AEM TO PROMOTE GREATER UNDERSTANDING WITH GCC & MERCOSUR

PUTRAJAYA, Feb 28 (Bernama) -- Asean economic ministers have agreed to promote
greater understanding with the Gulf Cooperation Council (GCC) and MERCOSUR, a
regional trade agreement among Argentina, Brazil, Paraguay and Uruguay.

This is part of a step-by-step approach to engage both blocks for closer
economic cooperation and integration, said Dr Vu Huy Hoang, Chairman of the
Asean Economic Ministers (AEM) Retreat meeting.

"Ministers encouraged officials and the Asean secretariat to organise roundtable
discussions with GCC and urged them to brainstorm on possible areas and
mechanism for regional engagement," he said.

Speaking at a press conference after the 16th Asean Economic Ministers (AEM)
Retreat here Sunday, Vu said the AEM roadshow to the United States, scheduled
for May, could be an opportunity to promote Asean in the United States.

During the retreat, he said ministers exchanged views on how to effect Asean
economic integration into the global economy and the region's free trade
agreement with dialogue and majors trading partners.

Vu also said ministers discussed the implementation of the Asean Economic
Community (AEC) blueprint and the progress toward its realisation in 2015.

"Ministers also reiterated their commitment to create Asean as a single
production base," he said.

Vu added ministers would communicate the progress made in the implementation of
AEC to stakeholders and focus more on AEC programmes that would have high impact
results.

The two-day meeting endorsed recommendations to increase the capacity of members
states in dealing with regulatory reforms.

"Asean ministers gave full support for the regulatory impact analysis study
being undertaken to help Asean improve the AEC scorecard.

"Ministers also agreed that substantive reports should be submitted to the
ministers by the 42nd Meeting of the Asean Economic Ministers," Vu added.
-- BERNAMA