The establishment of the AEC and its implication for South Korea(5)

The establishment of the AEC and its implication for South Korea

The question is whether the AEC can evolve itself something beyond a regional agreement body. Doubts are cast upon the significant disparity of the social and cultural environment among the member countries. In addition, neither a single currency nor a central decision-making tower as those in the EU can’t be found. 

There exists considerable economic gap in the region as well. For example, Singapore is acclaimed to be in the rich Northern Hemisphere while Cambodia only records per capita GDP of about 1,000 USD.

 

The establishment of the AEC and its implication for South Korea(5)

The establishment of the AEC and its implication for South Korea

The question is whether the AEC can evolve itself something beyond a regional agreement body. Doubts are cast upon the significant disparity of the social and cultural environment among the member countries. In addition, neither a single currency nor a central decision-making tower as those in the EU can't be found. 

There exists considerable economic gap in the region as well. For example, Singapore is acclaimed to be in the rich Northern Hemisphere while Cambodia only records per capita GDP of about 1,000 USD. In this sense, it is no wonder that a tough itinerary is anticipated on the way to the substantial integration of the AEC.

Establishment of the AEC and its implication for South Korea(5)

Establishment of the AEC and its implication for South Korea

There exists considerable economic gap in the region as well. For example, Singapore is acclaimed to be in the rich Northern Hemisphere while Cambodia only records per capita GDP of about 1,000 USD. In this sense, it is no wonder that a tough itinerary is anticipated on the way to the substantial integration of the AEC. 

In spite of the skepticism raised, the importance of the birth of a sizable single economic community shouldn't be underestimated. Along with Africa and South America, the ASEAN has been called as the symbol of underdeveloped areas.

The foundation of the AEC and its implication for South Korea(5)

The foundation of the AEC and its implication for South Korea

In addition, neither a single currency nor a central decision-making tower as those in the EU can't be found. There exists considerable economic gap in the region as well. For example, Singapore is acclaimed to be in the rich Northern Hemisphere while Cambodia only records per capita GDP of about 1,000 USD. In this sense, it is no wonder that a tough itinerary is anticipated on the way to the substantial integration of the AEC.

In spite of the skepticism raised, the importance of the birth of a sizable single economic community shouldn't be underestimated. Along with Africa and South America, the ASEAN has been called as the symbol of underdeveloped areas. Thus, major powers like America, the EU and China would remain invincible if the ASEAN members try to compete with them individually.

Establishment of ASEAN Economic Community(3)

Establishment of the AEC(ASEAN Economic Community) and its implication for South Korea

What will be the ASEAN like in the time of the AEC? It may be too early to forecast the AEC in 10~20 years when the AEC just pulled up its anchor. Even short-term outlook is not an easy thing to challenge as emerging markets with high volatility consist of most parts of the region. 

This could explain why negative voices concerning the future of the AEC started to be echoed. The question is whether the AEC can evolve itself something beyond a regional agreement body. Doubts are cast upon the significant disparity of the social and cultural environment among the member countries. 

In addition, neither a single currency nor a central decision-making tower as those in the EU can’t be found. There exists considerable economic gap in the region as well. 

For example, Singapore is acclaimed to be in the rich Northern Hemisphere while Cambodia only records per capita GDP of about 1,000 USD. In this sense, it is no wonder that a tough itinerary is anticipated on the way to the substantial integration of the AEC.