2015 is set to be a defining moment for Southeast Asian economies as the deadline for the formation of the ASEAN Economic Community (AEC) looms. Given the great range of diversity in economic development, political systems, cultures and religions, many are wondering if the regions can actually be integrated into a unified economy.
The 'ASEAN Community' is based on three community pillars: economic, political security and socio-cultural communities. The ASEAN Economic Community (AEC), in particular, aims to achieve a single competitive economic market, with free movement of goods, services, investment, skilled labour, and capital.
ASEAN has a combined GDP worth of US$2.5 trillion. If ASEAN were one economy, it would be the seventh-largest in the world and is projected to rank as the fourth- largest economy by 2050. Much of the attractiveness of the region is down to its enormous growth opportunities: a population of 620 million (9% of the world), home to the third-largest workforce in the world (behind China and India) and average economic growth rate of around 5.4% per annum since 1980.
View the "EU vs ASEAN" infographic here
TMF Group's Head of APAC Paolo Tavolato explores the AEC from different perspectives in "The ASEAN Economic Community: Capturing the zeitgeist of rising Asia". He covers important topics that comprise:
- ASEAN at a glance
- The AEC as the key to unlock ASEAN's growth potential
- An alternative to dominant China
- Future-gazing: pan-ASEAN supply chains
- 2015 and beyond
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