The Department of Resource and Development to represent the FSM at the Second Meeting of the Working Group on formation of an integrated market in Asia and the Pacific in Bangkok on March 26-27, 2015

Palikir, Pohnpei, Division of Trade and Investment, Department of R&D: March 25, 2015.

The Second Meeting of the Working Group on formation of an integrated market in Asia and the Pacific will take place on March 26-27, 2015 at the United Nations Conference Centre, Bangkok to review and further discuss the diagnosis, findings, and concrete recommendations to improve the current level and quality of market integration in Asia and the Pacific. It is anticipated that the Second Meeting will focus particularly on a number of key issues identified during the First Meeting, including options for an Asian-Pacific agreement, the four markets to be integrated (goods, services, labor, and investment), elements for facilitating market integration in Asia-Pacific (e.g. regional tourism as vehicle for integration and regional education as portals for labor integration), the policy directions for reducing each of the market gaps identified, including direct and indirect policies for consideration by the countries, sub-regional groupings such as the Micronesian Trade and Economic Community (MTEC). The three other Working Groups established under the Bangkok Declaration on Regional Economic Cooperation and Integration, which will also hold their Meetings are connectivity, financial cooperation, and cooperation to address shared vulnerabilities. The final report of the Working Groups will serve as inputs to the Second Regional Economic Cooperation and Integration Ministerial Conference at the end of 2015.

The FSM’s involvement in this Working Group is primarily justified by its role as the MTEC Interim Secretariat, which is recognized under the Bangkok Declaration as a one of the sub-regional groupings that contributes to the goal of broader integration of Asia and the Pacific. It is anticipated that through this engagement, the MTEC would raise awareness on its existence, programs and activities, and secure the partnerships that are needed to implement those and achieve its goals and vision. The vision of the MTEC is to establish a community of shared prosperity through the promotion of sub-regional trade and economic cooperation and integration to support the achievement of sustainable and equitable socio-economic development of its Member States and improve the standard and quality of life of their People. The MTEC is considered as a stepping stone toward greater integration of its Members into the global economy. In this regard, the MTEC envisions expanding its membership to other Micronesian Countries (Kiribati and Nauru) and Territories (Guam and the Commonwealth of the Northern Mariana Islands (CNMI)). The FSM Department of Resources and Development is represented in the Working Group on Formation of an Integrated Market in Asia and the Pacific by Mr. Jean Bertrand Azapmo, National Trade Adviser, who will be attending the Meeting.

For more information on the Second Meeting of the Working Group on formation of an integrated market in Asia and the Pacific, please contact the Interim Secretariat (FSM Department of Resources and Development), at telephone number (691) 320-5133.

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