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ASEAN Economic Community Scorecard

Performance and Perception

edited by Sanchita Basu Das

Publication Year: 2013

During the 13th ASEAN Summit in November 2007, ASEAN Leaders endorsed the ASEAN Economic Community (AEC) Blueprint, which laid the foundation of creating a “single market and production base” among the ten Southeast Asian economies. Soon after that, ASEAN faced great uncertainties in the light of the 2008 global financial crisis and continues to remain cautious in the face of the ongoing global economic weakness. Despite this, the region is forging ahead with its commitment to carry out economic liberalization and cooperation as stipulated in the AEC Blueprint. The official AEC scorecard, published in March 2012, stated that ASEAN had achieved 68.2 per cent of its targets for the 2008–11 period. The official AEC scorecard is expected to track the implementation of measures and the achievement of milestones committed in the AEC Strategic Schedule. However, the scorecard, in its current form, is too brief and general to be useful for the ASEAN citizens. This book attempts to fill this gap and evaluates the current status of and the progress towards the milestones of the AEC Blueprint. The overall message of the book is that even though ASEAN may miss some of its integration goals by 31 December 2015, it will certainly deliver some of the key initiatives — tariff elimination, establishing the ASEAN Single Window, laying the foundation of the regional investment initiative, advancing tourism services, moving ahead with ASEAN connectivity and the realization of ASEAN +1 free trade agreements. AEC’s goal of forming an equitable and competitive regional economy will continue to be a work in progress. AEC 2015 is going to be a historic milestone that will raise ASEAN’s profile and will help the region to maintain its centrality in the international community. 

Published by: ISEAS–Yusof Ishak Institute

Cover Page

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p. 1-1

Title Page

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pp. 2-5


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pp. v-vi

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pp. vii-viii

Both this volume and the workshop that led to it were organized and coordinated by Sanchita Basu Das, lead researcher on economic matters in the ASEAN Studies Centre at the Institute of Southeast Asian Studies. On this account alone, and on others as well, we should all be grateful to Sanchita. ...

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pp. ix-xii

This book volume is a result of the ASEAN Roundtable 2012 on “Examining the ASEAN Economic Community (AEC) Scorecard” organized by the ASEAN Studies Centre (ASC) at the Institute of Southeast Asian Studies (ISEAS), along with the Konrad Adenauer Stiftung (KAS) on 25 May 2012 at York Hotel, Singapore. ...

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pp. xiii-14

This roundtable discussion was conducted as part of the research activities by the ASEAN Studies Centre (ASC) at the Institute of Southeast Asian Studies (ISEAS), Singapore. Being the coordinator, I sincerely thank Ambassador Tan Chin Tiong, Director of ISEAS and Dr Wilhelm Hofmeister, Director, Konrad Adenauer Stiftung for their kind support in facilitating the project. ...

The Contributors

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pp. xiv-xvi

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1. Assessing the Progress and Impediments towards an ASEAN Economic Community

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pp. 1-19

The Association of Southeast Asian Nations (ASEAN) Vision 2020, adopted in December 1997, envisaged “a stable, prosperous and highly competitive ASEAN economic region in which there is a free flow of goods, services, investment and freer flow of capital, equitable economic development and reduced poverty and socioeconomic disparities” by the year 2020. ...

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2. Monitoring the ASEAN Economic Community: Issues and Challenges

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pp. 20-27

Regional economic integration is a complex process. It requires not only the ability to implement initiatives to support the markets, but also a high level of commitment by countries to ensure that policies are supportive of integration. ...

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3. Towards AEC 2015: Free Flow of Goods within ASEAN

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pp. 28-46

ASEAN is embarking on an ambitious endeavour to — among other goals — create an ASEAN Economic Community (AEC) by 2015. To achieve this objective ASEAN has adopted the AEC Blueprint, which describes the main features of the AEC and outlines the measures that ASEAN member countries must undertake. ...

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4. An Assessment of Services Sector Liberalization in ASEAN

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pp. 47-78

ASEAN has made a remarkable achievement in liberalizing trade in goods through the ASEAN Free Trade Agreement (AFTA), where tariffs on virtually all imports have been reduced to zero within ASEAN 6 since 2010, bar a few sensitive items for six original members. The progress made in liberalizing trade in services, however, has not been as impressive. ...

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5. The Investment Dimension of ASEAN

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pp. 79-106

This chapter focuses on the investment dimension of the ASEAN Economic Community (AEC). The first section studies recent patterns and trends in foreign and domestic investment in the region. The key finding is that these trends have been largely disappointing. The second section examines the underlying factors that might explain the disappointing performance. ...

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6. Free Flow of Skilled Labour in ASEAN

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pp. 107-135

The AEC provides for market access for ASEAN skilled labour, that is, professionals and skilled manpower. “Free flow of skilled labour” affects the implementation of the ASEAN Framework Agreement on Services (AFAS) through allowing foreign service suppliers, and the ASEAN Comprehensive Investment Agreement (ACIA) through allowing employment of foreign corporate personnel to accompany FDI. ...

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7. Infrastructure Development in ASEAN

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pp. 136-162

Since the formation of ASEAN Free Trade Area (AFTA) in 1992, ASEAN has made significant strides in transforming the region into an area for free movement of capital, goods, services, and its people. In 2003, ASEAN moved a step closer towards a greater regional integration by adopting the Bali Concord II that comprises three pillars ...

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8. SME Development in ASEAN: A Cambodian Case Study

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pp. 163-181

Small and medium enterprises (SMEs) are an important part of ASEAN economic integration. Hence, their development is prioritized in the Pillar 3 “Equitable Economic Integration” of the ASEAN Economic Community (AEC) Blueprint. As ASEAN is committed to accelerate the establishment of the AEC by 2015, the 18th ASEAN Summit, ...

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9. Effectiveness of Intiative for ASEAN Integration

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pp. 182-203

In December 1997, after years of expansion and cooperation, the ASEAN adopted its Vision 2020, emphasizing the objective of “… transforming ASEAN into a stable, prosperous, and highly competitive region with equitable economic development, and reduced poverty and socio-economic disparities”. ...

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10. Myanmar in the ASEAN Economic Community: Preparing for the Future

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pp. 204-224

Myanmar’s admission to the Association of Southeast Asian Nations (ASEAN) in July 1997 was accompanied by the country’s blanket accession to the treaties and commitments of ASEAN, including measures to be implemented for participation in the ASEAN Free Trade Area (AFTA) through the Common Effective Preferential Tariff (CEPT) Scheme. ...


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pp. 225-244

E-ISBN-13: 9789814414296
Print-ISBN-13: 9789814414302

Page Count: 244
Publication Year: 2013

Edition: 1