Inauguration of the AEC and Its Impacts on Relation between Singapore and Indonesia(29)

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

Thus, while Singapore acknowledges that some problems are faced by the ASEAN countries in implementing the AEC Blueprint, there is an urgent need to persevere in order for the region to remain competitive and relevant to the global economy. 

It is significant that SMEs tend to be in the more optimistic category in relation to regional integration. SME leaders in Singapore have urged fellow companies to expand within the region and to seriously consider investing in ASEAN neighbors for the many benefits that an integrated ASEAN economic community can bring.

Advent of the Era of the AEC and Its Impact on Singapore and Indonesia(39)

Comparative Study on the Perception and Response of Singapore and Indonesia

In addition, concerns of SMEs (Small and Medium-sized Enterprises) particularly in Indonesia that they may be isolated from the far-reaching age of the AEC are getting bigger. In spite of such negative voices raised, Singaporean and Indonesian governments have been regarded to take necessary steps to realize their commitments to the AEC as ambitiously set out in the AEC Blueprint. 

When it comes to the details of the perception of and the response to the AEC, however, Singapore is often evaluated ahead of Indonesia by and large.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(41)

Comparative Study on the Perception and Response of Singapore and Indonesia

In addition, concerns of SMEs (Small and Medium-sized Enterprises) particularly in Indonesia that they may be isolated from the far-reaching age of the AEC are getting bigger. 

In spite of such negative voices raised, Singaporean and Indonesian governments have been regarded to take necessary steps to realize their commitments to the AEC as ambitiously set out in the AEC Blueprint.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(4)

Comparative Study on the Perception and Response of Singapore and Indonesia

According to the AEC Blueprint 2015, a comprehensive masterplan accelerated the formal establishment of the AEC from 2020 to 2015, AEC rests on four pillars; a single market and production base; a competitive economic region; equitable economic development; and integration with the global economy. 

The AEC has drawn huge attention from the global society ever since discussions over the formation of the new regional economic community became the talk of the town.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(39)

Comparative Study on the Perception and Response of Singapore and Indonesia

In addition, concerns of SMEs (Small and Medium-sized Enterprises) particularly in Indonesia that they may be isolated from the far-reaching age of the AEC are getting bigger. 

In spite of such negative voices raised, Singaporean and Indonesian governments have been regarded to take necessary steps to realize their commitments to the AEC as ambitiously set out in the AEC Blueprint.

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

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

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. 

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.