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Roadmap to an ASEAN Economic Community

Denis Hew Wei-Yen

Publication Year: 2005

At the Ninth ASEAN Summit in Bali on 7 October 2003, the leaders of the Association of Southeast Asian Nations agreed to establish an ASEAN Economic Community (AEC) by 2020. It is envisaged that the AEC would be a single market and production base, with a free flow of goods and services, investments, capital and skilled labour. An integrated ASEAN with a sizeable market of over 500 million people could become an alternative to China as a regional production base for MNCs. Although there are roadmaps for the fast-track integration of eleven priority sectors, an overall longer-term roadmap needs to be formulated to realize the AEC. This book addresses the main issues.

Published by: Institute of Southeast Asian Studies

Title Page, Copyright

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Table of Contents

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Acknowledgements

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p. vii-vii

I would like to thank the chapter writers for their valuable contributions. Their papers were first presented at the ASEAN Roundtable 2003 in Singapore on 21–22 August 2003. The Roundtable — from which this book emanates...

Contributors

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pp. viii-ix

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Foreword

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pp. x-xi

At the Ninth ASEAN Summit in October 2003, ASEAN leaders agreed to establish an ASEAN Community (AC) by 2020 (Bali Concord II). This community encompasses three major components or “pillars”, namely...

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1. Introduction: Roadmap to an ASEAN Economic Community

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pp. 1-12

At the Ninth ASEAN Summit in Bali on 7 October 2003, the ASEAN leaders had agreed to establish an ASEAN Economic Community (AEC) by 2020. The AEC is one of three pillars — the other two being the ASEAN Security Community and the ASEAN Socio-cultural...

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2. ASEAN Economic Community: Concept, Costs, and Benefits

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pp. 13-30

At the 2003 ASEAN Summit in Bali, the ASEAN leaders agreed to establish an ASEAN Economic Community (AEC) by 2020. The idea of an AEC was first proposed by Singapore’s Prime Minister Goh Chok Tong a year earlier at the 2002 ASEAN Summit. As with any other idea, its acceptability depends on how each ASEAN member assesses...

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3. Creating an ASEAN Economic Community: Lessons from the EU and Reflections on the Roadmap

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pp. 31-62

Southeast Asian economic co-operation through the institutional mechanism of the Association of Southeast Asian Nations (ASEAN) has been quite exciting of late. This is particularly noteworthy because the organization took almost a decade from its creation in 1967 to develop even the most superficial forms of economic co-operation...

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4. Institutional Reforms to Achieve ASEAN Economic Integration

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pp. 63-79

We define “economic integration” as the pooling of resources and markets with the objective of bringing about greater efficiency in resource allocation. There is a consensus amongst the ASEAN leaders that economic integration is necessary for ASEAN to continue to be an effective player in the global production process. It follows that the long-term prosperity...

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5. ASEAN Economic Community: Political and Security Implications

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pp. 80-104

In a region that has been beset by a series of crises, the vision of an ASEAN Economic Community (AEC) — first introduced at the Eighth ASEAN Summit in Phnom Penh in November 2002 — could not have come at a better time. The AEC envisages an economically integrated Southeast Asian region, displaying elements akin to the ultimate...

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6. ASEAN Economic Community: Perspective from ASEAN’s Transitional Economies

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pp. 105-126

At the ASEAN Summit on 7 October 2003 in Bali, the ASEAN leaders agreed to establish an ASEAN Economic Community (AEC) by 2020. Although the AEC has yet to be clearly conceptualized, it is the next logical step in ASEAN economic integration. The AEC builds upon existing economic programmes such as the ASEAN Free...

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7. Role of AFTA in an ASEAN Economic Community

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pp. 127-147

The Asian financial crisis of 1997 and 1998 has significantly stalled the economic progress experienced by the ASEAN countries and set back the economic and social gains they have achieved in the past decades. The tragic terrorist attacks of 11 September 2001, the Iraq war, and the Severe Acute Respiratory Syndrome (SARS) outbreak...

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8. FDI and the Free Movement of Investments in ASEAN

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pp. 148-171

The ASEAN-Five economies (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) were identified among the twenty economies that had raised their world market shares of non-resource-based technology manufactures by at least 0.1 per cent between 1985 and 2000 (UNCTAD 2002). How did these economies manage to become global...

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9. Services Trade Liberalization in ASEAN

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pp. 172-195

The common assessment of progress on the service sector liberalization in ASEAN, based on the ASEAN Framework Agreement on Services (AFAS), is that little progress has been made. Recent research indicates that serious impediments to trade and investment in services remain, and that these impediments are costly...

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10. Labour Mobility within ASEAN: Issues and Policy Implications for the ASEAN Economic Community

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pp. 196-217

The proposal at the ASEAN Summit in Cambodia on 4 November 2002 to transform ASEAN into an ASEAN Economic Community (AEC) by 2020 will undoubtedly have many implications to the economic development of ASEAN countries. However, it is important...

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11. ASEAN Economic Community: Implications for Poverty Reduction in Southeast Asia

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pp. 218-245

The rapid pace of globalization is exerting pressure on both developed and developing countries to devise strategies to be competitive. One such strategy being adopted by an increasing number of countries is the formation of regional integration agreements (RIAs). Since the 1950s at least thirty-five RIAs have been established, taking on various...

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12. Financial Integration in ASEAN and Beyond: Implications for Regional Monetary Integration

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pp. 246-290

The post-1997 period has not been very kind to Southeast Asia in general. The list of bad news that has recently hit the region has been daunting and appears never-ending. A non-comprehensive list includes...

Appendix: ISEAS Concept Paper on the ASEAN Economic Community

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pp. 291-318

Index

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pp. 319-327


E-ISBN-13: 9789812306388
Print-ISBN-13: 9789812303479

Page Count: 327
Publication Year: 2005

Edition: 1

Research Areas

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Subject Headings

  • Southeast Asia -- Economic integration -- Congresses.
  • ASEAN -- Congresses.
  • Southeast Asia -- Economic conditions -- Congresses.
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