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373194
Thu, 07/02/2015 - 08:04
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AEC To Help Narrow Development Gap Among ASEAN Nations

KUALA LUMPUR, July 2 (Bernama) -- The formation of the ASEAN Economic Community (AEC), is expected to spur economic growth and enhance the well-being of the people, as well as reduce the development gap among the nations in the region. Malaysia's Minister of International Trade and Industry Mustapa Mohamed said with the formation of the AEC by year-end, it will also contribute to an increase in the per capita income of ASEAN members. "On the latest AEC development, I can bravely say that ASEAN had recorded a lot of successes and among them, the highest growth rate globally at an average 5.1 per cent, with per capita income of all members improving to US$4,000. "All levels of the community in the various sectors of the economy are also expected to feel the benefits offered by the ASEAN region," he added. Mustapa said this in reply to a question from Senator Yoo Wei How in the Dewan Negara (Senate) here Thursday. Yoo had queried the progress of the AEC and its benefits to the people as a result of its formation. The Minister said ASEAN was also Malaysia's largest trading partner in registering trade of US$103.23 billion (RM389 billion) or 27 per cent of the country's total global trade. "Malaysia's exports to the ASEAN market in 2014 increased by 5.8 per cent to US$56.67 billion (RM213.58 billion). Countries as Thailand, Indonesia and the Philippines, have begun to invest in Malaysia and see the country as an important market," he added. (US$1 = RM3.76) According to Mustapa, small medium enterprises (SMEs) will also benefit from the ASEAN integration. "SMEs are an important component. If they are not touched or impacted, a policy is deemed to have failed," he said. He said ASEAN was also strengthening relations with its trading partners through various free trade agreements as well as economic cooperation with China, Japan, South Korea, India, Australia and New Zealand. -- BERNAMA

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