Patrick C. Agonias 05/28/12

AB – CDA, LJL3 PHIFOCY

WHAT IS THE BIMP-EAGA?

The BIMP-EAGA or the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area is a sub regional group aimed at the expansion of economic cooperation. It was proposed by President Fidel V. Ramos of the Philippines in 1992.

The proposal was met by favourable responses from the leaders of the three countries which eventually led to the creation of BIMP-EAGA

BIMP-EAGA was formally launched in Davao City, Philippines on March 24, 1994.

The main vision of the BIMP-EAGA initiative is to enhance cooperation within ASEAN by finding socially acceptable and sustainable economic development with the full participation of its members.

Its short to medium-term goal is to become a cornerstone in ASEAN for high-value added agriculture based industry, natural resources-based manufacturing and high-end tourism. In addition, its long-term goal is to ensure that non-resource based industries are to be established in the region.

The main strategic objective of the initiative is to accelerate economic development, improve the competitiveness of export and enhance the attractiveness of the sub region to local and foreign investors.

In order to meet these goals they pointed out guidelines on how to achieve it:

Maximizing the participating countries’ comparative advantages with respect to regional and global markets

The energetic exploitation of economic complementarities within the sub region The extensive and sustainable use of shared natural resources, technology, and

information Dynamic joint action to overcome constraints to economic development The active expansion of intra-industry and intra-businesses trade through the

specialization and regionalization of production.

Bibliography

BIMP-EAGA. (2010). History. Retrieved May 29, 2012, from BIMP-EAGA: http://www.bimp-eaga.org/Pages/Content.aspx?cid=16

BIMP-EAGA. (2010). Vision, Goals and Strategic Objectives. Retrieved May 29, 2012, from BIMP-EAGA: http://www.bimp-eaga.org/Pages/Content.aspx?cid=17