To ensure that benefits from the ASEAN Community are shared among all ASEAN Member States, it is important to have an understanding of the varying stages of their economic development and the development gaps that exist between and among them. The Initiative for ASEAN Integration (IAI) and Narrowing the Development Gap (NDG) are two of ASEAN’s frameworks that aim to address these development issues. Both frameworks recognize the value of addressing sub regional issues to support ASEAN-wide goals.
The ASEAN Economic Community (AEC) shall be the goal of regional economic integration by 2015. AEC envisages the following key characteristics: (a) a single market and production base, (b) a highly competitive economic region, (c) a region of equitable economic development, and (d) a region fully integrated into the global economy.
With a market of over 600 million consumers and combined GDP of nearly US$3 trillion, ASEAN is vibrant and growing, offering a future to its people of increasing prosperity and stability. The AEC is one of the foundations of that future.
This is a significant opportunity for all members, however, with this comes challenges, and companies across the region will have to adapt to the new system – with new local and regional legislation to take into account, as well as changes required all across aspects of business in the region.
ASEAN Integration into the Global Economy Conference 2015 will bring together leading minds from government and private sectors to explore issues in detail, forge partnerships and devise solutions on the legal, business and sustainability challenges of the AEC.
To learn more about the conference and speakers, visit the website by clicking here.