The goal of regional economic integration by 2015 shall be realised by the ASEAN Economic Community (AEC). AEC envisions 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 summary, the AEC will turn ASEAN into a region with free movement of goods, services, investment, skilled labour, and freer flow of capital.
Last Update: 29/12/2021