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The ASEAN Economic Community (AEC): Myths and Realities

The ASEAN Economic Community (AEC): Myths and Realities ASEAN is considered one of the most successful economic regions, because it managed to dismantle many of the tariff barriers among the ten member states. Its more ambitious goal, however—of becoming not only a single trade area, but also a single production base by the year 2015—appears elusive. The investment liberalization goals stipulated in the ASEAN Economic Community Blueprint, a roadmap for regional economic integration, is meek, indicating unwillingness of member states to open up their cosseted and, at times, lucrative, service sectors. Moreover, current commitments of member states do not even match up with such goals. To be able to establish a regional production base, member states will have to stand up against local interest groups that benefit from the status quo, be they large domestic state and private companies operating in key service sectors such as telecommunications, energy and finance, or professional councils or professional associations that would like to reserve jobs exclusively for their members. If not, the region will certainly gradually but surely lose its economic flair. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Asian Economic Papers MIT Press

The ASEAN Economic Community (AEC): Myths and Realities

Nikomborirak, Deunden
Asian Economic Papers , Volume 14 (2) – Jun 1, 2015
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Publisher
MIT Press
Copyright
© 2015 by the Earth Institute at Columbia University and the Massachusetts Institute of Technology
ISSN
1535-3516
eISSN
1536-0083
DOI
10.1162/ASEP_a_00348
Publisher site
See Article on Publisher Site

Abstract

ASEAN is considered one of the most successful economic regions, because it managed to dismantle many of the tariff barriers among the ten member states. Its more ambitious goal, however—of becoming not only a single trade area, but also a single production base by the year 2015—appears elusive. The investment liberalization goals stipulated in the ASEAN Economic Community Blueprint, a roadmap for regional economic integration, is meek, indicating unwillingness of member states to open up their cosseted and, at times, lucrative, service sectors. Moreover, current commitments of member states do not even match up with such goals. To be able to establish a regional production base, member states will have to stand up against local interest groups that benefit from the status quo, be they large domestic state and private companies operating in key service sectors such as telecommunications, energy and finance, or professional councils or professional associations that would like to reserve jobs exclusively for their members. If not, the region will certainly gradually but surely lose its economic flair.

Journal

Asian Economic Papers – MIT Press

Published: Jun 1, 2015

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