Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(3)

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia

Along with the ASEAN Political-Security Community and the ASEAN Socio-Cultural Community, the concept of the AEC was first emerged in the ASEAN Vision 2020 articulated in 1997. Then in 2003, leaders of the ASEAN member states declared the formation of an ASEAN Economic Community by 2020 as an agreed goal of the regional economic integration. 

According to the AEC Blueprint 2015, a comprehensive masterplan accelerated the formal establishment of the AEC from 2020 to 2015, AEC rests on four pillars; a single market and production base; a competitive economic region; equitable economic development; and integration with the global economy.