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Moving towards an ASEAN Economic Community (AEC)

Launched as a political bloc and security pact in the aftermath of the Vietnam War, ASEAN has evolved to embrace an ambitious economic agenda. Its latest project is to establish the ASEAN Economic Community (AEC) by 31 December 2015.

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Launched as a political bloc and security pact in the aftermath of the Vietnam War, ASEAN has evolved to embrace an ambitious economic agenda. Its latest project is to establish the ASEAN Economic Community (AEC) by 31 December 2015.

But is this likely? The blueprint for achieving the goal envisages the AEC standing on four pillars and meeting the deadline depends on progress on each of them. There have been a number of noteworthy achievements on the first pillar of realising a single market and production base.

The greatest success has been in tariff reduction. Following the implementation of the ASEAN Free Trade Area, common effective preferential tariff rates between the ASEAN-6 (Brunei, Indonesia, Malaysia, the Philippines, Singapore, and Thailand) fell to virtually zero.

As a result, more than 70 per cent of intra-ASEAN trade incurs no tariff and less than 5 per cent is subject to tariffs above 10 per cent. With tariff rates largely irrelevant, leaders need to prioritise eliminating non-tariff barriers

Author: Jayant Menon, Asian Development Bank

Original post:
Moving too slowly towards an ASEAN Economic Community

1 Comment

1 Comment

  1. Mark Hefner

    November 3, 2014 at 9:22 pm

    I’ve read the ASEAN Declaration and no where in it does it say it was “launched as a political bloc and security pact in the aftermath of the Vietnam War.”

    In fact, one of the founders,THANAT KHOMAN, wrote in 1992, “Another principle to which we anchored our faith was that our co-operation should deal with non-military matters. Attempts were made by some to launch us on the path of forming a military alliance. We resisted; wisely and correctly we stuck to our resolve to exclude military entanglement and remain safely on economic ground.”

    SOURCE:

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