade agreements in the
tourists in the region. (10 October 2013,
offing which involve ASEAN or some
Xinhua news via ARIC)
ASEAN members. The report further
noted that while ASEAN has embarked
ASEAN-India strengthen ties, commit to
on a combination of multilateral and
increase bilateral trade. India has
unilateral measures to reduce barriers to
unveiled plans to open a separate
trade, goods and services and promote
diplomatic mission for ASEAN to deepen
investments, the proliferation of ASEAN
relations and push trade to
FTAs does not effectively address
US$100 billion by 2015. Indian Prime
regulatory barriers and other non-tariff
Minister Manmohan Singh made the
barriers (NTBs). These NTBs include
announcement at the 11th ASEAN-India
product standards, mutual recognition
Summit held on 10 October 2013 in
agreements on services and investment,
Indonesia. Addressing the Summit,
intellectual property rights, and
Prime Minister Singh emphasized that
government procurement rules -- which
India considers ASEAN the foremost
are all important for regional economic
forum for promoting peace, stability and
integration. The report also criticized
prosperity in the dynamic Asia-Pacific
RCEP's guiding principles which include a
region. Given the increasing economic
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“flexibility clause” that allows for special
and differential treatments plus
additional leeway to the less developed
ASEAN member states. The ADB views
that while such clause can help break
deadlocks and protect disparate self-
interests, it can also limit or even curtail
progress in achieving greater
liberalization. (24 October 2013 website
via ARIC)
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