ASEAN agrees to boost trade with Japan
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Xinhua, July 8, 2011
The Association of South East Asian Nations or ASEAN agreed to work on simplifying the region's customs procedure and coordinating the products standards in the region to boost trade with Japan after it had a discussion with Japanese business leaders at a three-day dialogue in Kuala Lumpur on Friday.
"Majority of Japanese companies note that as one big market and one strategic global manufacturing hub, it is crucial that ASEAN ensure us free flow of goods, human resources and capital as well, " president of the Japanese Chamber of Trade and Industry in Malaysia, Takashi Hibi said after the discussion on Friday.
"In order to make this happen, we may ask ASEAN to develop infrastructure and repair rules and regulations to back up the liberalisation," he said.
"We are happy that ASEAN agreed to our request," he added.
Hibi said the Japanese business community also wanted ASEAN to improve the maritime safety in the region to ease the transport of goods.
ASEAN Deputy Secretary General, Pushpanathan Sundram said laxed regulations, the current customs procedure and gaps in product standards within ASEAN's member states remain a stumbling block in trade with Japan.
"We are looking into streamlining the custom procedures, making it easier for trade," Pushpanathan said, giving a timeframe that these issues would be resolved by 2015.
The bloc is currently testing the ASEAN Single Window -- a digitised system aimed at easing the filing of import and export documents and ultimately the flow of goods in trade within and beyond ASEAN.
Japan has been the top source of foreign direct investment for ASEAN, contributing 5.2 billion U.S. dollars to the region's economy in 2009.
Trade between Japan and ASEAN rebounded from 160.9 billion U.S. dollars in 2009 to 215 billion U.S. dollars last year.
Despite the March 11 quake and tsunami disaster, the Japanese are hopeful that their trade with ASEAN would go back to normal and rebound.
"The slowdown in foreign investment by the Japanese between April and June is due to the decision-making process after the disaster in northern Japan," said Yasuo Hayashi, the CEO and Chairman of the government-linked Japanese External Trade Organisation at the press conference.
"It has always been a trend that Japanese companies are expanding foreign investments, so it would be back to normal," he added.
Business leaders, trade ministers and senior officials from ASEAN member states except Myanmar attended the three-day dialogue between ASEAN Secretary-General, Surin Pitsuwan and the Federation of the Japanese Chambers of Commerce and Industry in ASEAN.
The meeting will end on Saturday.
ASEAN consists Brunei, Malaysia, Indonesia, Laos, Cambodia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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