Cambodia Likely Miss AEC Date

 

 

PHNOM PENH : - - The Asian Development Bank (ADB) has cast fresh doubt over the region’s ability to meet the ASEAN Economic Community’s (AEC) self-imposed 2015 deadline, The Phnom source reported.

According to the ADB’s 2014 Economic Update, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand have all effectively reduced tariff rates to almost zero and are now poised to introduce a one-stop shop to expedite customs clearance within ASEAN – called the ASEAN Single Window – by 2015.

Cambodia, Laos, Myanmar and Vietnam, however, are all lagging, the ADB’s September 25 update said.

“ASEAN members are progressing toward establishing an economic community.

Yet many challenges must be overcome for the ASEAN Economic Community to become a reality as scheduled at the end of 2015,” the update said.

The ADB’s lead economist for the office of Regional Economic Integration, Jayant Menon, said that while Cambodia is lagging behind some of its more developed neighbours, it remains ahead of Laos, Vietnam and Myanmar in terms of overall preparedness.

“Cambodia needs to speed up its customs reform and to press ahead with automating processes in order to reduce trade costs and minimise the opportunities for corruption, and to be ready for live implementation of its National Single Window by 2015,” Menon said.