'ASEAN will emerge as new economic power'

Kuala Lumpur:Malaysian Prime Minister Najib Razak Thursday said further integration in the Association of Southeast Asian Nations (ASEAN) will result in the emergence of a new economic power in the region.

"Although our economies have been trade and commercial hubs for centuries, we are today creating an economic union unlike anything since the days of empire," he said while addressing an ASEAN CEO's summit.

Najib said ASEAN's priority must be to ensure that integration leads to equitable wealth creation and distribution as well as deepening financial integration and inclusion.

"We must ensure that all sectors of our economies are fully engaged in the ASEAN community," he said.

The establishment of ASEAN as a single market and production base would also unlock the potential to level the playing field with the world's biggest economies, he stressed.

Najib said an economically integrated ASEAN benefits all the 10 member states with freer movement of goods, services, skilled labour and capital.

"Harmonising and standardising trade and customs, processes and procedures will reduce transaction costs, making ASEAN even more attractive as an investment location and enhance export competitiveness," he said.

Founded in 1967, ASEAN countries comprise Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.