Asking its member-countries to embrace pan-Asian economic ties, the Association of South Asian Nations (Asean) today said it should now actively pursue achieving regionwide Free Trade Agreements (FTAs). Arguing that its clout in the global economic community was rising, the 10-member economic bloc suggested creation of a Infrastructure Development Fund to enable creation of a region-wide multi-modal transport system to facilitate cross-border trade.

Thai Prime Minister and current Asean president Abhisit Vejjajiva emphasised that it was time to realise the dream of the Asean community and urged member-nations to collectively roll out what he described as the ‘Vision for Asean Community 2015’.

“We have reinforced Asean’s outward-looking character with the completion of FTAs — without key partners in the region including China, Japan, Republic of Korea, India, Australia and New Zealand — and are now exploring the possibility of establishing a region-wide FTA,” he said.

Urging member countries to usher in a new thought process in doing things, Vejjajiva said that in an increasingly globalised era, Asean no longer enjoyed the luxury of time. “As a community of action, Asean can decisively and promptly address both internal and external threats as well as challenges to regional security and the well-being of our people. In order to address these challenges effectively, the institutional structures should be strengthened so that the decisions can be made promptly and executed in a timely manner,” he said.

India too is keen to foster closer economic ties with Asean in services and investment sectors, where it has a definite edge over these nations. “India’s enhanced engagement with the Asean is at the heart of our Look East Policy. The conclusion of the India-Asean Trade in Goods Agreement in August 2009 is a major first step in our objective of creating an India-Asean regional trade and investment area. The India-Asean Summit is an occasion to review the progress in our relations with Asean countries,” Prime Minister Manmohan Singh said on the eve of his departure from New Delhi for Bangkok today.

... contd.