Bimp-Eaga meet endorses easy road, sea access
Saturday, October 27, 2007
Pact to facilitate free movement of people, goods and services across region
THE 12th round of the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (Bimp-Eaga) Ministerial Meeting formally signed and endorsed a Memorandum of Understanding (MoU) on establishing and promoting efficient and integrated sea linkages as well as a similar MoU on the cross-border movement of commercial buses and coaches here in Davao City, on the southern Philippines province of Mindanao.
Brunei Darussalam was represented by Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng, Minister of Foreign Affairs and Trade II, at the meeting.
The agreement is expected to be inked at the sidelines of the 13th Asean Transport Ministers Meeting in Singapore at the end of the month.
This further opening of other transport corridors is hoped to promote the rapid development of a truly multi-modal transport network in the sub-region and further facilitate the freer movement of people, goods and services across its borders.
Another economic advantage to this transportation expansion is that trading costs for imports and exports could eventually be further reduced as a way to encourage more private sector initiatives.
In line with this first phase of increasing the economic and social interconnectedness of Eaga, there are already plans for the implementation of the second phase the development of economic corridors along the established transport corridors to enhance cross-border trade, tourism and investment, as well as enable the rapid convergence of more economic and social initiatives and programmes to ensure economic sustainability.
The main points that were covered at the meeting had previously been instructed by the Asean leaders' meeting in Cebu, Philippines, earlier in the year.
It was there that the 10 regional leaders reaffirmed the importance of Bimp-Eaga and pledged more focus and support in resolving to address the various issues and concerns facing cooperation development in the sub-region in order to narrow the development gaps within and across the Eaga member states, as well as reduce the poverty divide.
According to the ABD, there are already positive indicators to support this. Last year investment in the sub-region totalled US$700,000; as of October, this year, this figure has risen to US$3million already. With the other positive indicators that have recently been successfully achieved within the Eaga region, many of the delegates have expressed confidence that the sub-region will continue to generate more support and coverage, especially when the Asean leaders will next convene for the 13th Asean Summit in Singapore next month.
Meanwhile, the Asian Development Bank (ADB) has set aside US$76.5 million to manage environmental sustainability within the Bimp-Eaga).
ADB director Urooj Malik said US$1.5 million will be for planning and preparing for activities to promote sound environmental management within the sub-region. "We have taken the first step to prepare a write-up on technical assistance for environmental conservation that takes about 18 months to complete. After that, ADB will provide assistance of US$75 million to preserve the environment over the next 10 years," he said. The Brunei Times
Brunei comes in for praise at Bimp-Eaga meet — More Stories on Home News
THE 12th round of the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (Bimp-Eaga) Ministerial Meeting formally signed and endorsed a Memorandum of Understanding (MoU) on establishing and promoting efficient and integrated sea linkages as well as a similar MoU on the cross-border movement of commercial buses and coaches here in Davao City, on the southern Philippines province of Mindanao.
Brunei Darussalam was represented by Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng, Minister of Foreign Affairs and Trade II, at the meeting.
The agreement is expected to be inked at the sidelines of the 13th Asean Transport Ministers Meeting in Singapore at the end of the month.
This further opening of other transport corridors is hoped to promote the rapid development of a truly multi-modal transport network in the sub-region and further facilitate the freer movement of people, goods and services across its borders.
Another economic advantage to this transportation expansion is that trading costs for imports and exports could eventually be further reduced as a way to encourage more private sector initiatives.
In line with this first phase of increasing the economic and social interconnectedness of Eaga, there are already plans for the implementation of the second phase the development of economic corridors along the established transport corridors to enhance cross-border trade, tourism and investment, as well as enable the rapid convergence of more economic and social initiatives and programmes to ensure economic sustainability.
The main points that were covered at the meeting had previously been instructed by the Asean leaders' meeting in Cebu, Philippines, earlier in the year.
It was there that the 10 regional leaders reaffirmed the importance of Bimp-Eaga and pledged more focus and support in resolving to address the various issues and concerns facing cooperation development in the sub-region in order to narrow the development gaps within and across the Eaga member states, as well as reduce the poverty divide.
According to the ABD, there are already positive indicators to support this. Last year investment in the sub-region totalled US$700,000; as of October, this year, this figure has risen to US$3million already. With the other positive indicators that have recently been successfully achieved within the Eaga region, many of the delegates have expressed confidence that the sub-region will continue to generate more support and coverage, especially when the Asean leaders will next convene for the 13th Asean Summit in Singapore next month.
Meanwhile, the Asian Development Bank (ADB) has set aside US$76.5 million to manage environmental sustainability within the Bimp-Eaga).
ADB director Urooj Malik said US$1.5 million will be for planning and preparing for activities to promote sound environmental management within the sub-region. "We have taken the first step to prepare a write-up on technical assistance for environmental conservation that takes about 18 months to complete. After that, ADB will provide assistance of US$75 million to preserve the environment over the next 10 years," he said. The Brunei Times
Brunei comes in for praise at Bimp-Eaga meet — More Stories on Home News
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