ASEAN given the thumbs up over AEC by EU

Acknowledging that it is not an easy feat to create a single market, EU-ASEAN Business Council Executive Director Chris Humphrey says, ASEAN member countries had displayed strong political will in this regard.

He said building an economic community is a process that could continue for many years.

"It took Europe 40 years to create a single market," he added, after launching the EU Malaysia Chamber of Commerce and Industry's (EUMCCI) annual policy and recommendation publication.

The event was held on the sidelines of the 26th ASEAN Summit here, today.

According to Humphrey, getting a wider agreement among member countries on the challenges to implementing measures towards a single market and tackling the problems, were two different elements.

"The issue is to be able to implement all measures on the ground. They do take some time because some countries require changes in their legislation or even constitution to make the AEC a reality.

"We need to accept the fact that they have to make changes (which will take time) especially in the domestic law," Humphrey said in response to a view that implementation of the AEC was moving at a slow pace.

ASEAN Leaders adopted the ASEAN Economic Blueprint at the 13th ASEAN Summit in 2007 to serve as a coherent master plan in guiding the establishment of the ASEAN Economic Community (AEC) 2015.

As of end-March, 90.5 percent of the measures towards the AEC, which included tariffs, investments, services, air transport, financial services, Customs procedures and standards, had been successfully implemented.

The remaining 9.5 percent comprises the 10th services package, single self-certification scheme, chapters with Japan and ASEAN single window.

Hence, Humphrey expressed the council's confidence in the AEC being achieved by year-end, based on the good progress to date.

Meanwhile, EU Malaysia Chamber of Commerce and Industry, Board Director/Chairman Fermin Fautsch said ASEAN had in fact done better than the EU, especially in the financial integration which remains an issue for Europe.

Moving forward, he urged ASEAN member countries to create greater awareness within the grouping towards ensuring that businesses and ordinary citizens understood the AEC better.

As for the Council, Humphrey said it will continue to support and encourage the community building process which started in 2003, by sharing EU's best standards, regulations and practices.

Established in 1967, ASEAN comprises 10 countries, namely, Brunei Darussalam,the Philippines, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam.