2nd LD writethru: ASEAN has brought "immense practical benefits" to people: Malaysian PM

Malaysian Prime Minister Najib Razak said here Saturday the Association of Southeast Asian Nations (ASEAN) has brought "immense practical benefits" to its people.

Addressing the opening ceremony of the 27th ASEAN Summit and Related Summits, Najib said in the economic front, the bloc has made a direct financial difference to hundreds of millions.

The ASEAN Free Trade Area (AFTA) has reduced tariffs to zero or near zero, said the prime minster, whose country takes on the ASEAN rotating chair this year.

"This has reduced the prices of countless goods, and means our citizens have more money to spend on their families. Without AFTA, our firms would find it harder to access each other's markets."

Without ASEAN, the unemployment in the region will be higher, said Najib. "The overall rate among our 10 nations is a comparatively low 3 percent which economists attribute not just to countries, but to ASEAN attracting substantial flows of foreign direct investment."

With ASEAN, the people in the region have enjoyed visa-free travel through nine out of the 10 member states and the professionals have found it more easier to work in each other's countries, Najib noted.

With further liberation and integration in the region, it is estimated that the measures being implemented under the ASEAN Economic Community will raise the overall GDP by 7 percent by 2025 that will be a gain for the economies, the prime minister furhter said.

In his opening speech, Najib also mentioned the "ASEAN Way", stressing the importance of resolving disputes through peaceful means.

The two-day 27th ASEAN Summit is held with the theme "Our People, Our Community, Our vision".

The summit is expected to adopt the 2015 Kuala Lumpur Declaration on the Establishment of the ASEAN Community and the Kuala Lumpur Declaration on ASEAN 2025: Forging Ahead Together.

The establishment of the ASEAN Community, comprising three pillars namely the political-security, the economic and the socio-cultural, by the end of this year will usher in a new starting point in the bloc's development and create more opportunities of cooperation for the member states.

Vision 2025 is designed to sustain the momentum of the integration in the region and further boost the efforts in building the ASEAN Community.

Founded in 1967, ASEAN groups Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam. It aimes to accelerate economic growth, social progress and socio-cultural evolution among its members. Endit