Advent of the Era of the AEC and Its Impact on Singapore and Indonesia(48)

Comparative Study on the Perception and Response of Singapore and Indonesia

In this sense, the role of Singapore and Indonesia can't be overemphasized when the era of the AEC starts to be vigorously unfolded. Two countries have represented the ASEAN in two essential ways. 

While Singapore tops the region with its world-level economic status, Indonesia covers alarmingly about 40% of the overall ASEAN economy. Therefore, both countries have been immensely highlighted as key stakeholders of the newly-born economic community.  

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

Experts have pointed out that the ASEAN's remarkable performance has been greatly attributed to its economic cooperation and integration initiatives picking up steam over the last two decades. In this context, taking a brief look at how the ASEAN economic integration has been developed and eventually led to the establishment of the AEC would be meaningful. 

A publication from the ASEAN Secretariat titled 'ASEAN Economic Community 2015: Progress and Key Achievements' describes the road towards the AEC. Summary of the report (p. 3-6.) can be introduced as below:

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(31)

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

In this respect, Singapore has spent more than US$120 million cumulatively in various initiatives and training programs to help narrow the gaps among ASEAN economies. Results of SWOT analysis on the Singapore's perception of and response to the formation of the AEC can be diagramed. 

According to the papers by Hadi Soesastro and Raymond Atje (p. 72-77.) and Widdi Mugijayani and Pratiwi Kartika (p. 210-212.), Indonesia's major perception of and response to the formation of the AEC can be summarized.