Malaysia to meet 90% of AEC Blueprint measures by year-end

From left : Tan Sri Dr.Munir Majid , Tan Sri Tony Fernandes, Datuk Dr.Rebecca Fatima Sta Maria and Dato Sri Nazir Razak during the Launch of Lifting The Barriers Initiatives Report 2014 yesterday. SHAARI CHEMAT /THE STAR

KUALA LUMPUR: Malaysia expects to achieve a 90% implementation rate of the measures under the Asean Economic Community (AEC) blueprint by the end of the year, according to secretary-general of the International Trade and Industry Ministry Datuk Dr Rebecca Sta Maria (pic).

The country had already achieved a compliance rate of 83% of the AEC blueprint measures, she said.

“We have had discussions with other ministries and the target is achievable,” she said, adding that the ministry had started work on non-tariff measures and non-tariff barriers.

The AEC is an ambitious plan for a single market and production base in Asean by Dec 31, 2015.

“We have to really highlight the benefits that have come through from the integration (of the region’s economies),” Sta Maria told reporters after launching the second set of the Lifting-The-Barriers (LTB) Reports 2014 here yesterday.

In her speech, Sta Maria noted the importance of lifting barriers to facilitate business in the region to further accelerate Asean integration efforts.

“Otherwise, all our market access efforts would be futile, and economic integration, illusive,” she said.

The second set of LTB reports, launched by the Asean Business Club (ABC) in partnership with CIMB Asean Research Institute (CARI), comprised seven white papers outlining bottlenecks and workable solutions for an integrated AEC in 2015. The targeted sectors were legal and tax, automotive and manufacturing, financial services and capital markets, minerals, oil and gas; food and beverage; and retail.

The reports had identified barriers such as economic nationalism, human capital constraints, regulatory congestion and under-developed infrastructure as some of the main obstacles facing integration.

CARI chairman Tan Sri Dr Munir Majid said the new LTB report findings showed that the progress of regional integration varied according to sectors, with some showing “very pessimistic” results and some “very positive” outcomes.

“For instance, the legal and tax sector is way, way behind; findings for the manufacturing sector are also not so encouraging, but the retail sector is showing fantastic opportunities,” Munir said.

According to Munir, specialised industry input is critical in pursuing Asean integration.