Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(43)

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

The question is whether the AEC can evolve itself into something beyond a mere economic agreement body. Above all things, doubts are cast upon the massive disparity of the social and cultural environment among the member countries. 

There exists considerable economic gap in the region, too. For instance, Brunei, an oil-producing country was shined with its per capita GDP of 28,240 USD in 2017  while Cambodia, one of the poorest countries in the region only recorded per capita GDP of 1,390 USD during the same period.

 

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

The establishment of the AEC and its implication for South Korea

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. 

The foundation of the AEC and its implication for South Korea(4)

The foundation of the AEC 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.