GCC, ASEAN to push forward economic integration
Press Trust of India | 30/08/2010
GCC, ASEAN to push forward economic integration
Dubai, Aug 30 (PTI) — The Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) have decided to enhance cooperation in the economic, commercial, investment, educational, cultural and media fields.
The decision was taken during the two-day meeting, which ends here yesterday, and a plan has been outlined by the two regional blocs to prod economic integration.
The two sides took practical steps to strengthen coordination in the areas of food security and exchange of experience in line with the GCC-ASEAN two-year action plan (2010-2012), according to a statement issued by the GCC Secretariat.
The action plan was adopted by the second joint ministerial meeting, held in Singapore in May.
The plan provides for holding regular ministerial meetings alternately in one of the countries of the two regional blocs, exchanging visits to better understand economic integration, and conducting round-table discussions to explore the possibility of reaching a Trade and Investment Framework Agreement (TIFA) and a free trade agreement.
The first GCC-ASEAN ministerial meeting was held in Bahrain in May 2009.
The UAE is scheduled to host the third such meeting in 2011.
