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SMEs, trade barriers key areas for AEC in next decade

SINGAPORE — With the key priorities in the Asean Economic Community (AEC) 2015 blueprint mostly achieved, the next decade will see the 10-member grouping focus on helping small- and medium-sized enterprises (SMEs) to benefit from the regional integration, removing non-tariff barriers and addressing new areas such as e-commerce, said Minister for Trade and Industry (Trade) Lim Hng Kiang yesterday.

SINGAPORE — With the key priorities in the Asean Economic Community (AEC) 2015 blueprint mostly achieved, the next decade will see the 10-member grouping focus on helping small- and medium-sized enterprises (SMEs) to benefit from the regional integration, removing non-tariff barriers and addressing new areas such as e-commerce, said Minister for Trade and Industry (Trade) Lim Hng Kiang yesterday.

“Asean is working on reducing non-tariff barriers, the realisation of the customs Single Window, as well as further liberalisation in services and investment,” said Mr Lim at the Asean Conference 2016 as he shared some of the work being done under the AEC 2025 agenda. “More attention will also be paid to behind-the-border issues such as improving trade facilitation and harmonising standards and conformance.”

Businesses can look forward to an Asean Single Window and Asean self-certification scheme this year, Mr Lim said. The Asean Single Window will expedite customs clearance, reduce transaction time and costs, and make trade seamless through the cross-border electronic exchange of information among Asean member states. The Asean self-certification scheme will allow authorised firms to self-certify that their goods meet the requirements for preferential treatment.

Since tariffs on most products have already been eliminated, the grouping will place a greater emphasis on tackling non-tariff barriers that currently impede businesses, such as import licensing procedures and other import and export requirements.

“Reducing such barriers will improve trade facilitation, and ensure that businesses can operate in a transparent, stable, and predictable environment,” said Mr Lim.

The AEC 2025 blueprint will also look for ways to facilitate e-commerce. “E-commerce, in particular, can significantly lower barriers to entry and reduce operating costs for businesses, especially our SMEs,” said Mr Lim.

Other areas include incorporating a sustainable growth agenda to promote the use of, and support for, green technology and energy; fostering productivity growth through innovation, technology and human resource development; and intensifying cooperation in research and development for commercial application, he added.

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