Asean's efforts at economic integration to create more opportunities for businesses

The Association of South-East Asian Nations' (Asean) efforts at economic integration have helped to anchor the grouping's relevance to the world, said Singapore Minister for Trade and Industry, Lim Hng Kiang.

Lim said the efforts had also been instrumental in creating more opportunities for businesses operating in the region.

"Asean must sustain this good momentum and build on the positive inroads made," he said at the opening of the Financial Times Asean Economic Summit here Wednesday.

Lim said Asean's ability to fully realise its potential depended fundamentally on its efforts in regional integration.

He said most Asean countries were too small individually to be game-changers in the global market.

"But as an integrated region, we can benefit by leveraging our collective strength in responding to external challenges.

"We stand today on the brink of very exciting times for Asean as we draw closer to the vision of an Asean Economic Community (AEC) in 2015.

"If the AEC vision was aspirational when it was first conceived, it is now an imperative. This has prompted an increased momentum in efforts to realise a truly integrated and competitive region," he said.

With close to 80 per cent of prioritised measures identified for 2013 already implemented, Lim said, the journey towards an AEC was well on course.

Over the next one year, Asean would step up its efforts to realise the high-impact action plans, he said.

"These include addressing non-tariff bariers, realising the customs single window, as well as deepening services and investment liberalisation," he said.

'Behind-the-border' issues such as improving trade facilitation and harmonising standards and conformance would also be placed at the forefront of Asean's economic agenda, he said.

"These remaining issues are challenging, but would offer the most benefits for our businesses and peoples," he said.

Overall, he said, Asean was moving in the right direction towards greater economic integration.