The European Economic Community (EEC) and the five-nation Association of Southeast Asian Nations (ASEAN) have signed a co-operation marking the start of a new era in their economic relations.
GV EXTERIOR: Building with flags. (2 shots)
GV: Delegates getting off bus
GV INTERIOR: Thailand delegates
GV: Indonesian delegates
GV: Belgian delegates
GV: United Kingdom delegates and GV various delegates (2 shots)
GV: Officials arrive at long table.
MCU: Malaysian Foreign Minister and Chairman of the ASEAN Standing Committee, Tengku Ahmad Rithauddeen addressing delegates in English
GV AND WS: Officials signing agreement (2 shots)
TITHAUDDEEN: "Unless countries are prepared to look beyond the narrow confines of their own selfish interests, these grave problems will continue to plague the world. The EEC today probably reflects the most successful attempt to date among a group of countries to shed narrow and short-term interests and work towards achieving a balanced economic relationships based on mutual cooperation. ASEAN is motivated by the same objectives. We believe that the prosperity and economic advancement of our region can be better served by a keen resolve to work together and to harness our efforts towards finding viable solutions to our common problems."
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Background: The European Economic Community (EEC) and the five-nation Association of Southeast Asian Nations (ASEAN) have signed a co-operation marking the start of a new era in their economic relations. The agreement, negotiated for nearly a year, gives the two economic blocs "most favoured nation" status in trade. It's regarded as significant because it is the first agreement by the EEC with any grouping of non-associated developing nations in Asia.
SYNOPSIS: The agreement was signed in Kuala Lumpur, Malaysia on Friday (7 March) after a two day meeting of foreign ministers of the EEC and the five ASEAN countries -- Malaysia, Singapore, Indonesia, Thailand and the Philippines. The agreement called fro increased investment and the removal of some tariff barriers. Removal of tariffs and quotas imposed as ASEAN exports such as textiles and semi-processed commodities, has been the aim of ASEAN in trading with EEC countries.
The Malaysian Foreign Minister and Chairman of the ASEAN Standing Committee, Tengku Ahmad Rithauddeen, told the ministers at the meeting that the consequences of inflation, energy shortage, unemployment and recession called for a more responsible and concerted effort to arrive at solutions for the mutual benefit of all.
Under the agreement a joint cooperation council and an investment council will be set up.