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The ASEAN Economic Community (AEC): Myths and Realities

Author

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  • Deunden Nikomborirak

    (Thailand Development Research Institute)

Abstract

ASEAN is considered one of the most successful economic regions, because it managed to dismantle many of the tariff barriers among the ten member states. Its more ambitious goal, however--of becoming not only a single trade area, but also a single production base by the year 2015--appears elusive. The investment liberalization goals stipulated in the ASEAN Economic Community Blueprint, a roadmap for regional economic integration, is meek, indicating unwillingness of member states to open up their cosseted and, at times, lucrative, service sectors. Moreover, current commitments of member states do not even match up with such goals. To be able to establish a regional production base, member states will have to stand up against local interest groups that benefit from the status quo, be they large domestic state and private companies operating in key service sectors such as telecommunications, energy and finance, or professional councils or professional associations that would like to reserve jobs exclusively for their members. If not, the region will certainly gradually but surely lose its economic flair.

Suggested Citation

  • Deunden Nikomborirak, 2015. "The ASEAN Economic Community (AEC): Myths and Realities," Asian Economic Papers, MIT Press, vol. 14(2), pages 71-90, Summer.
    • Handle: RePEc:tpr:asiaec:v:14:y:2015:i:2:p:71-90
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    File URL: http://www.mitpressjournals.org/doi/pdf/10.1162/ASEP_a_00348
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    Citations

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    Cited by:

    1. Alex Johanes Simamora, 2020. "ASEAN Corporate Governance Scorecard and Firm Value," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 10(3), pages 66-80.
    2. Peter J. Morgan, 2020. "A Framework for Regional Banking Regulation in ASEAN," Asian Economic Papers, MIT Press, vol. 19(3), pages 111-125, Fall.

    More about this item

    Keywords

    ASEAN; ASEAN Economic Community (AEC) economic regions; trade; production; ASEAN Economic Community Blueprint; economic integration;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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