IMT-GT Sub-Region Trade Poised For More Growth Post-AEC

LANGKAWI, (Kedah, Malaysia) April 28 (Bernama) -- The Indonesia-Malaysia-Thailand Growth Triangle's (IMT-GT) trade value, which amounted to more than US$600 million as at end-2014, is poised for further growth with the realisation of the ASEAN Economic Community (AEC). "We believe the sub-region's tourism sector has huge potential, so this is one area, we will focus on, starting with enhancing connectivity," Indonesian Vice-President Jusuf Kalla told a press conference after the 9th IMT-GT Summit here Tuesday. The IMT-GT is a sub-regional cooperation initiative formed in 1993 by the governments of Indonesia, Malaysia, and Thailand to accelerate economic transformation in less developed provinces. The IMT-GT Summit, which commenced after the 11th Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Summit, was held as part of the just-concluded 26th ASEAN Summit. The half-day back-to-back discussions are seen to be very crucial as both BIMP-EAGA and IMT-GT have become platforms for sub-regional integration that will directly contribute to the realisation of ASEAN integration. The IMT-GT Summit was chaired by Jusuf Kalla and also attended by Thailand's Prime Minister General Prayut Chan-ocha. The BIMP-EAGA Summit was chaired in turn by prime minister Najib Razak and attended by Brunei's Sultan Hassanal Bolkiah, the Philippines president Benigno S. Aquino III, and Jusuf Kala. Najib, at another press conference noted that both summits reaffirmed the importance of sub-regional cooperation as building blocks towards the realisation of the ASEAN Community 2015. Since its formation, the IMT-GT has grown in geographic scope and activities to encompass more than 70 million people. The sub-region is situated along the world's busiest shipping lane, the Melaka Straits and comprised 10 provinces of Sumatra, Indonesia, eight states in Peninsular Malaysia, and 14 provinces in Thailand's Southern Region. ASEAN is the IMT-GT's top trading partner with about a 30 per cent share of cumulative trade over the 2008-2011 period, while other major trading partners are the United States, the European Union, China and Japan. -- BERNAMA