"Despite current economic, financial and political challenges, we will be staying the course of regional economic integration," Datuk Seri Mustapa Mohamed said at the opening of the 47th Asean Economic Ministers Meeting (AEM) here this morning.

The International Trade and Industry Minister said the fall in oil and commodity prices, currency concerns, and a challenging external economic environment over the past several months had to some extent influenced views about Asean's prospects.

Asean aims to announce the formation of the Asean Community at the end of this year, which will comprise three core pillars, namely the Asean Political Security Community (APSC); Asean Economic Community (AEC) and Asean Socio-Cultural Community (ASCC).

On the AEC, which will create a single market and production base in the region, Mustapa said its creation will not mean that all red tape will become untangled and that all trade and investment will flow freely across borders come Jan 1 next year.

"What the establishment of the AEC means is that Asean is reaching one of the key milestones on the Asean journey."

Economic ministers from Asean countries as well as the regional body's dialogue partners are attending the three-day meeting held at the Kuala Lumpur Convention Centre. (++++)

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