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Wednesday, October 08, 2003
Bimp-Eaga leaders vow to remove trade blocks
By Christie Enriquez- Uayan
PRESIDENT Arroyo and the heads of state of Brunei, Indonesia and Malaysia on Sunday vowed to eliminate barriers to international trading between the East Asean Growth Area (Eaga) members and to accelerate the economic growth of the member countries by consolidating its efforts toward development.
Bimp-Eaga leaders met in Bali, Indonesia on October 6 to discuss the resolutions and agreements arrived at by the members during the 8th Senior Officials Meeting and the 11th Ministerial Meeting held last month here in Davao City.
A joint statement of the participants of the 3rd Bimp-Eaga Leader's Meeting confirmed the commitment of the administrations to provide the necessary structures to make the member countries' suitable for business, trade and investment.
The leaders said, "to better respond to the needs of the private sector, we (state heads) tasked our relevant ministers to develop more attractive trade and investment regimes... and undertake measures to eliminate trade impediments so as to reduce the cost of doing business in the Bimp-Eaga region".
Recognizing the role of the private sector counterpart of the cooperation, the East Asean Business Council (EABC) in hastening the economic advancement of the growth triangle, the regional governments likewise vowed to provide various investment incentives and trade facilitation schemes.
The leaders also agreed to pursue a more efficient approach on forging cooperation by initiating flagship projects that will create greater impact in the growth triangle.
Focus on the private and government sector cooperation on important business sectors as tourism, transportation, and agro-industry sectors are being encouraged by the Eaga leaders.
(October 8, 2003 issue)
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