Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(10)

Comparative Study on the Perception and Response of Singapore and Indonesia

The first articulation of the concept of ASEAN economic integration is revealed in the Framework Agreement on Enhancing ASEAN Economic Cooperation signed in Singapore in 1992. The Agreement highlighted the importance of cooperation in the areas of trade; industry, minerals and energy; finance and banking; food, agriculture, and forestry; as well as transport and communications.

This Framework Agreement eventually led to the establishment of ASEAN's earliest key agreements including The Agreement on the Common Effective Preferential Tariff Scheme for the ASEAN Free Trade Area in 1992.