ASEAN Economic Community: Progress, Opportunities and Challenges - - PowerPoint PPT Presentation

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ASEAN Economic Community: Progress, Opportunities and Challenges - - PowerPoint PPT Presentation

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ASEAN Economic Community: Progress, Opportunities and Challenges Tran Dong Phuong Director Sectoral Development Directorate ASEAN Secretariat Milestones 2015 2007 Adoption of 2003 Cebu 1997 the AEC 1967 2008 Bali Concord

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ASEAN Economic Community: Progress, Opportunities and Challenges

Tran Dong Phuong

Director Sectoral Development Directorate ASEAN Secretariat

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1967 Birth of ASEAN 1997 Adoption of the ASEAN Vision 2020 2003 Bali Concord II – AEC as the goal for REI 2007 Cebu Declaration + AEC Blueprint 2015 2008 ASEAN Charter 2015

Adoption of the AEC Blueprint 2025 Formal establishment

  • f the ASEAN

Economic Community

Milestones

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AEC at a Glance

largest economy in the world, 3rd in Asia. A combined GDP

  • f US$2.57 trillion in 2016.

6th

largest market in the world Total population

  • f
  • ver

635 million.

3rd

IMF – WEO, ASEAN Secretariat, and UN World Population 3

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ASEAN was one of the largest sources of FDI flows in 2016. The region attracted US$ 123 billion in Foreign Direct Investment in 2016. Total ASEAN trade stood at US$ 2.2 trillion in 2016 with intra- ASEAN trade comprising the largest share.

AEC at a Glance

0.0% 10.0% 20.0% 30.0% 40.0%

ASEAN FDI from Dialogue Partners

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Major Trading Partners

4 23% 16% 10% 10% 9% 29% 21% 15% 11% 9%

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5

AEC 2015: Key Achievements

  • 1. More liberalised market and reduced trade costs
  • Virtual tariff elimination and gradual services liberalisation
  • Simplified cross-border trading processes

(Customs, ROO, Trade Facilitation, Standards & Conformance)

  • 2. Enhanced mobility of skilled people
  • Eight MRAs have been concluded: engineering services, nursing

services, architectural services, framework for surveying qualifications, medical practitioners, dental practitioners, framework for accounting services, and tourism professionals.

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6

AEC 2015: Key Achievements

3.

Improved investment regimes and business- enabling environment

  • ASEAN Comprehensive Investment Agreement (ACIA) entered

into force in 2012: commitments to liberalise, facilitate, promote, and protect cross-border investment.

  • Adoption and implementation of common frameworks, standards

and mutual cooperation in various areas: agriculture, finance, competition policy, IPR, consumer protection, and SME development.

  • 2. Improvements in transportation and connectivity
  • Establishment of ASEAN Open Skies
  • Completion of the ASEAN Highway Network missing links
  • Transport Facilitation
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7

AEC 2015: Key Achievements

  • 5. Narrowing the development gap
  • Initiative for ASEAN Integration (IAI) Work Plan to assist CLMV

countries

  • 6. Better integration into the global economy
  • Six

free trade and comprehensive economic partnership agreements

  • Continue RCEP negotiation and ASEAN-Hong Kong FTA in 2016
  • Review/upgrade the existing FTA
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AEC Blueprint 2025

8

  • Adopted by Leaders at the

27th ASEAN Summit 22 Nov 2015

  • Part of ASEAN 2025:

Forging Ahead Together

  • 1. KL Declaration
  • 2. ASEAN Community Vision

2025

  • 3. APSC Blueprint 2025
  • 4. AEC Blueprint 2025
  • 5. ASCC Blueprint 2025
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9

AEC BP 2015 (2008-2015)

  • Single Market and

Production Base

  • Competitive Economic

Region

  • Equitable Economic

Development

  • Integration into the Global

Economy AEC BP 2025 (2016-2025)

  • Highly Integrated and

Cohesive Economy

  • Competitive, Innovative

and Dynamic

  • Enhanced Connectivity

and Sectoral Cooperation

  • Resilient, Inclusive and

People-Oriented, People- Centred ASEAN

  • Global ASEAN

AEC Blueprint 2015 and AEC Blueprint 2025

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New features/elements

  • More emphasis on trade facilitation
  • Stronger and renewed emphasis on sectoral

cooperation and cross-cutting issues.

  • Increased engagement with stakeholders
  • Increased focus on innovation and productivity-

driven growth

  • Enhancement of and inclusion of ‘micro

enterprises’ to the SME Development agenda

  • From ‘integration into the global economy’ to

Global ASEAN

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AEC Blueprint 2025

Highly Integrated & Cohesive Economy Competitive, Innovative & Dynamic ASEAN Enhanced Connectivity & Sectoral Cooperation Resilient, Inclusive, People-Oriented & People-Centered ASEAN Global ASEAN

  • Trade in Goods
  • Trade in Services
  • Investment

Environment

  • Financial

Integration, Financial Inclusion, and Financial Stability

  • Facilitating

Movement of Skilled Labour & Business Visitors

  • Enhancing

Participation in GVCs

  • Effective

Competition Policy

  • Consumer Protection
  • Strengthening IPR

Cooperation

  • Productivity-Driven

Growth, Innovation, R&D, Technology Commercialisation

  • Taxation Cooperation
  • Good Governance
  • Effective, Efficient,

Coherent and Responsive Regulations, and GRP

  • Sustainable

Economic Development

  • Global Megatrends

and Emerging Trade- related Issues

  • Transport
  • ICT
  • E-commerce
  • Energy
  • Food,

Agriculture, and Forestry

  • Tourism
  • Healthcare
  • Minerals
  • Science

&Technology

  • Strengthening

the Role of MSMEs

  • Strengthening

the Role of the Private Sector

  • Public-Private

Partnership

  • Narrowing the

Development Gap

  • Contribution of

Stakeholders on Regional Integration Efforts

  • Strategic

approach towards external economic relations

  • Review and

improve existing ASEAN FTAs and CEPs

  • Enhance

economic partnerships with non-FTA DPs

  • Engage with

regional and global partners

  • Support to the

multilateral trading system

  • Engagements

with regional and global institutions

* New elements are underlined

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Enhanced Connectivity and Sectoral Cooperation

  • Objective: To enhance economic connectivity in various

sectors, and to further integrate and cooperate in key sectors that complement efforts towards creating an integrated and sustainable economic region, contributing to ASEAN’s overall competitiveness.

  • Elements:

Transport; Information and Communications Technology; E-commerce; Energy; Food, Agriculture, and Forestry; Tourism; Healthcare; Minerals; Science and Technology

12 * New elements in blue

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AEC Blueprint 2025 Characteristics (5) Elements Strategic Measures (153) Implementation Mechanism, Resources, Communications, Review

Implementation

  • sectoral work plans
  • national-level implementation
  • partnership arrangements

Monitoring and Review

  • Periodic review, mid- and end-

term evaluation

  • Regular monitoring (enhanced

– inc. outcomes and impact) and report of progress

Resource mobilisation Communication

13

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Opportunities

  • Strengthening of sectoral and cross-sectoral

coordination

  • Enhanced monitoring and evaluation
  • S&T in the AEC; links with innovation and

productivity

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Challenges

  • Timely completion of AEC commitments; completion
  • f priority measures carried over from previous years
  • Ensuring synergies/linkages between regional

initiatives and national policies/laws/regulations/initiatives, where necessary

  • Providing adequate support and resources for

implementation, and addressing other implementation bottlenecks

  • Enhancing communication/outreach, and

stakeholder engagement

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16

http://www.asean.org/asean-economic-community/

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THANK YOU!

www.asean.org