LANDMARK DEAL MARKS 14TH ASEAN SUMMIT

From M. Saraswathi

HUA HIN (Thailand), March 2 (Bernama) -- The 14th Asean Summit ends with a
landmark deal -- the Asean, Australia, New Zealand Free Trade Agreement
(AANZ-FTA) -- despite the hurdles the host country, Thailand, has to face amid
the domestic political turmoil.

Asean sealed its first comprehensive trade agreement with its dialogue
partners that will further open the region's market for investments and trade.

The deal could be worth in excess of US$40 billion for the Australian
economy
over the next two decades and gives companies greater scope for trade with the
10 Asean members -- Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia,
Singapore, Thailand, the Philippines and Vietnam.

The regional grouping also vowed to have coordinated efforts to deal with
the
current financial and economic crisis and stand firm
against any form of protectionism measures.

The 10 leaders also called for bold and urgent reforms to the international
financial system to achieve a more comprehensive, equitable and inclusive system
that takes into consideration the interests and voices of the emerging and
developing nations.

"We have learned from our previous experience and we are ready to act
together," Malaysian Prime Minister Abdullah Ahmad Badawi told reporters at the
end of the two-day summit themed "Asean Charter For Asean People" here Sunday.

He said the grouping is also single-minded against "protectionism" and will
engage and talk to any particular member state that practised it.

Abdullah said the summit's approach was very "business like and quick" which
augured well with the issues that the grouping was grappling with its 570
million population.

However, the problem with Asean has always been implementation, said an
official.

"We always have grand plans and ideas, but the implementation is poor," he
said.

Similarly, Asean's multinational corporations are also poor in taking
advantage of the liberalisation in the region, said Asean secretary-general
Dr Surin Pitsuwan.

He warned that as Asean inked more free trade agreements with larger
economies, the competition would intensify and therefore it was important for
the Asean business community to take advantage of their own market now.

The grouping is also negotiating with the European Union for a similar pact.

"Hence, Asean's ambitious plan of a single market by 2015 can only
materialise if the community as a whole is committed and realises its capacity.

"If not it may just remain as a "grandiose dream" and a "talk shop" due to
its 400 over annual meetings," he added.

-- BERNAMA