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View all search resultsIn support of the ASEAN regional integration, the EU has helped establish the trade solution platform, dubbed the ASEAN Solutions for Investments, Services and Trade (ASSIST), through its ASEAN Regional Integration Support by the EU (ARISE) Plus technical facility.
With a gross domestic product of US$2.6 trillion, the AEC is the seventh-largest economic block. With a population of more than 620 million, it is the third largest in Asia, after China and India. In this regard, the Philippines will highlight ASEAN MSMEs as the main drivers of inclusive growth in the region.
US companies maintain their optimism about growth prospects and commercial opportunities in ASEAN countries. However, the survey also indicated that corruption continues to be a major concern for US companies considering expanding their businesses in Indonesia.
The ASEAN Political-Security Community (APSC) was first proposed by Indonesia in 2003 to balance the Singapore-proposed ASEAN Economic Community. However, it remains lagged more than a decade later as it still struggles to achieve any balance.The regional grouping has had a significant role since its inception in 1967 and is praised by many as one of the most successful regional groupings for its ability to maintain peace in Southeast Asia. This “relative peace and security” was dubbed by Hassan as “the greatest achievement of ASEAN”. However, the referred to “maintenance of peace” was quickly commented by an audience as the mere “avoidance of conflict.”
The AEC has lowered tariffs to almost zero. Although some challenges remain, I believe that ASEAN has pushed forward in opening up the service market and reducing non-tariff barriers.As ASEAN inches closer toward its ultimate goal of a highly integrated market and production base, its production mode and market strategy will also gradually transform. Facing this unavoidable change, the question I ask is how businesses in ASEAN might react to this momentous change.
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