ASEAN business council wants say in RCEP, FTA talks

The ASEAN Business Advisory Council (ASEAN BAC) yesterday called on regional governments to consult with trade groups and associations for discussions on the Regional Comprehensive Economic Partnership (RCEP). 

In a report to leaders released the other day, the council said it supports regional economic integration between the Association of Southeast Asian Nations and its dialogue partners through existing free trade agreements (FTAs) and the rapid development of the RCEP.

The council, in a statement accompanying the report, said harnessing the progress of these partnerships would provide more opportunities for businesses to profit.

"(The council) strongly reminds ASEAN governments that such resulting success could only be reached if the frequency of national and regional consultations with its business chambers and associations are intensified," the group said. 

The council also called for improvements in the utilisation of ASEAN +1 FTAs, where benefit margins are raised through tariff elimination and the adoption of common rules of origin. 

It also called for better access to information related to FTAs and its benefits to businesses. ASEAN BAC, in collaboration with ASEAN secretariat and its strategic partner, is in the midst of developing a guidebook on the matter, it added. 

The council, which has ASEAN mandate to be the official regional linkage to the private sector, also reported that it was partnering with national chambers of commerce and industries to conduct capacity building workshops aimed at increasing awareness of ASEAN-related FTAs for micro, small and medium enterprises (MSMEs). 

It asked ASEAN states to complement these activities with easily accessible, online and interactive information platform on related tariffs, customs procedures and process to provide businesses with the practical tools to utilise and benefit from regional FTAs.

"Timely and effective implementation of measures towards an AEC will realise the potential of economic integration, and ASEAN BAC sees an opportunity in working together with ASEAN to monitor and advance the progress of the AEC Blueprint," the council said.

Recognising MSMEs' role in driving the ASEAN economies, the council said it supports reduction of barriers to business, adding that impediments that translate to unnecessary costs are not an option for regional economic integration. 

The council also urged ASEAN to develop programmes that would address SMEs' financial constraints, enhance their understanding of overseas markets and improve their capacity to participate in regional trading activities.

It also urged the inclusion of youth and women, which account for 50-95 per cent of the labour force of SMEs and contribute 30-53 per cent to the economies of members states, in the AEC pillar.

The council said it was working working towards the development of an ASEAN-wide youth entrepreneurs association and supporting the establishment of the ASEAN Women Entrepreneurs Association.

ASEAN BAC also said it aimed to deepen its relationships with ASEAN's 12 priority integration sectors. 

The annual report reflects views of the business community and aims to provide governments with pragmatic and business-friendly recommendations to further accelerate the economic integration of the region, ASEAN BAC said. Al-Haadi Abu Bakar

Source: Brunei Times