Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(12)

Comparative Study on the Perception and Response of Singapore and Indonesia

It was not until 2003, at the 9th ASEAN Summit, that the ASEAN leaders first declared the formation of an 'ASEAN Economic Community' as stated in the Bali Concord II. 

This was in line with the ASEAN Vision 2020, which aimed to transform the ASEAN into a stable, prosperous and highly-competitive region with equitable economic development, reduced poverty, and socio-economic disparities, progressing in tandem with the establishment of the ASEAN Political Security Community and the ASEAN Socio-Cultural Community.