Inauguration of the AEC and Its Impacts on Relation between Singapore and Indonesia(38)

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

Besides, awareness of the importance of the AEC is not only high in the business sector but also considerably widespread among the general public in Singapore. This phenomenon may be associated with the unparalleled development career of the Singaporean economy. 

Actually, Singapore has been spotlighted to reap the biggest pie of the AEC as the United States has benefited the most in the time of the North American Free Trade Agreement (NAFTA).

Inauguration of the AEC and Its Impacts on Relation between Singapore and Indonesia(13)

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

The AEC has been perceived to open a new phase of more cohesive economic integration in Southeast Asia. It is because the AEC's ultimate target is to become an Asian version of the European Economic Community (EEC), the precursor of the European Union (EU). 

Consequently, 10 member countries have put considerable efforts to keep pace with the new economic norm envisioning a single market across the region. The goals of the AEC go with the interrelated four pillars upon which the AEC Blueprint is based.

Advent of the Era of the AEC and Its Impact on Singapore and Indonesia(14)

Comparative Study on the Perception and Response of Singapore and Indonesia

As projected by the AEC Blueprint, the AEC was finally launched on the 31th of December, 2015. The AEC has been perceived to open a new phase of more deepened economic integration in Southeast Asia. 

It is because the AEC's ultimate target is to become an Asian version of the EEC (European Economic Community), the precursor of the EU (European Union). Consequently, 10 member states have put considerable efforts to keep pace with the new economic norm envisioning a single market in the region. 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(14)

Comparative Study on the Perception and Response of Singapore and Indonesia

As projected by the AEC Blueprint, the AEC was finally launched on the 31th of December, 2015. The AEC has been perceived to open a new phase of more deepened economic integration in Southeast Asia. It is because the AEC's ultimate target is to become an Asian version of the EEC (European Economic Community), the precursor of the EU (European Union). 

Consequently, 10 member states have put considerable efforts to keep pace with the new economic norm envisioning a single market in the region. The goals of the AEC go with the interrelated four pillars upon which the AEC Blueprint is based.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(14)

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

It is because the AEC's ultimate target is to become an Asian version of the EEC (European Economic Community), the precursor of the EU (European Union). Consequently, 10 member states have put considerable efforts to keep pace with the new economic norm envisioning a single market in the region. 

The goals of the AEC go with the interrelated four pillars upon which the AEC Blueprint is based. They are a single market and production base, a highly competitive economic region, a region of equitable economic development and a region fully integrated into the global economy.