MANILA, Aug. 25 (Xinhua) -- The Association of Southeast Asian Nations (ASEAN) is considering sanctions against those members who do not comply with crucial free-trade deals on time, Philippine media reported on Saturday.

    The 10-member bloc also plans to establish a strict monitoring system to ensure timely compliance with a new blueprint, which envisions transforming the region into a booming EU-style economic community by 2015, GMA TV citing a "confidential" document by ASEAN Secretary-General Ong Keng Yong reported.

    ASEAN economic ministers meeting in Manila approved a comprehensive blueprint Friday to establish an ASEAN Economic Community by 2015, five years ahead of the original schedule. ASEAN heads of state are expected to give final approval at a November summit in Singapore.

    The Secretary-General, in a confidential report to the ministers, said the regional bloc should learn to comply with free-trade obligations on time and remove perceptions that it is prone to "agree fast, act slow."

    The ASEAN economic ministers should institute compensatory measures or denial of benefits for delay in implementation of the deals, Ong said.

    While ASEAN's economy grew at an impressive rate of 6 percent last year, and was forecast by the Asian Development Bank to register 5.6 percent growth this year, Ong said the bloc faces a slew of challenges, including high oil prices, fierce international competition, increased volatility in the financial market, and faster-than-expected U.S. economic slowdown.

    With its efforts to more rapidly liberalize trade, ASEAN "is poised for a big leap forward provided the challenges are overcome," he said.