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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Despite protectionism, ASEAN eyes single market By EILEEN NG,Associated Press Writer - Monday, March 1 Send IM Story Print PUTRAJAYA, Malaysia – Southeast Asian nations on Sunday said they are still aiming to set up a European Union-style economic community by 2015 despite concerns that the global slump has led to a rise in trade protectionism. The 10-member Association of Southeast Asian Nations plans to have a free flow of goods, services, investment and skilled labor within five years, although it has fallen short so far in most of the sectors targeted for accelerated integration. "The crisis has somewhat affected our progress ... there is a tendency to be more protective," Malaysian Trade Minister Mustapa Mohamed told reporters at the end of a two-day meeting of economic ministers from ASEAN nations, which comprise more than 500 million people. He said satisfactory progress has been made in only four of 11 priority sectors targeted for accelerated integration: tourism, air travel, textiles and the automotive sector. Some countries also failed to meet goals to eliminate non-tariff barriers, harmonize product standards and accelerate custom clearance, he said. But it still has met most of its overall integration targets, and ministers this weekend renewed their commitment to speed up trade liberalization to create the ASEAN Economic Community as planned by 2015, Mustapa said. "We need to put our house in order," he said. "We have not been able to achieve a perfect score but we have come a long way. The shortcomings are not fundamental, the (2015) goal is going to be achievable." Skepticism remains about ASEAN's ability to achieve complete economic integration and insure that its diverse membership, which have occasional disputes among themselves, can cohere effectively. A wide economic gulf divides its six more developed nations _ Malaysia, Indonesia, Singapore, Brunei, Thailand and the Philippines _ and its four newer members, communist Vietnam and Laos, military-ruled Myanmar and Cambodia. ASEAN Secretary-General Surin Pitsuwan stressed the need to fuse the disparate economies into a single market to be competitive. While ASEAN economies were bouncing back from the global slump, foreign investment, especially from the U.S., has dipped, he said. An ASEAN ministerial delegation will tour the United States in May to woo investors and expand trade ties but the bloc has not decided whether to join a proposed U.S.-backed Asia-Pacific free-trade region, he added. The proposed Free Trade Area of Asia-Pacific comprising 21 economies ranging from the U.S. to Russia was envisaged as an alternative if global world trade talks failed but analysts have said it is premature for progress on such a broad pact. Recommend Send IM Story Print Related Articles Greece may take more debt steps as EU visit looms Reuters - 37 minutes ago Five Saudi firms to go public before end of May Reuters - 38 minutes ago Iraq to develop Nassiriya after Nippon talks end Reuters - 43 minutes ago WRAPUP 1-India seeks closer ties with Saudi to fuel recovery Reuters - 47 minutes ago Saudi SABIC says to hike steel prices Reuters - 50 minutes ago News Search Top Stories Debt-hit Greece must step up spending cuts: Juncker British banking faces major makeover Vast iceberg could disrupt ocean currents, weather Bigger Afghan operation yet to come: US Hedge funds pile up bearish bets on euro: report More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Vast iceberg could disrupt ocean currents, weather Be of good heart: Happiness helps ward off cardiac disease British banking faces major makeover Hedge funds pile up bearish bets on euro: report 'Zombies' have free speech rights too, US court rules More Most Viewed » Third-hand smoke also bad for you: study Florida killer whale to stay in park after deadly attack DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Sugary soft drinks linked to pancreatic cancer: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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