The Aeconomic integration of the Association of Southeast Asian Nations offers immense business opportunities that both the government and the private sector should exploit, according to government think tank Philippine Institute for Development Studies.
PIDS senior research fellow Erlinda Medalla cited the need to take advantage of the opportunities from Asean economic communities during a forum organized by the National Economic and Development Authority.
The AEC does not only reduce tariffs but also promote trade facilitation. It commits the country to implement reforms on customs modernizations and establishment of a national single window and Asean single window, she said. "National single window is a single submission and accelerated processing of applications of licenses, permits, and other authorizations required prior to undertaking a trade transaction, while the Asean single
window is a regional initiative that integrates the national single windows of Asean countries,” Medalla said.
"This would have positive impact on the cost of doing business, not just for large industries, but more importantly for micro, small, and medium enterprises,” she said.//
