Tuesday, August 22 2006 18:18 Hrs (IST) - World Time -

Kuala Lumpur: The ambitious vision to form an ASEAN Economic Community, aimed at creating a single seamless regional market, may be realised by 2015, five years ahead of schedule, as the grouping's economic ministers gathered here to discuss ways to accelerate plans to reach the goal.

ASEAN nations should harmonise domestic trade laws fast enough to turn the region into a single economic community by 2015, ahead of the 2020 timeframe, Prime Minister Abdullah Badawi said here inaugurating the 38th ASEAN Economic Ministers Meeting here.

"ASEAN countries will need to address the balance between domestic and regional interests in order to achieve the broader goal of the region becoming a single, seamless market," he said.

"We must take the necessary steps to protect our position as a competitive production base and as an important economic entity, in the global trading environment," he said.

"If we do not hasten the creation of that regional single market, Asean may run the risk of losing its position as an important investment destination," he said.

"Certain changes in national legislation might become necessary to enable regional liberalisation initiatives to succeed." Rafidah Aziz, Malaysia's International Trade and Industry Minister said "in pursuing the goal of Asean Economic Community, the leaders had already decided to accelerate the economic integration of 11 priority sectors by 2010," he said.