ASEAN talks on economic community begin

Trade ministers from the Association of Southeast Asian Nations began their annual meeting today, focused this year on achieving the 10-member grouping's declared goal of an economic bloc by 2020.

The ministers are also expected to manage a plethora of free trade talks with major trade partners, including Japan, during their three days of meetings in Vientiane, the capital of Laos.

Laos Prime Minister Bounnhang Vorachith said in his opening speech that the ministers plan to "strengthen ASEAN partnership over and above trade liberalisation to create favorable environment to stimulate more foreign direct investment to Asean." They will "focus on finding appropriate ways and means to overcome obstacles...to the realization of an ASEAN Community as planned," he said.

He said the ministers will also discuss the impact of high oil prices on the region and consider the establishment of an ASEAN fund to promote small and medium-sized enterprises.

Southeast Asia, one of the world's most economically dynamic regions, is slated for an Asean Economic Community - a single market and production base with free flow of goods, services, investment and skilled labour, and a freer flow of capital "" that is expected to help the region compete economically with China and India.