Tuesday, August 22, 2006

Malaysia wants faster moves toward ASEAN single market

Malaysian Prime Minister Abdullah Ahmad Badawi on Tuesday called for speeding up plans to create a single ASEAN market by 2015, five years ahead of the original target date.

Badawi said the accelarated timetable was necessary for ASEAN to attract foreign investors.

Malaysia Prime Minister Abdullah Ahmad Badawi, center, helps his Minister of Trade and Industry Rafidah Aziz, as ASEAN Economic Ministers look on while getting down from the stage after the opening of the 38th ASEAN Economic Ministers (AEM) Meeting in Kuala Lumpur, Malaysia, Tuesday, Aug. 22, 2006. The Association of Southeast Asian Nations should harmonize domestic trade laws fast enough to turn the region into a single economic community by 2015, five years ahead of schedule, Malaysia's prime minister said Tuesday. (AP Photo/Andy Wong)
Malaysia Prime Minister Abdullah Ahmad Badawi is seen with ASEAN Economic Ministers at the opening of the 38th ASEAN Economic Ministers (AEM) Meeting in Kuala Lumpur, Malaysia, Tuesday, Aug. 22, 2006. AP Photo/Andy Wong via Yahoo News.

"If we do not hasten the creation of that regional single market, ASEAN may run the risk of losing its position as an important investment destination," Badawi said.

ASEAN currently handles more than US$1 trillion in foreign trade and is home to about 600 million people.
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