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A More Integrated Southeast Asia
A More Integrated Southeast Asia
With the arrival of 2016, the world will see the Association of Southeast Asian Nations (ASEAN) put its community vision into action―creating a stronger community with economic, security and cultural cooperation at its core.
At the 27th ASEAN Summit held in Kuala Lumpur, the capital of Malaysia on November 21-22 last year, the regional bloc announced the establishment of the landmark ASEAN Economic Community (AEC) and developed a vision for its growth over the next decade.
The AEC is the first step to develop the ASEAN Community in a comprehensive manner with other two pillars to be built: the Political and Security Community and the Socio-Cultural Community.
Following the summit attendees adoption of two proposals―the 2015 Kuala Lumpur Declaration on the Establishment of the AEC and the Kuala Lumpur Declaration on ASEAN 2025―Malaysian Prime Minister Datuk Seri Najib Razak, whose country served as the ASEAN rotating chair in 2015, said in his speech that, “We have proved to the world that this bloc of nations can be the Asia-Pacifics most competitive regional grouping and a coming force on the international stage.”
As one of the most promising growth regions, the new-born AEC currently ranks seventh place in the world economy, with a population of 625 million and a total GDP of $2.6 trillion.
So, what implications will the establishment of AEC have on Asia and the global economy? What difficulties does ASEAN have to overcome to fulfill its ambitious integration objectives?
Integration milestone
“Undoubtedly, the establishment of the AEC will push ASEAN’s regional integration to new heights,” Tang Qifang, a research fellow on East Asia studies at the China Institute of International Studies told Beijing Review. The two outcome documents would serve as a guide for the next 10 years and also marks a milestone in the integration process of the bloc, she said.
With concerted efforts, ASEAN has almost eliminated
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