Tuesday, January 23, 2007 Faster pace of econ integration seen after Asean, East Asia summits
THE government has claimed huge dividends in trade and investments to the Philippines as a result of the recent twin Asean and East Asia economic summits.
Critics, on the other hand, said direct benefits would come many years down the road.
The business community that put it together has a more sober assessment.
The summits have paved the way for the faster integration of the East Asian economies.
Asked for a business sector assessment on gains from the summit, Philippine Chamber of Commerce and Industry (PCCI) chair Donald G. Dee said the most important gain is the fact that business leaders in the region had come to know what the political leaders want done and where they are leading the East Asian economies to.
One of the highlights in the summit was a dialogue between the heads of participating East Asian states and business leaders in the same area.
The experience in the region was such that cross-border investments and trade almost always preceded formal trade ties between economies.
In the summit, the business leaders got a cue on what the political leaders intend to do towards integrating the regional economy, which may not follow the way European political leaders tailored the European community.
Specific projects to hasten integration have been agreed on, he pointed out.
More specifically, Dee said the mutual recognition of professionals in East Asia is a boost to Filipino professionals who will gain better access to more lucrative jobs in the region.
"Professionals in the Asean will be issued Asean cards that will allow them to practice anywhere in the member-states," Dee explained.
This is a new opportunity that has been opened.
"The flow of goods," he added, "will be made much faster after the harmonization of tariffs and the simplification of customs procedures agreed by members, will be set in place."
Philippine exports to East Asia have moved so fast since the Philippines joined Afta and now make up about three fourths of all goods shipped overseas. (Philexports News and Features)
