ASEAN economic ministers meeting to kick off in Myanmar

Economic ministers of the Association of Southeast Asian Nations (ASEAN) have gathered in Myanmar's capital of Nay Pyi Taw for their 46th meeting and related meetings due to kick off later on Monday.

Myanmar is currently rotating chair of ASEAN.

The four-day 46th ASEAN Economic Ministers Meeting (AEM) will discuss issues related to ASEAN Economic Community (AEC), implementation of tasks by sectoral working groups, implementation over free trade area agreements between ASEAN and its dialogue partners, meeting sources said.

The ASEAN ministers will also discuss progress of their economic cooperation, focusing on the ASEAN's service liberalization and talks on the Regional Comprehensive Economic Partnership (RCEP) and the elimination of non-tariff barriers once the ASEAN international goes into effect in 2015.

Issues concerning service and investment liberalization with Japan, as well as upgrading its existing free-trade pacts with China and South Korea will be finalized at the meeting.

Moreover, ASEAN will sign four agreements on the liberalization of more service businesses and agree to amend FTA with Australia and New Zealand.

ASEAN will also sign an FTA with India and agree on the acceptance of accounting professionals among ASEAN members.

According to the agenda, the first day of the meeting will start with AEM-28th ASEAN Free Trade Area (AFTA) Council Meeting, AEM-17th ASEAN Investment Area (AIA) Council Meeting, 46th AEM and 12th ASEAN Economic Council (AEC) Meeting.

ASEAN comprises ten member countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The sessions will include partners from Australia, Canada, China, European Union (EU), India, Japan, Republic of Korea (ROK) , New Zealand, Russia, the United States as well as ASEAN-Business Advisory Council, US-ASEAN Business Council and ASEAN-EU Business Council.