7 Things you need to know about the ASEAN Economic Association

ASEAN will reach the goal of the ASEAN Economic Community (AEC), which came on 31 December. Below are some facts about ASEAN Economic Association, and is also something that reflects the content for citizens and businesses ASEAN countries also need to be aware.

 
1. What is the ASEAN Economic Association?
The ASEAN Economic Community (AEC) was established in the direction of integration between the various countries of the Association of Asia Southeast called 'ASEAN into a single market with a population of some 625 million people, and comes with a gross domestic product (GDP), equivalent to $ 2.5 Katrina in 2014.

Moreover, AEC has been clearly defined by a number of key features, such as a single market and production base strong competitive economic zone economic development zone equity and full integration into the global economy.

Key point of cooperation among ASEAN members include:
- Human resource development and capacity building
- Recognition of diplomas or other certificates, knowledge and skills
- Closer consultation on macroeconomic and financial policies
- Trade finance measures
- To improve the infrastructure and the connectivity
- Development of business units electronically through E-Asean
- The integration of the industry across the region to promote a local source
- To improve the private sector involved in building the ASEAN Economic Association. Association said the AEC will transform ASEAN Economic inserted into the area with the free mobility of goods, services, investment and skilled labor free of capital inflows.

2. Who will create the ASEAN Economic Association?
ASEAN Economic Association will be combined with the 10 ASEAN member countries include: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar the Philippines, Singapore, Thailand and Vietnam.

Each member has already attracted its own properties, and for investors, including democratic reforms more favorable natural cause lax and labor costs, among other factors.

3. When the AEC will be launched?
ASEAN Economic Association has spent a lot to set up and is set for an appearance on 31 December 2015.

ASEAN leaders have agreed to recognize the Asean Economic Blueprint in the 13th ASEAN Summit on 20 November 2007 in Singapore, and of documents The meeting is to plan for a single ASEAN Economic Association.

4. The AEC will change the view the world as pope
Through modifying the progress of ASEAN into a single market and production base AEC will promote competition and Treasury Connectivity in the region as a whole. If it was, the AEC should encourage total yield 7% in 2025.

AEC will help connect countries with little economic development with developing countries to bring sustainable economic development equity across the region. ASEAN as a whole will be improved integration into the global economy.

ASEAN is one economy was estimated as before that will be the 4th largest economy in the world in years 2030, behind only the United States and China.

5. What kind of meaningful AEC for trade?
AEC single market, which includes the population of over 600 million people, has fueled interest among foreign investors.

For commercial transactions or the market should have a positive outlook. In addition to access to fewer trade barriers and higher flow of trade Before they can even greater market access, and also enjoy the same incentives.

With tax breaks and tax besides spelling businesses are looking for opportunities in the region who will be able to expand more easily. While integration bantheur production based on small and medium-sized enterprises will stand in a better position than before the expansion and then the world.

6. What kind of meaningful AEC for the private sector?
AEC should create a new job within the 14 million people in 2025, meaning that there are more opportunities in the department or corporate employment means that competition will increase as well.




Market surveillance, such as CBRE, said the AEC should expand the demand and supply of industrial and office space in most Asian markets as well as small and medium-sized enterprises and multinational corporations to set up shop in the region.

7. What is the AEC progress prosperity for this so far?
While the AEC established a real progress in the region, government officials and market watchers noted that the road ahead of the full integration of the ASEAN Economic Association still be stuck in the competition.

Taxes on exports of the products between ASEAN member states are already new forms, but the businessman's investment to the border region continues to face challenges besides taxes, such as the complexity of the license and the need to acquire land.

Moreover also important to mask the many obstacles in the flow of services with other companies which face restrictions of the right to receive dividends equal of other foreigners in the region.
ASEAN regional trade policy is stricter than other regions in the world apart from the Persian Gulf region. According to a World Bank report published in April 2015.

Mobility of the workforce for skilled labor is a problem other between 2005 and 2012, the ASEAN countries signed the agreement of mutual recognition (MRAs) in 6 sectors such as engineering, nursing, architecture, medicine, psychologists and dentists as well as the tourism plan MRAs in the survey and make a list in order to facilitate the mobility of the labor force along the border. Those arrangements allow each member country to recognize the education and experience to provide licenses and certificates in other countries others.

But the execution in this relatively slow performance due to the existing National Registry and regulates contrary to the commitments in the region at the mobility of the workforce and on the morale damage professional mobility across the border.

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