Malaysia will implement most of the measures under the ASEAN Economic Community (AEC) Blueprint by 2015, according to International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

He said Malaysia has to date carried out about 88 percent of the measures while the average implementation rate of other ASEAN countries is 72 percent.

Petronas twin towers in Kuala Lumpur (Source: VNA/AFP)

"Malaysia ’s priority is the elimination of non-tariff barriers, the movement of skilled labour and professional services, and the promotion of intra-bloc investment," he told reporters after a dialogue with industry players on the AEC on March 5.

Mustapa stressed the need to create awareness of AEC benefits, saying the main objective of the informal dialogue is to garner feedback from various stakeholders on regional economic integration initiatives and the beyond-2015 ASEAN development.

The half-day informal dialogue also aimed to gather views from stakeholders on Malaysia 's economic deliverables during the country's ASEAN chairmanship in 2015, he added.

It served as a platform between policy makers and market players to share essential information and insights to strengthen Malaysia 's leadership role in directing ASEAN economic integration beyond 2015.

However, Mustapa said, there remains a gap between the aspiration of the AEC and what has been realised on the ground in terms of simplifying rules and regulations.

In this respect, ASEAN members will have to take a more active role in addressing structural and regulatory barriers in order to achieve a dynamic single market where there will be free flow of goods, services, investment and freer flow of capital and skilled workers, he stated.

(Source: VNA)