It envisions a common market and measures to make businesses more competitive and let professionals move more freely across borders.
The leaders will also witness signing of Kuala Lumpur Declaration which enables setting up of the ASEAN Community and a new action plan ASEAN 2025 that intended for "Forging ahead Together". Mr Najibs signature was followed by the signatures of Indonesian President Joko Widodo, Thai Prime Minister Prayut Chan-ocha, Laos Prime Minister Thongsing Thammavong, Brunei Sultan Hassanal Bolkiah, Cambodian Prime Minister Hun Sen, Myanmar President Thein Sein, Philippines President Benigno Aquino III, Singapore Prime Minister Lee Hsien Loong, and Vietnam Prime Minister Nguyen Tan Dung. Addressing the Summit, Razak said that the ASEAN Economic Community (AEC) would become a legal entity on December 31.
"Asean can only demonstrate its commitment to community building and implementation of the Asean Community agenda and the Asean Vision 2025 by ensuring engagement of all stakeholders through multifaceted dialogue, feedback and effective participation in determining and shaping the aspiration and future of the region and its peoples", he said.
The declaration on the creation of the Asean Economic Community (AEC), which has been 10 years in the making, has been signed by the leaders of 10 member-states on Sunday, highlighting the 27th Asean Summit held at the Malaysian capital.
ASEAN on Saturday issued a joint statement stressing the need to maintain freedom of navigation and over-flight rights in the South China Sea.
The ASEAN Community comprises three pillars: the Political and Security Community, the Economic Community and the Socio-Cultural Community. "Our peoples shall live in a safe, harmonious and secure environment, embrace the values of tolerance and moderation as well as uphold ASEAN fundamental principles, shared values and norms".
The peace, stability and growth Asean helped to develop in the region in the past decades have been key in fuelling Singapore's progress.
Among the leaders present were US President Barack Obama, Chinese Premier Li Keqiang, Prime Minister Dmitry Medvedev of Russia, Japan Prime Minister Shinzo Abe and Prime Minister Narendra Modi of India. "The barbaric terrorist strikes in Paris, Ankara, Beirut, Mali and on the Russian aircraft is a stark reminder that its shadow stretches across our societies and our world, both in recruitment and choice of targets", Modi said in his remarks at the East Asia Summit here. Modi further said that India would try hard to conclude the negotiation on a Regional Comprehensive Economic Partnership (RCEP) with the ASEAN nations as soon as possible.
Source: http://telegraphtimes.com
Key words: Kuala Lumpur Declaration, Asean Economic Community, created
