The economic ministers of the Association of South East Asian Nations (ASEAN) have been meeting their counterparts from China. Japan and South Korea with a view to concluding an economic partnership agreement. China is aiming to conclude an agreement by the end of 2016 while some of the other partners are optimistic that agreement can be reached at an earlier date.
The meeting considered the efforts to reduce trading barriers between ASEAN and the three partners in the discussions. Issues such as taxes, tariffs and customs procedures need to be resolved to facilitate trade between the countries.
The East Asian Business Council (EABC) has participated in some of the discussions. The EABC has asked the economic ministers to consider measures to facilitate broader access to finance for small business in the East Asian region. Another consideration is the need to promote the use of e-commerce to increase trade in the region. The EABC has set up an internet portal to provide a one-stop platform for use by East Asian business for networking and marketing activities.
