Ten ASEAN economic ministers will meet here on Sunday for a four-day meeting to discuss trade issues and deepening economic integration in Southeast Asia.
The 45th ASEAN Economic Ministers Meeting (AEM) will take place from August 18 to 21 at the International Convention Center in Brunei.
Aspirations towards fulfilling the ASEAN Economic Community ( AEC) will be of major significance during the AEM and related meetings. Ministers will look into ASEAN's progress in implementing economic integration commitments outlined in the AEC Blueprint, which was signed by leaders at the ASEAN Summit in Singapore.
The key agenda of the meeting will be reviewing the ASEAN's progress towards the goal of a single regional market by 2015, as well as the region's overall economic growth and progress in liberalizing trade of goods, services and investment. ASEAN leaders have said that progress on the ASEAN Economic Community blueprint is 76 percent complete, but that the hardest targets still need to be addressed.
In previous ASEAN summits, ASEAN leaders agreed to accelerate the development of the AEC by 2015 and transform ASEAN into a region with free movement of goods, services, investment, skilled labour and free flow of capital.
The AEC will also cover competition policy, intellectual property rights, infrastructure development, taxation, e-commerce, SME Development, coherent approach towards external economic relations regarding Free Trade Agreements and treaties and enhanced participation in global supply networks.
The ASEAN Business Investment, 3rd ASEAN Investment Forum and the 5th ASEAN-China Young Entrepreneurs Forum will also be held during the AEM.
After the AEM, Trans-Pacific Partnership (TPP) Ministerial Meeting and the 19th Negotiation Round will take place from August 22 to 31. Trade ministers from Asia-Pacific countries will be meeting here to discuss the proposed free trade pact, which includes Australia, Brunei, Chile, Canada, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, Vietnam and most recently, Japan.
