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Media reports: ASEAN to focus on removing non-tariff trade barriers

by ChemOrbis Editorial Team - content@chemorbis.com
  • 01/06/2016 (12:05)
According to media reports, removing non-tariff barriers, creating new businesses, providing sustainable growth and helping small and medium-sized enterprises (SMEs) are among the key priorities listed in the ASEAN Economic Community (AEC) 2025 Blueprint.

Singapore’s Trade and Industry Minister, Lim Hng Kiang, highlighted that the framework on which the group would focus on efforts to improve cross border relations. Initiatives such as the ASEAN Single Window and Self Certification Scheme will help reduce transaction time and costs for businesses as well as speeding up clearance times.

According to Lim, removing non-tariff barriers, which include unfavourable import licensing procedures and other import-export requirements, will create a more predictable business environment. The ASEAN Economic Community brings together a market worth around $2.6 trillion with a population of around 622 million.

The ASEAN Economic Community states are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
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