The Economic Ministers of the Association of Southeast Asian nations (ASEAN) signed Friday in Kuala Lumpur three important economic documents including the ASEAN Single Window (ASW) Agreement which is aimed at ensuring faster clearance of goods through the Single Window initiative.

ASEAN wants to cut customs clearance time for any single transaction to 30 minutes from the current three to four day average through the quickly implementation of ASW Agreement.

ASEAN officials remain concerned that most member countries may not be able to quickly implement the ASW Agreement. As a result, they agreed that the ASW Agreement will serve as a statement of commitment from member countries to establish the ASEAN Single Window. The target date to establish the ASEAN Single Window is 2012.

According to a statement, the ASW will be fully implemented by 2008 at the latest for the ASEAN six (Malaysia, Brunei, Singapore, Thailand, the Philippines and Indonesia) and by 2012 for ASEAN four (Cambodia, Laos, Myanmar and Vietnam).

The Economic Ministers also signed two agreements on the ASEAN Harmonized Electrical and Electronic Equipment Regulatory Regime and the Mutual Recognition Arrangement on Engineering.

Source: Xinhua