Asean Reaffirms Commitment to Uphold Multilateral Trading System

KUALA LUMPUR, Oct 25 (Bernama) -- Asean has reaffirmed its commitment to uphold a universal, rules-based, open, non-discriminatory and equitable multilateral trading system that can contribute to global growth and sustainable development. Malaysia's Permanent Representative to the United Nations Hussein Haniff said Asean also reiterates its call for all countries to resist tendencies to turn inward in times of economic difficulties, as this has far greater negative repercussions particularly for developing countries. "Asean therefore calls upon the World Trade Organisation (WTO) and other relevant bodies, including the United Nation Conference on Trade and Development (UNCTAD), to continue monitoring protectionist policies and assess their impact on developing countries. "We also urge the more developed countries to exercise the necessary flexibility and show political will in breaking the current impasse in the Doha negotiations for discussions to conclude," he said in a statement Friday. He noted that Asean was looking forward to the convening of the Ninth Ministerial Conference of the WTO in Bali, Indonesia from Dec 3-6. Hussein said by 2015, Asean aims to realise a single market and production base that includes the progressive liberalisation of the financial services sector as well as integration of capital markets. "As such, the Asean Economic Community (AEC) blueprint is targeted to be fully implemented by the end of 2015. Asean is also committed to taking more concrete steps to achieve the goals of the AEC. "We are pleased to announce that the overall implementation rate of the AEC blueprint was at 79.4 per cent as of July 2013," he added. -- BERNAMA