ASEAN will stay on course for regional economic integration - Mustapa Mohamed

Despite the fall in oil and commodity prices, weakening currency and external economic environment, ASEAN will stay on course, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

"We (economic ministers) all agreed that there will be no turning back on the regional economic integration programme, that we will stay on the course," he said in his opening address during the launch of 47th ASEAN Economic Ministers' (AEM) Meeting and Related Meetings at Kuala Lumpur Convention Centre.

He also said, regional economic integration will stay on course as ASEAN is committed in reducing the gap among member countries and engage more intensively with partner countries.

"Achieving this however, will require consensus and cooperation. As they say, the devil is in the details," he added while saying the challenge is to make the ASEAN Economic Community(AEC) more meaningful for the region's people and business communities.

Below are the five main points highlighted by Mustapa for ASEAN to prioritise to achieve economic integration:

ASEAN must continue to deepen economic integration by addressing domestic regulations and harmonising rules and regulations, harmonisation of standards and promoting greater transparency in the region.

Expedite the use of IT in facilitating intra-ASEAN trade and investments and providing an e-based platform for the private sector to do business in the region, including addressing trade complaints.

Continue efforts to narrow the development gap by strengthening sub-regional growth triangles and facilitating border trade and investments.

Further accelerate services liberalisation, including financial services and capital market integration to provide the required financial infrastructure and facilities for businesses, especially for Micro, Small and Medium Enterprises.

The need to see the private sector assuming a more proactive role in economic integration. Partnerships between the governments of ASEAN and the private sector will continue to be strengthened to achieve economic integration.