ASEAN Economic Community (AEC)

1 Goods Agreement and other ASEAN +1 Free endorsed by the ASEAN Economic Community Trade Agreements. and the AEC Council in August and September 2016, respectively. This framework enhances the Effective implementation of AEC Blueprint 2025 previous mechanism, by going beyond requires key reference for institutionalising compliance monitoring to also cover the outcomes monitoring and evaluation mechanisms across monitoring and impact evaluation of regional AEC sectors. To this end, the AEC 2025 Economic integration. Monitoring and Evaluation Framework was ASEAN Economic Community (AEC). The Association of Southeast Asian Nations ( ASEAN ) was established on 8 August 1967. The Member States are Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam.

2 The ASEAN Secretariat is based in Jakarta, Indonesia. For inquiries, contact: The ASEAN Secretariat Community Relations Division (CRD). 70A Jalan Sisingamangaraja Jakarta 12110, Indonesia Phone: (62 21) 724-3372, 726-2991. Fax: (62 21) 739-8234, 724-3504. E-mail: ASEAN : A Community of Opportunities Catalogue-in-Publication Data Fact Sheet of ASEAN Economic Community (AEC). Jakarta, ASEAN Secretariat, May 2017. 1. Trade Investment Finance 2. ASEAN Economic Community ISBN 978-602-6392-36-7. The text of this publication may be freely quoted or reprinted, provided proper acknowledgement is given and a copy containing the reprinted material is sent to the Community Relations Division (CRD) of the ASEAN Secretariat, Jakarta.

3 Photo credits: ASEAN Secretariat. one vision General information on ASEAN appears online at the ASEAN Website: one identity Copyright Association of Southeast Asian Nations ( ASEAN ) 2017. All rights reserved. one Community 4 ASEAN Economic Community (AEC). (APSC) Blueprint 2025 and the ASEAN Socio- plans. In parallel, continued progress was made Cultural Community (ASCC) Blueprint 2025, the on completing the remaining AEC 2015 measures AEC Blueprint 2025 forms part of ASEAN 2025: as well as initiating the implementation of new Forging Ahead Together. measures under the AEC Blueprint 2025. Under the new Blueprint, a stronger AEC is In its inaugural year of the AEC, and under the envisaged by 2025 with the following chairmanship of Lao PDR, the 48th ASEAN .

4 ASEAN Economic Community (AEC) characteristics: (a) A Highly Integrated and Cohesive Economy;. Economic Ministers' (AEM) Meeting adopted the following priority deliverables: (b) A Competitive, Innovative, and Dynamic ASEAN ; 1) The ASEAN Trade Facilitation Framework;. The formal establishment of the ASEAN Economic of common frameworks, standards and (c) Enhanced Connectivity and Sectoral 2) The ASEAN Food Safety Regulatory Community (AEC), as part of the ASEAN mutual cooperation in various areas; and Cooperation; Framework;. Community , on 31 December 2015 , marks an Better connectivity in transportation and other (d) A Resilient, Inclusive and People-Oriented, 3) The ASEAN Institutional Framework on important milestone in ASEAN Economic infrastructure networks.

5 People-Centred ASEAN ; and Access to Finance for MSME;. integration agenda. This was preceded by (e) A Global ASEAN 4) The Report and Work Programme on Starting implementation of measures in the first AEC However, Community building is not a static end a Business in ASEAN ; and Blueprint (2008- 2015 ), with the following key goal but rather a dynamic process that requires The AEC Blueprint 2025 sets higher ambition 5) The ASEAN Guidelines for Special Economic achievements: continuous reinvention of the region to seek through the deepening of existing integration Zones Development & Collaboration. More open market, with intra-regional tariffs deeper and broader integration as well as ensure areas, and incorporation of new focus areas such virtually eliminated and formal restrictions in its continued relevance in an evolving global as Global Value Chains (GVCs), good regulatory The Pakse Declaration on ASEAN Roadmap for services sector gradually removed; economy.

6 Practice, sustainable development, global Strategic Development of Ecotourism Clusters Reduced trade costs through simplification megatrends and emerging trade-related issues. and Corridors was likewise adopted by the ASEAN . of cross-border trading processes, including The AEC Blueprint 2025, adopted by the ASEAN Tourism Ministers, while good progress was also on customs procedures and rules of origin, Leaders at the 27th ASEAN Summit in Kuala At the time of its establishment, the AEC took form made in the work on the ASEAN Sustainable harmonisation of technical regulations and Lumpur, Malaysia, provides broad directions of a large market with a combined GDP over US$ Tourism Award. mutual recognition arrangements; through strategic measures to guide the next trillion, which collectively put the region as the More attractive investment regime, and a phase of ASEAN Economic integration from 2016 6th largest economy in the world.

7 With a total The ASEAN Solutions for Investments, Services more business-friendly and innovation- to 2025. Along with the ASEAN Community Vision population of almost 630 million people, ASEAN and Trade (ASSIST), which is aimed at delivering supportive environment through the adoption 2025, the ASEAN Political-Security Community is the world's 3rd most populous market, behind practical solutions to help businesses address only China and India. their concerns and difficulties while doing business in the region ( ) is now fully In 2016, efforts have been focused on putting in operational; while ASEAN Tariff Finder website ASEAN Economic Community 2025 place the fundamentals for effective ( ) has been launched, operationalisation of the AEC Blueprint 2025 providing a cost-free search engine for tariff- A Highly Integrated & A Competitive, Innovative & Enhanced A Resilient, Inclusive, A Global ASEAN through the adoption of various AEC sectoral work related information under the ASEAN Trade in Cohesive Economy Dynamic ASEAN Connectivity & People-Oriented &.

8 Sectoral People-Centred ASEAN . Cooperation Trade in Goods Effective Competition Policy Transport Strengthening the Role Strategic approach of MSMEs towards external Economic relations Trade in Services Consumer Protection ICT Strengthening the Role Review and improve of the Private Sector existing ASEAN FTAs and CEPs Investment Environment Strengthening IPR Cooperation E-commerce Public-Private Enhance Economic Partnership partnerships with non- FTA DPs Financial Integration, Productivity-Driven Growth, Energy Narrowing the Engage with regional Financial Inclusion, and Innovation, R&D, Technology Development Gap and global partners Financial Stability Commercialisation Facilitating Movement of Taxation Cooperation Food, Agriculture, Contribution of Support to the Skilled Labour & Business and Forestry Stakeholders on multilateral trading Visitors Regional Integration system Efforts Enhancing Participation in Good Governance Tourism Engagements with GVCs regional and global institutions Effective, Efficient, Coherent Healthcare and Responsive Regulations, and GRP.

9 Sustainable Economic Minerals Development Global Megatrends and Science Emerging Trade-related Issues &Technology 2 ASEAN Economic Community (AEC) ASEAN Economic Community (AEC) 3. (APSC) Blueprint 2025 and the ASEAN Socio- plans. In parallel, continued progress was made Cultural Community (ASCC) Blueprint 2025, the on completing the remaining AEC 2015 measures AEC Blueprint 2025 forms part of ASEAN 2025: as well as initiating the implementation of new Forging Ahead Together. measures under the AEC Blueprint 2025. Under the new Blueprint, a stronger AEC is In its inaugural year of the AEC, and under the envisaged by 2025 with the following chairmanship of Lao PDR, the 48th ASEAN . ASEAN Economic Community (AEC) characteristics: (a) A Highly Integrated and Cohesive Economy.

10 Economic Ministers' (AEM) Meeting adopted the following priority deliverables: (b) A Competitive, Innovative, and Dynamic ASEAN ; 1) The ASEAN Trade Facilitation Framework;. The formal establishment of the ASEAN Economic of common frameworks, standards and (c) Enhanced Connectivity and Sectoral 2) The ASEAN Food Safety Regulatory Community (AEC), as part of the ASEAN mutual cooperation in various areas; and Cooperation; Framework;. Community , on 31 December 2015 , marks an Better connectivity in transportation and other (d) A Resilient, Inclusive and People-Oriented, 3) The ASEAN Institutional Framework on important milestone in ASEAN Economic infrastructure networks. People-Centred ASEAN ; and Access to Finance for MSME.