Inauguration of the AEC and Its Impacts on Relation between Singapore and Indonesia(9)

Comparative Research on Relationship of Singapore and Indonesia in the AEC Aspect

The first articulation of the concept of ASEAN economic integration was 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. 

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

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(13)

Comparative Study on the Perception and Response of Singapore and Indonesia

The AEC Blueprint 2015 was initiated at the 38th ASEAN Economic Ministers Meeting (AEM) in Kuala Lumpur. The AEM agreed to develop a single and coherent plan progressing step by step to the AEC. 

In essence, this was undertaken by identifying the characteristics and elements of the AEC consistent with the Bali Concord II, involving clear targets and timelines for implementation, while taking into account the ASEAN member states' varying levels of development. 

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

The AEC Blueprint 2015 was initiated at the 38th ASEAN Economic Ministers Meeting (AEM) in Kuala Lumpur. The AEM agreed to develop a single and coherent plan progressing step by step to the AEC. 

In essence, this was undertaken by identifying the characteristics and elements of the AEC consistent with the Bali Concord II, involving clear targets and timelines for implementation, while taking into account the ASEAN member states' varying levels of development.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(11)

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.

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

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

The AEM agreed to develop a single and coherent plan progressing step by step to the AEC. In essence, this was undertaken by identifying the characteristics and elements of the AEC consistent with the Bali Concord II, involving clear targets and timelines for implementation, while taking into account the ASEAN member states' varying levels of development. 

In January 2007, at the 12th ASEAN Summit, the ASEAN leaders collectively agreed to accelerate the establishment of the ASEAN Community from 2020 to 2015. 

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

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

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. 

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.