Comparative Study on the Perception and Response of Singapore and Indonesia
In this sense, the role of Singapore and Indonesia can't be overemphasized when the era of the AEC starts to be vigorously unfolded. Two countries have represented the ASEAN in two essential ways.
While Singapore tops the region with its world-level economic status, Indonesia covers alarmingly about 40% of the overall ASEAN economy. Therefore, both countries have been immensely highlighted as key stakeholders of the newly-born economic community.
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.
Comparative Study on the Perception and Response of Singapore and Indonesia
As identified above, Singapore and Indonesia may have been claimed to pour continuous efforts to cope with the era of the AEC. Both countries have concentrated on the advent of the AEC and the impacts that the new regional economic community would bring to them.
Nevertheless, there are yet complaints especially from the private sectors in both countries that incomplete information sharing and insufficient corporate engagement on the core agendas of the AEC has been left shortages.
Comparative Study on the Perception and Response of Singapore and Indonesia
In this context, taking a brief look at how the ASEAN economic integration has been developed and eventually led to the establishment of the AEC would be meaningful.
A publication from the ASEAN Secretariat titled 'ASEAN Economic Community 2015: Progress and Key Achievements' describes the road towards the AEC. Summary of the report (p. 3-6.) can be introduced as below:
Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia
As identified above, Singapore and Indonesia may have been claimed to pour continuous efforts to cope with the era of the AEC. Both countries have concentrated on the advent of the AEC and the impacts that the new regional economic community would bring to them.
Nevertheless, there are yet complaints especially from the private sectors in both countries that incomplete information sharing and insufficient corporate engagement on the core agendas of the AEC has been left shortages.
Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia
A publication from the ASEAN Secretariat titled 'ASEAN Economic Community 2015: Progress and Key Achievements' describes the road towards the AEC. Summary of the report can be introduced like this.
The first articulation of the concept of ASEAN economic integration is revealed in the Framework Agreement on Enhancing ASEAN Economic Cooperation signed in Singapore in 1992. The Agreement highlighted the importance of cooperation in the areas of trade; industry, minerals and energy; finance and banking; food, agriculture, and forestry; as well as transport and communications.
Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia
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. It isn't too much to say that agendas of the AEC Blueprint 2015 such as elimination of tariffs, facilitation of skilled labor mobility, liberalization of investment have been greatly valued to the international community.
In that more than 95% of intra-regional trades have been conducted free from any types of tariff, expectation for meaningful progresses of the AEC gets bigger and bigger.
The establishment of the AEC and its implication for South Korea
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.
The establishment of the AEC and its implication for South Korea
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. However, situation would be different if joint efforts of the 10 countries to cope with superpowers is designed and carried out.
