Patrick C. Agonias 05/28/12AB
CDA, LJL3 PHIFOCY
WHAT IS THE BIMP-EAGA?
The BIMP-EAGA or the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area is asub regional group aimed at the expansion of economic cooperation. It was proposed byPresident Fidel V. Ramos of the Philippines in 1992.The proposal was met by favourable responses from the leaders of the three countries whicheventually led to the creation of BIMP-EAGABIMP-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 byfinding 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 addedagriculture based industry, natural resources-based manufacturing and high-end tourism. Inaddition, its long-term goal is to ensure that non-resource based industries are to be established inthe region.The main strategic objective of the initiative is to accelerate economic development, improve thecompetitiveness of export and enhance the attractiveness of the sub region to local and foreigninvestors.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, andinformation
Dynamic joint action to overcome constraints to economic development
The active expansion of intra-industry and intra-businesses trade through thespecialization and regionalization of production.