Equitable Economic Development Key to Success in ASEAN Economic Integration 2015

By Sou Sophornnara

Cambodia News

Siem Reap: Indonesian Minister of Trade Gita Wirjawan said it is important to handle issues related to Equitable Economic Development (EED) to implement the ASEAN Economic Community 2015.

Activities of initiative for the sub-regional area, development of small and medium enterprises (SMEs), food security, and ASEAN connectivity are parts of EED, in which SMEs are the main priority, he said.

“We need to pay serious attention in handling the issues related to EED because, they could be an impediment to the economic integration process and debilitate the achievement of integration of AEC 2015 and post 2015,” said Gita Wirjawan

Implementation of the ASEAN Framework on EED (AFEED) recorded significant development, marked by the commencement of the First ASEAN Conference on Financial Inclusion, which was held on 27-28 June 2012 in Jakarta Indonesia. The conference aims to assist narrowing the development gap through efforts of empowering SMEs. The Ministers also agree for the Senior Economic Officials Meeting (SEOM) to soon complete the implementation work program of AFEED.

On the second day of the 44th ASEAN Economic Ministers Meeting help in Siem Reap, Cambodia, the Ministers highlight the importance of the role and the involvement of the private sector especially in determining the regional strategy and in taking initiative steps in identifying problems that are faced in the forming of AEC.

With regards to this issue, Indonesian Minister of Trade underlines how important it is for each of the ASEAN countries to promote the AEC 2015 and its benefits to the private sector so that they could be actively involved in the implementation process of AEC 2015.

During the dialogue with the ASEAN Business Advisory Council (ABAC), the Ministers expressed their aspirations of increasing the role of the ABAC in mobilizing the involvement of entrepreneurs especially from SMEs in driving forward the achievement of AEC 2015.

Economic Ministers also exchange views on the progress of the global economic crisis recovery occurring in Europe (Eurozone) and the United States and its impact on the ASEAN economy. Though the global economic crisis is not severely affecting the ASEAN economy, it is important for the ASEAN Economic Ministers to commit in strengthening the centrality of ASEAN, among other means through implementing the AEC Blueprint commitment. 2

The Ministers also discussed ASEAN’s efforts in remapping the region’s architecture through the concept of Regional Comprehensive Economic Partnership (RCEP) which its framework was approved by the Heads of State/State Government of ASEAN in Bali.