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Monday, 06 October 2014 01:28

ASEAN Economic Community

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The ASEAN Economic Community (AEC) is the goal of regional economic integration by 2015 in Southeast Asia. AEC envisages the following key characteristics:

  1. a single market and production base;
  2. a highly competitive economic region;
  3. a region of equitable economic development; and,
  4. 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.

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.

Source: ASEAN Website

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