ASEAN Economic Integration Faces Tough Road ahead

TODAY

30 December 2014

SINGAPORE — The Association of South-east Asian Nations (ASEAN) has set a goal of merging the economies of its member states into an integrated economic region by the end of next year, but questions remain over whether the project, known as the ASEAN Economic Community (AEC), will be fully achieved come its end-2015 deadline.

The work that remains over the next year is expected to be much tougher as the effort shifts towards reviewing each country’s laws to open up domestic markets and allaying the protectionist concerns of local businesses and industries.

…“The remaining measures will be harder to achieve … because if you want them to be achieved, it’s going to involve domestic adjustment. It means these countries have to adjust their domestic laws and regulations to comply with the AEC agreement,” said Dr Kaewkamol Pitakdumrongkit, an assistant professor at the S. Rajaratnam School of International Studies’ Centre for Multilateralism Studies, who studies the AEC.

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