Inauguration of the AEC and Its Impacts on Relation between Singapore and Indonesia(14)

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

They are a single market and production base, a highly competitive economic region, a region of equitable economic development and a region fully integrated into the global economy as shown below. 

And a step further from the inauguration of the AEC, AEC Blueprint 2025 picturing the strategic direction of regional economic integration for the next 10 years was already adopted at the 27th ASEAN Summit in November 2015.

Advent of the Era of the AEC and Its Impacts on Singapore and Indonesia(15)

Comparative Study on the Perception and Response of Singapore and Indonesia

They are a single market and production base, a highly competitive economic region, a region of equitable economic development and a region fully integrated into the global economy. 

The graph below explains key milestones of the AEC and four pillars of the AEC. And a step further from the inauguration of the AEC, AEC Blueprint 2025 guiding the strategic direction of the regional economic integration for the next 10 years was additionally adopted at the 27th ASEAN Summit in November 2015.

The establishment of the AEC and its implication for South Korea(3)

The establishment of the AEC and its implication for South Korea

According to the AEC blueprint 2025, part of the ASEAN 2025, the AEC rests on four pillars; a single market and production base; a competitive economic region; equitable economic development; and integration with the global economy. 

It isn't too much to say that agendas of the AEC blueprint 2025 such as elimination of tariffs, facilitation of skilled labor mobility, liberalization of investment and promotion of connectivity have been greatly valued to the global community.

Establishment of the AEC and its implication for South Korea(2)

Establishment of the AEC and its implication for South Korea

However, all countries may share their uniformed look at the 'AEC(ASEAN Economic Community)'. It is because the AEC came to the 2nd year of its ambitious inauguration 47 years after the establishment of the ASEAN in 1968. Along with the ASEAN Political-Security Community and the ASEAN Socio-Cultural Community, the concept of the AEC was born from the ASEAN 2025 adopted by the leaders of the ASEAN. 

According to the AEC blueprint 2025, part of the ASEAN 2025, the AEC rests on four pillars; a single market and production base; a competitive economic region; equitable economic development; and integration with the global economy.