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Last update: February 25, 2016 Doing Business, Market information & data, Southeast Asia
business resources AEC, business, capital, competition, development, integration, investment, labor,
trade
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From the official report of May 2014 by the ASEAN, entitled Thinking Globally,
Prospering Regionally ASEAN Economic Community 2015 the following table
summarizes its very positive economic and demographic evolution between 1990,
2000 and 2012.
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Principles of the ASEAN Economic
Community AEC
The ASEAN countries are engaged in a process to transform ASEAN into a real
economic community by the end of 2015. Originally built as a political alliance to
limit the spread of communism in Southeast Asia, ASEAN gradually became a
diplomatic organization to manage regional issues and expand trade with the
inclusion of Vietnam, Cambodia and Laos and their opening to a market economy.
ASEAN leaders have now embarked the Southeast Asian association to the next step
of economic development, which will also ultimately bring the Southeast Asian
peoples closer. They have engaged since 2007 towards the integration of ASEAN into
an ASEAN Economic community based on 4 economic pillars:
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Single Market and Production Base: the region as a whole must become a
single market and production base to produce and commercialize goods and
services anywhere in ASEAN
Competitive Economic Region: the region must emphasize on the
competitiveness of its production and capacity for export, as well as the free
competition inside of its frontiers
Equitable Economic Development: to receive the benefits of th AEC, the people
and businesses of ASEAN must be engaged into the integration process of the
AEC
ASEANs integration into the globalized economy: ASEAN must not be isolated
but an integrated part of the global economy
Various business leaders such as AirAsia CEO Tony Fernandes, and political
ones like Singapore PM Lee Hsien Loong have stated that ASEAN will require some
more time beyond 2015 to fully realize the vision of the AEC. Yet, ASEAN is well
advanced on its roadmap to formally realize the AEC by December 2015
as it achieved almost all its targets in the reduction of trade duties.
To present all the work that has been completed and inform ASEAN economies and
businesses, the Association of Southeast Asian Nations has produced the report
Thinking Globally, Prospering Regionally ASEAN Economic Community
2015 that highlights the achievements towards the AEC and its vision for the future.
Trade
Concerning the free flow of goods: as of
2010, duties were eliminated on 99.2% of
tariff lines for the ASEAN-6 Member States
(Brunei Darussalam, Indonesia, Malaysia,
Philippines, Singapore and Thailand).
Click to download the full report on
In the other member states (Cambodia, Lao
the ASEAN Economic Community
PDR, Myanmar and Viet Nam), 97.52% of
tariff lines have been reduced to 0-5%.
Measures to reduce technical barriers to trade are also being implemented.
ASEAN Member States are also working towards the achievement of the free flow of
services through the ASEAN Framework Agreement on Services (AFAS).
For more information, check this overview of trade and foreign investment in
ASEAN.
Investment
ASEAN is committed to building an investment environment to attract businesses: it
created the ASEAN Comprehensive Investment Agreement (ACIA), which includes
commitments towards the liberalization and protection of cross-border investments
operations, together with best practices for the treatment of foreign investors and
investments.
For the free flow of capital, stock exchanges from Indonesia, Malaysia, Philippines,
Singapore, Thailand and Viet Nam are working together to form the ASEAN
Exchanges, aiming to promote ASEAN capital markets and to offer more
opportunities to investors in the region.
Labor
ASEAN works towards facilitating the free flow of skilled labor: the ASEAN
Agreement on the Movement of Natural Persons (MNP) provides a legal framework
to ease temporary cross-border movements of people engaged in the trade in
goods, services and investment.
For more information on the skilled labor market in ASEAN as well as existing
opportunities for certain professions through Mututal Recognition Agreements,
check this overview of the ASEAN skilled labor market.
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Competitive Economic Region
By creating a competitive economic region, the AEC wants to foster a culture of fair
competition, which includes protection of consumers and guarantees for
intellectual property rights. It also requires infrastructures (highways, airports and
rail links, power grids and gas pipelines) under planning and development.
As the 2015 deadline of the AEC arrives, ASEAN expects business interest in the AEC
to increase, as more and more businesses will benefit the ASEAN integration and
develop ASEAN-centered strategies in their corporate policies.
This very positive sentiment towards business in ASEAN is shared by many local and
foreign companies, as shown by the US companies outlook in ASEAN for 2015,
and opportunities of AEC for Chinese and Hongkongese companies outlined at the
Asian Financial Forum of 2014.
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For a more comfortable reading, it is quite
suggested to open the report in full screen. This
report is also available in PDF format, click on
the report cover to open it.
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Brunei Scorecard of Aseans top oil exporter. page 6
Indonesia Scorecard of Aseans largest population. page 7
Malaysia Scorecard of Aseans largest local currency bond market. page 8
Philippines Scorecard of Aseans largest household spender. page 9
Singapore Scorecard of Aseans richest member. page 10
Thailand Scorecard of Aseans automotive hub. page 11
CLMV countries Cambodia, Laos, Myanmar and Vietnam Scorecard of
Aseans newest members. page 12
Implementation reality Bloomberg Brief talks with Iwan Azis, head of the
Asian Development Banks Office of Regional Economic Integration. page 13
Related posts
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7 insights and perspectives about ASEAN
Sign up
Agus Burhan
December 18, 2015 at 20:06
Reply
David
March 3, 2016 at 15:21
Will members of one country be able to travel and live in another member country?
Reply
ASEAN UP
March 3, 2016 at 15:35
Hi David,
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Well, as of 2016, some skilled workers can go work in other ASEAN countries
provided they satisfy the criteria and complete the skills recognition process in
place in the country where they want to travel. For more on these Mutual
Recognition Agreements, check the overview of the ASEAN skilled labor market.
With regards to buying property, it depends on each ASEAN countrys laws. Most
ASEAN countries already allow foreigners to buy apartments in condominium
buildings, yet the laws governing land and houses ownership are usually more
restrictive.
Reply
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