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ASEAN urged to accelerate economic integration

(Xinhua)
Updated: 2008-06-18 14:43

SINGAPORE  -- Singapore's Minister of State for Trade and Industry Lee Yi Shyan Wednesday urged the Association of Southeast Asian Nations (ASEAN) to speed up economic integration in light of global uncertainties.

"The ASEAN must continue to work as a cohesive body and integrate quickly, so as to provide member countries with the ability to respond to external challenges with greater resilience and unity," Lee said at a one-day ASEAN Leadership Forum here on Wednesday morning.

ASEAN's economic integration will allow the southeast Asian bloc to realize its potential of becoming a single market and production base, with free flows of goods, services and investment, he added.

The minister pointed out that the ASEAN has immense potential as a key market, producer and investor both regionally and globally.

The grouping has a total population of 560 million, a total area of 4.5 million square kilometers, a combined gross domestic product of almost US$1.1 trillion and a total trade of about 1.4 trillion as of 2006.

He said ten member countries must strive for an expeditious ratification of the ASEAN Charter, which was signed by leaders last November in Singapore.

He added that they also need to ensure disciplined implementation of the targets set out in the ASEAN Economic Community Blueprint.