Advent of the Era of the AEC and Its Impact on Singapore and Indonesia(14)

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. 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(10)

Comparative Study on the Perception and Response of Singapore and Indonesia

Experts have pointed out that the ASEAN's remarkable performance has been greatly attributed to its economic cooperation and integration initiatives picking up steam over the last two decades. 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(9)

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(25)

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

The 4 papers are 'Deadline 2015: Assessing Indonesia's Progress towards the AEC' by Hadi Soesastro and Raymond Atje, 'Role of the Singapore Private Sector in ASEAN Economic Integration' by Juliana Giam, ASEAN Economic Integration: Perspectives from Singapore' by Ong Keng Yong and 'Perspective of the Indonesian Business Sector on the Regional Integration Process' by Widdi Mugijayani and Pratiwi Kartika. 

Relied upon the findings from the papers, SWOT analysis can be further applied for both countries.

 

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. 

 

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(9)

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.