ASEAN ECONOMY COMMUNITY 2015

In 2007, the 10-member Association of Southeast Asian Nations (ASEAN) bloc adopted the goal of creating an integrated economic region—termed the ASEAN Economic Community (AEC)—by December 2015.

The AEC project’s integrated ASEAN economic region was built on four pillars of integration:

(i)            a single market and production base,

(ii)          a competitive economic region,

(iii)         equitable economic development, and

(iv)         integration with the global economy. 

Several challenges to realise the AEC tie to ASEAN’s ability to address the development divide in the region, home to some of the richest and poorest Asian economies. Members must enhance strategies to narrow the income gap and allow spillovers from richer.

Source:

·         1)  FrontierStrategyGroup 2013, Understanding the ASEAN Economic Community, viewed 8 July 2015, <http://blog.frontierstrategygroup.com/author/frontierstrategygroup/>

·         2)  Balboa, J.D. and Ganeshan Wignaraja 2014, ASEAN Economic Community 2015: What is next?, viewed 8 July 2015, < http://www.asiapathways-adbi.org/2014/12/asean-economic-community-2015-what-is-next/>