Asean Economic Community: a Focus on the Philippines Essay.
The ASEAN Economic Community. In the midst of two giant economies, ASEAN Leaders made a historic resolution in December 1997 to leverage the region’s potential by building an economic community (ASEAN Vision 2020). Henceforth, ASEAN is to be transformed into a stable, prosperous, and highly competitive region with equitable economic development, and reduced poverty and socio-economic.The ASEAN Community 2015 is comprised of three pillars, the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC), and the ASEAN Socio-Cultural Community (ASCC). AEC’s end-goal of a “single market” connotes an EU-style common market where there is complete freedom of trade of goods, services, capital and labor (Peter, 2005).Moreover, the scheduled creation of a common market within the ASEAN Economic Community (AEC) from the end of 2015, advancing to a semi-integrated financial market by 2020, will further improve the growth potential, particularly for UK-based firms—given the UK’s strong track record on services exports, and close commercial and economic ties to several key ASEAN hubs.
ASEAN Community Essay Sample. In 2003, leaders from the ASEAN bloc of nations agreed to establish an ASEAN Community by 2020, comprising three pillars, namely the ASEAN Political-Security Community, the ASEAN Socio-Cultural Community, and the ASEAN Economic Community (AEC). Subsequently, they decided to hasten the establishment of the AEC to 2015. The AEC is an initiative to transform the.Substantial intra-ASEAN trade (which is growing, partly as a result of the ASEAN Free Trade Area (AFTA) and the ASEAN Economic Community.) and economic integration is an incentive for a monetary union. Member states currently trade more with other countries (80%) than among themselves (20%). Therefore, their economies are more concerned about currency stability against major international.
Downloadable! The ASEAN Economic Community (AEC) is the largest integration effort attempted in the developing world; if realized, it will create a single market with the free movement of goods, services, foreign direct investment and skilled labor, and freer movement of capital encompassing nearly 600 million people. The study finds that the AEC could yield benefits similar to those of the.
