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EU-ASEAN Free Trade Agreement. It is possible that a Free Trade Agreement ("FTA") could commence by July 1, 2009 between the EU and the ASEAN group of countries. The ASEAN countries are: Thailand; Malaysia; Indonesia; Vietnam; Singapore; Cambodia; Laos; Brunei; Philippines; and, Myanmar. The FTA is possible as a result of a report by the Vision Group on ASEAN-EU Economic Partnership which was established by ASEAN Economic Ministers and the EU Trade Commissioner at their 6th consultation in April 2005. The report issued in mid-2006. The terms of reference for the Vision Group were to look into the feasibility of a possible ASEAN-EU FTA and other new initiatives for enhancing economic cooperation and ties between ASEAN and the EU. South-East Asia has matured as a trading region and has become the EU’s 6th largest trading partner in 2005 supplying the EU with products ranging from palm oil to machinery and buying from it equally diverse products and services. To ASEAN, the EU is also a very important market. The EU accounted in 2004 for 14.4% of total exports from and 11.4% of total imports into ASEAN. Trade in services between the two regions has also risen at the same time. ASEAN and the EU are also important investment partners although investment flows have remained highly imbalanced. The opportunities for enhanced trade in goods and services between the two regions are considerable as ASEAN has approximately 530 million people and the EU, 450 million. It is anticipated that negotiations between the two regions will commence in the first half of 2007. Accordingly a number of industry associations and interested parties are preparing submissions which specify what issues should or should not be included in negotiations. Topics which are of key interest to organizations making submissions include:
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