More than 92% of AEC blueprint implemented, more work to be done: Malaysian PM

KUALA LUMPUR - The implementation rate of ASEAN Economic Community (AEC) measures have reached 92.7 percent with some 469 measures carried out, Malaysian Prime Minister Najib Razak has revealed.

"Overall, the implementation rate of the AEC blueprint measures have been a highly commendable 92.7 percent," amid worries that depreciating currencies and the slump in global oil prices would put a damper on the effective realization of AEC, local press quoted Najib as saying on Friday.

About 469 measures have been implemented with 37 still pending and some will be addressed on a priority basis early next year, he added.

The 10-member Association of Southeast Asian Nations (ASEAN) bloc adopted in 2007 the goal of creating an integrated economic region termed AEC by December 2015.

But concerns have been voiced that the regional integration project's 2015 deadline will be missed due to an overly ambitious timeline and too many ill-thought-out initiatives.

"ASEAN might have missed or may miss some deadlines, but in general, we are moving strongly ahead," said Najib.

Commanding a combined GDP of $2.5 trillion and a combined market of 600 million consumers, AEC could lead to a major change in economic structures in Asia if realized.

It is widely recognized among ASEAN leaders that the AEC will benefit the region and the AEC 2025 Blueprint which is scheduled to be unveiled on Nov. 22 demonstrates the commitment of ASEAN member countries, said the Malaysian prime minister.

"There is still much more work to be done," he cautioned.

"We need to ensure ASEAN is firmly on the global radar as an attractive region for investments and global business activities, and the AEC is key to that."

ASEAN leaders who are arriving here for the 27th summit are set to sign on Sunday the "Kuala Lumpur Declaration on the Establishment of the ASEAN Community."