In September the Association of Southeast Asian Nations (ASEAN) trade ministers agreed with Australia and New Zealand to move ahead with a closer economic partnership initiative in the wake of a global economic slowdown. All 12 countries agreed on a need for an initiative to reduce trade barriers and promote freer investment among the regions while focusing on individual reform. They are working toward creating a unified investment zone by breaking down bureaucracies and red tape that stifle trade.Economic initiatives are occurring in Malaysia, for example, where reforms to the domestic investments have exceeded foreign investments in the country's automotive components and accessories sector, with 63 projects approved in 2000. Of those, 33 were new projects for the manufacture of motor vehicle parts and accessories, and 30 were for the expansion and diversification of existing projects.
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