Low awareness of AEC pact

24 December 2013
The Phnom Penh Post
Economic policy and administration / Economy and commerce
ADB / AEC / ASEAN / ASEAN Economic Community / Asian Development Bank (ADB) / Association of Southeast Asian Nations

The Asean Economic Community (AEC) will cut red tape and allow freer trade between the bloc’s 10 member states. But many companies in the region aren’t even aware of the AEC blueprint, a sobering report from the Asia Development Bank has found. The bank also calls the 2015 deadline unrealistic, arguing that at least 10 more years might be needed to fully implement the agreement. … Country leaders have been urged to “make good on their commitments” amid the concerning survey results, which was collated from 381 firms in ASEAN, including 13 manufacturing and 40 service businesses in Cambodia. … Locally, Cambodia’s prospects of achieving the level of regional integration required by 2015 have met with mixed opinions from economists, government officials and academics. … The scorecard showed Cambodia, Vietnam, Laos and Myanmar lagging behind in reducing tariffs across the region with a combined progress rate of 67 per cent, compared to 99 per cent for the remaining six member states. …

 Eddie Morton
http://www.phnompenhpost.com/business/low-awareness-aec-pact