A year ago, the mood in Singapore, if not quite jubilant, was highly optimistic. There was palpable energy around both the Trans Pacific Partnership (TPP) and the ASEAN Economic Community (AEC). The mood today is marked by uncertainty.
globalEDGE Blog - By Tag: asean
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If you are looking to learn more about the ASEAN Economic Community, look no further than globalEDGE. On our website's ASEAN page, you can find information about member countries, financial and trade statistics, and the history of the trade bloc. In addition, we also have a plethora of resources on ASEAN, including pages about the ASEAN Economic Community. Check out our ASEAN and AEC resources here!
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The ASEAN trade community encompasses a group of dynamic economies that seem poised to experience rapid growth and gains in wealth. As with any entity that exudes potential, however, the ASEAN trade bloc faces significant challenges as a trade bloc and as independent nations. The beginning of the AEC (ASEAN Economic Community) will present a whole list of new issues along with its great promise.
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In the third part of this week’s blog series on the ASEAN Economic Community (AEC), we will look at the many economic and investment opportunities created with the formation of the new economic bloc, along with some possible economic implications in the region. With a combined population of 625 million and a relatively low GDP per capita, many see the AEC as a region ripe for growth and opportunity. The economic community has the potential to significantly impact all ten participating countries, as a reduction in tariffs and freer trade could open new avenues for many businesses in the bloc, as well as foreign companies looking to expand.
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The main focus of the recently launched ASEAN Economic Community (AEC) is to create a single market and production base, support member nations in a world of increasing competitiveness, and to close economic disparities. Overall, the underlying aim is to further integrate Asian economies with the global economy. Germany has expressed interest in the AEC, according to a survey conducted by Germany Invest. The survey found that German firms currently operating within ASEAN are excited by the new opportunities that the AEC might bring for their businesses. In the past, hesitance has prevented German firms from leading against competitors such as Japan, who has successfully been leveraging tariff removals and other benefits found in the region. The AEC will bring exciting new benefits and business opportunities to members in its region. However, despite the AEC appearing to be the next European Union, it has a long way to go in terms of integration.
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The ASEAN Economic Community (AEC) is not yet a household name, but it certainly has the power to become one. Officially launched on January 1, 2016, the AEC is aiming to transform the economies of ASEAN’s 10 member states - Brunei, Cambodia, Indonesia, Laos, Malaysia, Burma, the Philippines, Singapore, Thailand, and Vietnam - into a unified market and production base. However, the AEC will not attempt to implement uniform economic policies throughout the region. It sees diversity among its members as a strength and an attribute that will make it attractive to global investors. With a combined GDP of $2.4 trillion, this new economic community will look to have tremendous impacts on global markets and international trade.
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It has been big news in the world economy that The Association of Southeast Asian Nations (ASEAN) is trying to implement a single economic community called the ASEAN Economic Community (AEC). What does this mean for ASEAN and the entire world economy? The AEC is expected to lead to 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.