THE ASEAN regional bloc and Japan expressed hope on Thursday that a broad economic partnership agreement they signed in April will be quickly ratified and enter into force this year.

Economic ministers from Japan and the Association of Southeast Asian Nations (Asean), in a joint statement issued after meetings in Singapore, underscored the economic benefits of prompt ratification of the pact.

Only Singapore has ratified the Asean-Japan Comprehensive Economic Partnership (AJCEP) so far. It was still unclear when Asean's nine other members will ratify the accord.

'The ministers looked forward to the early entry into force of the Ajcep agreement by this year, which will provide a strong impetus for further invigoration of trade and investment in the region,' the statement said.

The agreement covers trade in goods, services, investment and economic cooperation.

Under the deal, about 90 per cent of trade between Asia's largest economy and Asean, which has a combined population of about 550 million, will be tariff-free within 10 years.

Asean groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Trade between Asean and Japan reached US$173.1 billion (S$245 billion) in 2007, up 7.0 per cent from the previous year, the statement said.

Foreign direct investment (FDI) from Japan fell to US$8.9 billion in 2007 from US$10.7 billion in 2006.

But among Asean's dialogue partners, Japan still ranked as the second largest source of FDI to the region, next to the European Union, the statement added.

Asean is forging free trade pacts with key regional economies, including booming China and India, to ensure the bloc is not sidelined economically.

Asean itself aims to achieve a single market and manufacturing base by 2015 to raise its profile in the face of competition from China and India. -- AFP