ASEAN Economics – Continuous progress has been made in the implementation of the ASEAN Economic Community (AEC) Blueprint 2025. In particular, under the 2017 Chairmanship theme of inclusive, innovation-driven growth, the following 8 progress and achievements have been made:
- ASEAN-wide Self-Certification Scheme.
- The ASEAN Seamless Trade Facilitation Indicators (ASTFI).
- ASEAN Trade in Services Agreement (ATISA).
- Focused and Strategic (FAST) Action Agenda on Investment.
- Review Mechanism for AEC.
- Regional Comprehensive Economic Partnership (RCEP).
- ASEAN Work Programme on Electronic Commerce (AWPEC) 2017-2025.
- The ASEAN Declaration on Innovation.
External economic relations, the negotiations for the ASEAN-Hong Kong, China (HKC) Free Trade Agreement (FTA) and ASEAN–HKC Investment Agreement have been concluded in September 2017. At the 6th AEM-Canada Consultations, ASEAN and Canada agreed to launch exploratory discussions to examine the potential for an ASEAN-Canada FreeTradeAgreement, and to finalise the Joint Feasibility Study Toward an ASEANCanada FTA. As for the review of existing ASEAN plus one FTAs, the Report of the Stage One General Review of the ASEAN-Australia-New Zealand Free Trade Area Agreement has been completed.
As it celebrates its 50th anniversary, the Association of Southeast Asian Nations (ASEAN) is standing tall as a leading example of open regionalism in modern times. Since its formalisation as an economic community.
Last 11th of June 2019, The Asean – Hong Kong, China Free Trade Agreement (AHKFTA) enter force, for Hong Kong and five ASEAN Member States, namely, Lao PDR, Myanmar, Singapore, Thailand and Viet Nam,
Hong Kong and Singapore will grant tariff free access and will bind their customs duties at zero upon entry into force of the agreement. Brunei Darussalam, Malaysia, the Philippines and Thailand will eliminate customs duties on 85% of products traded with Hong Kong within ten years, imagine that! and reduce another 10% of tariff lines within 14 years. Indonesia and Viet Nam will eliminate customs duties for 75% of their products within ten years, and reduce another 10% of tariff lines within 14 years. Meanwhile, Cambodia, Lao PDR and Myanmar will eliminate customs duties for 65% of their products within 15 years and reduce another 20% of tariff lines within 20 years.
Asean HK Free Trade Agreement and ASEAN-Hong Kong, China Investment Agreement (AHKIA) were signed by ASEAN Economic Ministers and the Secretary for Commerce and Economic Development of Hong Kong on 12 November 2017 in Pasay City, Philippines. The AHKIA is scheduled to enter into force on 17 June 2019 for Hong Kong and the five same ASEAN Member States. The remaining ASEAN Member States will complete their ratification processes for the AHKFTA and AHKIA this year.
“The entry into force of this FTA is a significant outcome that further enhances trade flows between ASEAN and Hong Kong,” said His Excellency Dato’ Lim Jock Hoi, the Secretary-General of ASEAN. “This is also reflective of ASEAN and Hong Kong’s support for a rules-based international trade system, and signals our commitment to strengthen trade and investment linkages among our nations,” His Excellency added.
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