Top economist:AEC will boost ASEAN bargaining power

BANGKOK, July 18 (TNA) - A world-class economist, Richard Duncan, who formerly worked for the US-based World Bank and chief economist at Singapore’s Blackhorse Asset Management, foresees that the formation of the ASEAN Economic Community (AEC) by the end of 2015 should boost the bargaining power of member countries of the Association of Southeast Asian Nations (ASEAN), including Thailand. Duncan told journalists in Bangkok on Friday, during his participation in a business seminar, that intra-regional trade and investment between ASEAN member countries could further expand after the AEC is formed and help ease a global economic slowdown. Duncan projected that the global economic slowdown should remain over the next 1-2 years and the world economic recovery should then be stimulated by innovations. The top world economist acknowledged that it should take some times for the immense Chinese economy to successfully drive the world economy out of the current slowdown although China has been the major driving force for the overall Asian economy so far. Meanwhile, The Thai Ministries of Commerce and Science and Technology jointly organise the Intellectual Property (IP) Innovation and Technology Expo 2014 (IPITEx 2014), the first of its kind, at Bangkok International Trade and Exhibition Centre (BITEC) from July 18-20, aimed to promote and publicise Thailand's innovative inventions for commercial purposes as part of national preparations for next year's establishment of the AEC. Thailand's over 100 own-developed innovations are now showcased at the three-day IPITEx 2014, during which entrepreneurs are also welcome to join a business matching programme to introduce and present their innovative value-added products and services to international investors and to boost their competitiveness in the lead up to the AEC. (TNA)