Why is the Asean economic community important?
By establishing the AEC, ASEAN deepened economic integration by transforming to a region with free movement of goods, services, investment, and skilled labor, and freer movement of capital.
What are the 4 pillars of Asean Economic Community?
The AEC is characterised by four pillars: single market and production base, highly competitive economic region, a region of equitable economic development, and a region that is fully integrated with the global economy.
What are the characteristics of the Asean Economic Community?
The AEC Blueprint 2025 consists of five interrelated and mutually reinforcing characteristics, namely: (i) A Highly Integrated and Cohesive Economy; (ii) A Competitive, Innovative, and Dynamic ASEAN; (iii) Enhanced Connectivity and Sectoral Cooperation; (iv) A Resilient, Inclusive, People-Oriented, and People-Centred …
What does ASEAN stand for what are the main objective of ASEAN Class 12?
ASEAN, in full Association of Southeast Asian Nations, international organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in 1967 to accelerate economic growth, social progress, and cultural development and to promote peace and security in Southeast Asia.
What is the purpose and objectives of ASEAN integration towards economic development?
The ASEAN Declaration states that the aims and purposes of the Association are: (1) to accelerate economic growth, social progress and cultural development in the region and (2) to promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the …
What are economic communities?
Nations that frequently trade with each other may decide to formalize their relationship. The governments meet and work out agreements for a common economic policy. The result is an economic community or, in other cases, a bilateral trade agreement (an agreement between two countries to lower trade barriers).
What is the vision of the ASEAN Economic Community?
Our ASEAN Economic Community by 2025 shall be highly integrated and cohesive; competitive, innovative and dynamic; with enhanced connectivity and sectoral cooperation; and a more resilient, inclusive, and people-oriented, people-centred community, integrated with the global economy. 10.
What is the purpose of the ASEAN Socio-Cultural Community?
The ASEAN Socio-Cultural Community is one of the three pillars of the ASEAN Community, with the goal to build an ASEAN Community that is “committed to lift the quality of life of its peoples through cooperative activities that are people-oriented, people-centered socially responsible with a view to achieving enduring …
What is ASEAN Economic Community PDF?
The ASEAN Economic Community (AEC) is the largest integration effort attempted in the developing world; if realized, it will create a single market with the free movement of goods, services, foreign direct investment and skilled labor, and freer movement of capital encompassing nearly 600 million people.
How does Asean influence global economic activity?
It is emerging as a services hub in the region and is the chosen destination for investments. … With its strategic location, abundant natural resources, quality human resources and growing economies, ASEAN has engaged economically, by way of trade and investments, with all the large economies of the world.
What is the main goal of Asean 2015 agenda?
To promote a healthy and caring ASEAN Community, where the people achieves maximal health potential through healthy lifestyle, have universal access to quality health care and financial risk protection; have safe food and healthy diet, live in a healthy environment with sustainable inclusive development where health is …
How does Asean promote regional economic integration?
AFTA aims to promote the region’s competitive advantage as a single production unit. It commits members to free trade within a 15-year timeframe through the elimination of tariff and non-tariff barriers with the end in view of promoting greater economic efficiency, productivity and competitiveness.