Asean Members To Sign Two Trade Pacts

BANGKOK, Feb 25 (Bernama) -- Two important trade agreements are expected to be signed at the 14th Association of South-East Asian Nations (Asean) Summit. 

Deputy secretary general for Asean Economic Community (AEC), Pushpanathan, said the agreements -- Asean Trade in Goods Agreement and Asean Comprehensive Investment Agreement -- would not only boost trade liberalisation among the ten members of the grouping but also facilitate the process. 

"The Asean Trade in Goods Agreement is a comprehensive agreement not only for trade liberalisation but will also facilitate Customs and standards," he said during a special session on AEC after the opening of 2008 Asean Business and Investment Summit here on Wednesday. 

The agreement, which will first go through a ratification process, will have clear guidelines, among others, on tariff reductions. 

He said the business community would know when certain product tariffs would be reduced. 

"There is a schedule attach to it. So, they can be prepared well ahead," he said. 

Pushpanathan said the Asean Comprehensive Investment Agreement would provide a clear timeline for investment liberalisation in line with the AEC. 

"The benefits will be extended to foreign-owned Asean-based investors," he said.