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

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. 

The joint vision for an integrated future was adopted by leaders in November 2007 at the 13th ASEAN Summit and culminated in the ASEAN Economic Community (AEC) Blueprint. It is a blueprint that has served as a comprehensive master plan to chart the region's journey towards the formal establishment of the AEC.

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.