Asean member states, including Malaysia, have started discussions on the next level of the region's economic integration beyond 2015, said Deputy Prime Minister Tan Sri Muhyiddin Mohd Yassin (pic).

He said Asean's economic integration would continue to be deepened to facilitate trade investment flows within the region.

"In addition, work is in progress to upgrade the Asean-China free trade agreement and Asean will commence negotiations with Hong Kong on a free trade agreement in early 2014," said Muhyiddin in his keynote address at the Malaysian Investment Development Authority (MIDA) Forum in the capital today.

Muhyiddin said all the initiatives aim to create a conducive and integrated market for the business community.

As of 2012, ASEAN's consumer market stood at US$2.31 trillion (RM7.16 trillion).

While Malaysia navigated through the Regional Comprehensive Economic Partnership (RCEP), the country is also in the thick of negotiating the Trans Pacific Partnership Agreement (TPPA), Muhyiddin said.

"As things are at a sensitive stage, I do not want to say that Malaysia entered into these negotiations only after careful deliberations.

"As such, Malaysia has and will continue to scrutinise and advance proposals that are in its national interest and that of the region," he said.

On the RCEP, Muhyiddin said it would harmonise the existing multiple Asean trade agreements.

The initiative, targeted for conclusion in 2015, aims for a combined gross domestic product of US$17 trillion (RM52.7 trillion) and 44% of world trade.

Malaysia joined its fellow Asean members and its six dialogue partners - Australia, China, India, South Korea, Japan and New Zealand - to form an economic alliance to create a free trade area through the RCEP.

"I believe a successfully concluded RCEP would create the world's largest trading bloc and will further boost Asean's global competitiveness further improving the livelihood of over three billion people," he said.

The one-day forum also marked the inaugural MIDA's Touch award ceremony to honour eight multinational companies, including Fairchild Semiconductor, Intel Malaysia and Bosch, for their sustained contributions to the development of Malaysia's economy.

By Bernama

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