Foreign businessmen excited by Asean single-market plan

This will be thanks to clear, consistent and predictable trade and investment regulations.

"Not only have China and India shown high competency to be the centre of the world economy, but also Asean.

"The region has many advantages, including geographical factors, natural resources, well-educated people with creative ideas and high efficiency for future development," Alexander Feldman said in an exclusive interview with The Nation.

The integration into the Asean Economic Community (AEC) by 2015 is one of the best ideas that will enhance Asean's attractiveness among American and other foreign investors, he said.

In the past, trading with the region was difficult, due to differences in trade rules and customs procedures, he said.

The development of customs procedures, tariff systems and technology under the Asean single-window scheme will facilitate trade between the region and its partners, he said.

The region will gain greater opportunities to draw more American traders and investors to do business with the region after the integration, he said.

Businessmen want something predictable, clear and transparent.

"I foresee better development of rules and regulations in the region following Asean's attempt to integrate its market," he said.

"We have highly expected that Asean will achieve its single-market goal so that the region can become one of the centres of the global economy."

Thailand, which is one of the US's biggest trading partners, will also benefit tremendously from the integration, he said.

Even though some may be afraid that foreign investors will change their destination from Thailand to neighbouring countries with lower labour costs after integration, the Kingdom still has many advantages for attracting new investors.

Some businesses with a preference for lower labour costs may move to other countries, but others needing greater technology development and creativity will move to Thailand, he said.

"Not only Thailand, but Asean will win from its integration overall," he said.

As Americans are all in favour of liberalisation, US businesses fully support any idea for opening up the Asean market under the free-trade agreement between that country and Asean, he said.

Feldman is in Bangkok for the 41st Asean Economic Ministers Meeting, which kicks off today and runs until Sunday.

He is leading 10 major American companies, including FedEx, Intel, UPS and Ford, to join the meeting for an annual dialogue with Asean ministers.

He is scheduled to meet with Asean Secretary-General Surin Pitsuwan and hold bilateral talks with trade ministers from Thailand, Cambodia, Indonesia and Malaysia.

The agenda of the meeting will focus on how US businesses can support Asean in achieving its goal of forming the AEC by 2015.

Since Asean is the fifth-largest trading partner of the US, that country's businesses are prompted to engage with Asean members and tighten cooperation with the region, he said.

For instance, the US is ready to provide more training programmes and share its best practices with Asean, Feldman said.