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  • Topic: ASEAN, Southeast Asia, Economic integration
  • Pages : 3 (1061 words )
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  • Published : March 4, 2013
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ASEAN Economic Community
The ASEAN Economic Community (AEC) shall be the goal of regional economic integration by 2015. AEC envisages the following key characteristics: (a) a single market and production base, (b) a highly competitive economic region, (c) a region of equitable economic development, and (d) a region fully integrated into the global economy. The AEC areas of cooperation include human resources development and capacity building; recognition of professional qualifications; closer consultation on macroeconomic and financial policies; trade financing measures; enhanced infrastructure and communications connectivity; development of electronic transactions through e-ASEAN; integrating industries across the region to promote regional sourcing; and enhancing private sector involvement for the building of the AEC. In short, the AEC will transform ASEAN into a region with free movement of goods, services, investment, skilled labour, and freer flow of capital. ASEAN Economic Community (AEC) Blueprint

The ASEAN Leaders adopted the ASEAN Economic Blueprint at the 13th ASEAN Summit on 20 November 2007 in Singapore to serve as a coherent master plan guiding the establishment of the ASEAN Economic Community 2015. ASEAN or Association of Southeast Asian Nations was founded in 1967, currently consisting of Indonesia, Malaysia, Singapore, Brunei, the Philippines, Vietnam, Cambodia, Laos, Myanmar, and Thailand. Since its establishment, ASEAN countries have gradually and continually strengthened their economic integration, from the ASEAN Preferential Trading Arrangement (PTA) in 1977 to the ASEAN Free Trade Area (AFTA) and now they further move to a deeper liberalization level to create the ASEAN Economic Community or AEC by 2015. The liberalization targets under AEC include not only the free movement of goods but also the free mobility of factors of production among member countries.

With the effective AEC, economic activities among member countries, including...
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