Myanmar to implement the ASEAN Economic Community by 1st Jan 2015

Myanmar plans to implement the ASEAN Economic Community (AEC) by January 1 of 2015, according to the Minister for National Planning and Economic Development.

The Minister was speaking at the first day of the 24th ASEAN Summit being held in the capital Nay Pyi Taw.

“AEC is the one of the programmes. We plan to start the AEC in 2015. No need fully to complete the operations to implement the AEC. We are going to carry out the remaining programmes,” said Dr. Kan Zaw, Minister for National Planning and Economic Development.

He continued that the ministry is carrying out work programmes to promote the ASEAN economic community among businesses across the region. They are also trying to solve other challenges including gaps in economic development and taxation.

The AEC aims to create a common market where the free flow of capital and skilled labour can create job opportunities and economic development in the ASEAN region as a whole.

ASEAN ministers discussed the key implications needed to manage different businesses among the ASEAN member countries when starting the AEC.

They also discussed reducing of poverty and the sustainable development of small and medium enterprises.

The ASEAN Framework for Equitable Economic Development was drawn up in 2011 to help create a more fair and balanced economic system in the region.

Source: ELEVEN Myanmar

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