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View all search resultsThe 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.
Controversies over the South China Sea have dominated headlines, especially after the recent decision by the Permanent Court of Arbitration, brought by the Philippines and denounced by China. But many businesses may look on more quizzically. What is the impact on the bottom line? Will prospects for ASEAN countries diminish if tensions with China escalate?
As the Association of Young Indonesian Entrepreneurs (HIPMI) prepared to send a delegation to the recent ASEAN Young Entrepreneurs Carnival and the second ASEAN Young Entrepreneurs Council Meeting in Kuala Lumpur, the question was: what’s the reason for the indifference of Indonesian youth toward ASEAN?
The four main goals of the AEC are unified market and production; competitive economic zones; development of regions; and integration with the global economy. There are eight types of workers that are free to move between ASEAN countries – accountants, architects, dentists, doctors, engineers, nurses, transportation staff and tourist officials.
Malaysian Second Minister of International Trade and Industry Ong Ka Chuan said following the establishment of the ASEAN Economic Community (AEC), some economists had predicted that the bloc would emerge as the fourth largest economy in the world by 2030, after China, India and the European Union.
In the wake of the US-ASEAN Sunnylands Summit in February, a lot has been said about how ASEAN matters to great powers. It is a historical time for US-ASEAN relations. However, in light of the recent ASEAN foreign ministers retreat in Laos, we need to ask: What does ASEAN mean to its member countries?
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