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ASEAN and AEC

December 23, 2016

 

 ASEAN is represented from the Association of Southeast Asian Nations and this organization was established on 8 August 1967 in Bangkok, Thailand. At that time, this this organization was operated by four countries such as Indonesia, Malaysia, Philippines, Singapore and Thailand. Additional countries attended ASEAN such as Brunei Darussalam (1984), Vietnam (1995) Lao PDR (1997), Myanmar (1997) and Cambodia (1999). The ASEAN’s agreements focus on the cooperation in among of these countries in ASEAN for three points such as political cooperation, social cooperation, and economic cooperation. The ASEAN will be AEC (ASEAN Economic Community) in 2015 based on concept of “Single Market and Production Base”. According to this concept every country in ASEAN  should has the same economic policy such as free flow of goods, free flow of services, free flow of investment, free flow of capital and free flow of skilled labor.

 

In terms of free flow of goods, in among of AEC countries should be followed by four polices:

 

  1. The 10 member countries should eliminate tariff barrier under tariff reduction policy.

  2. The 10 member countries should eliminate of quantity restrictions and also non-tariff barriers.

  3. Only AEC’s products should be directly consigned within the 10 member countries based on qualify for benefits of AFTA.

  4. The 10 member countries should follow the AFTA policy for example in among of ASEAN-6 would be reduced tariff until % in 2010 and also in CLMV will be reduced tariff until 0% by 2015.

 

In terms of free flow of services, in among of AEC countries should have no restrictions for services suppliers companies across these countries by domestic regulations. Moreover, the 10 member countries should remove all restrictions on trade in services for first priority such as air transport, e-ASEAN, tourism, healthcare, and logistic. In terms of free flow of investment, in among of AEC countries should focus on four principles of investment policy such as liberalization, facilitation, protection and promotion. Based on these principles were conducted to attract the FDI flow into AEC countries as well as to attract the intra-AEC countries increase the investment. In terms of free flow of capital in among of AEC countries should focus on capital market development and capital market cooperation. In these agreements, the 10 member countries should give the environment to support in every ways be successful in both capital market development and capital market cooperation. In terms of last one is free flow of skilled labor in among of AEC countries which this agreement will be allowed the skilled labor move to other country in AEC by freedom. In first period, this agreement will be allowed seven skilled labors such as Medical, Dental, Accountancy, Engineering, Nursing, Architectural, and Surveying only. 

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