expand ASEAN market

The Ministry of Commerce has confirmed that the upcoming establishment of the ASEAN Economic Community (AEC) will help expand market for ASEAN nations and lift the grouping on par with other recognized economic blocs.

Permanent Secretary for Commerce Yanyong Puangrach stated that the AEC formation in 2015 will integrate ASEAN member states together economically, making its systems of production, marketing, distribution, financial service and logistics bigger.

The permanent secretary elaborated that ASEAN will become a bigger market similar to those countries with economic strength such as China, India, the US or the EU because ASEAN has a total population of over 600 million.

As for preparations for the AEC formation, Mr Yanyong reported that the ministry has a centre to provide information on special privileges in trade.It has also set up a fund for market and product development, which is supported by the government, and has adjusted its academic and financial structures.