European business community on Sunday praised the Association of Southeast Asian Nations ( ASEAN) for its effort to build a economic community, as the 10- nation bloc strives for a single market like its European counterpart.
EU-ASEAN Business Council Executive Director Chris Humphrey said ASEAN members had expressed strong political will to create a single market.
"It took Europe 40 years to create a single market," said Humphrey.
ASEAN is set to announce the establishment of the ASEAN Economic Community (AEC) by the year end.
Humphrey said it would take time to for ASEAN members to tackle problems despite their commitments.
"The issue is to be able to implement all measures on the ground. They do take some time because some countries require changes in their legislation or even constitution to make the AEC a reality." He said.
ASEAN leaders is gathering at the first of its biannual summits to make a final push for the community building.
As of end-March, 90.5 percent of the measures toward the AEC, which included tariffs, investments, services, air transport, financial services, Customs procedures and standards, had been implemented.
The remaining measures include the 10th services package, single self-certification scheme, chapters with Japan and ASEAN single window.