Thursday

28th Mar 2024

Southeast Asian states copy EU single market model

Ten states in southeast Asia are due on Tuesday (20 November) to agree to a single market without trade barriers for goods and services, based on the same model as the European Union's 27-member internal market.

The move by the Association of Southeast Asian Nations (ASEAN), which is viewed by its initiators as an attempt to fend off economic pressure from China and India, should be followed by the creation of an economic community by 2015 with a similar institutional framework as the EU.

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"A single market for goods and services will facilitate the development of production networks in the region,'' a draft declaration states, adding that simpler and harmonized procedures between the member countries would boost the region's competitiveness, according to Bloomberg.

The combined population of the region is around 570 million, compared to 492 million citizens in the EU. ASEAN includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Vietnam, Laos, Burma and Cambodia.

The countries plan to initially remove restrictions on trade in services for four industries, including air transport, health care and tourism by 2010 and barriers in the services sector by 2013, with the remaining industry sectors to open up two years later.

"Businesses say we have a five-year window in terms of catching up with China and India," Robert Yap, the chairman of the Asean Business Advisory Council told Bloomberg, adding that the single market plans are "to make sure we are there on time to compete."

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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