Political, legal and organisational complexities and regulatory burdens, as well as the lack of uniformed and harmonised trading rules among the ASEAN members, are hampering the progress of the 2007 ASEAN Economic Community (AEC) Blueprint, which seeks to achieve regional economic integration next year. According to the " ASEAN Economic Community Scorecard 2012", only two-thirds (67.5 per cent) of the targets for an integrated economic region by next year have been met. This is unsurprising given the economic diversity and varying growth maturity in each of the member countries. We also often see that national and local priorities supersede regional initiatives, obscuring wider goals. On the micro level, there are many areas where solutions can be applied. Source: New Straits Times (opinion)
At the Milken Institute Global Conference in Beverly Hills a panel discussion on Southeast Asia provided data, history and empirical experiences that all point toward the ASEAN member states continued economic growth. Moreover, the panel suggested the ten ASEAN member states – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam – should be the primary destinations for businesses looking to expand in Asia and investors looking to invest in Asia now and for many years to come. The ASEAN region is set to launch the ASEAN Economic Community (AEC) on December 31, 2015. The AEC is designed to replicate all the positive attributes and economic outcomes of the European Union while avoiding the EU’s missteps such as their common currency. Data presented by the panel showed that GDP for the combined ASEAN region rivals the GDP of India plus the Gulf Cooperation Council states. The over 600 million people in the ASEAN region collectively make up the 8th largest economy in the world without the AEC in place.
In 2014, Myanmar takes reign for the first time as ASEAN Chair, leading ASEAN to the realization of regional integration with the ASEAN Economic Community (AEC) to be implemented by 2015. The vision for the AEC sets to transform ASEAN into a region with free movement of goods, services, investment, skilled labour, and capital, for which Myanmar aims to link economic reform to societal progress.
JAKARTA, 7 February 2014
The US yesterday reaffirmed its commitment to deepen its practical cooperation with ASEAN on areas of mutual interest including humanitarian assistance and disaster relief (HADR).