Why is the Asean economic community important?
By establishing the AEC, ASEAN deepened economic integration by transforming to a region with free movement of goods, services, investment, and skilled labor, and freer movement of capital.
What are the characteristics of the Asean Economic Community?
The AEC Blueprint 2025 consists of five interrelated and mutually reinforcing characteristics, namely: (i) A Highly Integrated and Cohesive Economy; (ii) A Competitive, Innovative, and Dynamic ASEAN; (iii) Enhanced Connectivity and Sectoral Cooperation; (iv) A Resilient, Inclusive, People-Oriented, and People-Centred …
What are the 4 pillars of Asean Economic Community?
Four Pillars of the AEC
- Single Market and Production Base. …
- Competitive Economic Region. …
- Equitable Economic Development. …
- Integration into the Global Economy.
What is the role of ASEAN in economic development?
ASEAN ECONOMIC COMMUNITY
Its goal is to create a stable, prosperous and highly competitive ASEAN economic region in which there is a free flow of goods, services, investment and a freer flow of capital, equitable economic development and reduced poverty and socio-economic disparities in year 2020.
What is the most important part of ASEAN community?
The three pillars of the ASEAN Community, namely the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC) and the ASEAN Socio-Cultural Community (ASCC), are the most crucial areas deemed necessary for the progress and evolution of ASEAN and its peoples.
What are the characteristics of ASEAN?
ASEAN is characterized by great internal diversity, generally high economic growth, and a reluctance to establish a strong supranational structure. Beginning in 1976—with its five original members—ASEAN began to move toward economic cooperation and integration, initially with a focus on merchandise trade.
What are the characteristics of the ASEAN Socio Cultural Community?
The ASCC is characterised by a culture of regional resilience, adherence to agreed principles, spirit of cooperation, collective responsibility, to promote human and social development, respect for fundamental freedoms, gender equality, the promotion and protection of human rights and the promotion of social justice.
What are the characteristics and elements to make the AEC effective in its purpose?
Based on the above and taking into consideration the importance of external trade to ASEAN and the need for the ASEAN Community as a whole to remain outward looking, the AEC envisages the following key characteristics: (a) a single market and production base, (b) a highly competitive economic region, (c) a region of …
What are the 4 pillars of Asean explain each pillar?
The AEC is characterised by four pillars: single market and production base, highly competitive economic region, a region of equitable economic development, and a region that is fully integrated with the global economy.
What is the 4th pillar of Asean?
The fourth pillar seeks to focus on discussions on challenges and solutions to environmental ruin caused by rapid economic growth in the Asean region. It also places best practices and sustainability at the center of decision-making.
What are the pillars of Asean integration?
There are four pillars to the AEC: 1) Single Market and Production Base; 2) Competitive Economic Region; 3) Equitable Economic Development; and 4) ASEAN’s Integration into the Global Economy.