The key to greater ASEAN digital integration, Thailand leads cooperation and integration efforts in mainland Southeast Asia, The future of ASEAN’s economic integration, Digital Media Nusantara @ 2020 All Rights Reserved. ASEAN’s agreement on trade in goods has evolved from the Common Effective Preferential Tariff (CEPT) to a more concise ASEAN Trade in Goods Agreement (ATIGA). L'ASEAN, 5 ème « bloc économique » mondial (derrière l’UE, les Etats-Unis, la Chine et le Japon), est une région constituée d’économies très hétérogènes mais qui partagent une dynamique et un potentiel commun. One example is The ASEAN Single Window that aims to expedite cargo clearance and promote ASEAN economic integration by allowing electronic exchanges of documents among member states. The Association of Southeast Asian Nations (ASEAN) established the ASEAN Community in 2015; comprising the ASEAN Political Security Community, the ASEAN Economic Community (AEC), and the ASEAN SocioCultural Community. The reduction of trade costs is an important point that has been established by the AEC. An Asean online sale day, which was held on Aug 8 as part of efforts to boost e-commerce trade in the region, had also attracted about 100 companies from Singapore, Dr Tan said. Initiatives towards the establishment of the ASEAN Economic Community (AEC) can be traced back to as early as 1992 when ASEAN leaders mandated the creation of the ASEAN Free Trade Area (AFTA). Currently, only Singapore, Malaysia, Indonesia and Thailand are using electronic certificates of origin. Rather than having 10 separated economies, ASEAN is moulding a single market that will allow investors to increase their market reach to a total of 600 million people. "With many countries turning inwards, it is even more important now for Singapore and Asean to continue to advance regional integration, to remain committed to an open and rules-based regional economic environment," he added. The widespread adoption of e-commerce and mobile financial services have also boosted the growth of local business activities in the region, which is in line with the ASEAN Economic Blueprint 2025. This implies that more effort is needed in upstream work to create a policy climate that promotes commercially viable projects. Vast opportunities await investors as ASEAN strives to achieve the four pillars of an integrated economic region. ASEAN is founded on the principles of economic advancement, social progress and intercultural enlargement in Southeast Asia and the Pacific. ASEAN has signed several agreements to support AEC realisation. Access to reliable and affordable infrastructure is important for any economy to facilitate job securement and promote sustainability in the long run. The creation and implementation of the ASEAN Economic Community (AEC) in 2015 was a crucial initiative to integrate the 10-member countries as a single market and production base, with investments, services, free movement of goods, skilled labour, and flow of capital among its key underpinnings. A substantial portion of the latter would likely come from Chinese e-commerce behemoths, Tencent and Alibaba. Moreover, if ASEAN has successfully transformed itself into a global digital powerhouse, it could potentially generate an additional US$1 trillion to the region’s GDP by 2025. Joko Widodo. The creation and implementation of the ASEAN Economic Community (AEC) in 2015 was a crucial initiative to integrate the 10-member countries as a single market and production base, with investments, services, free movement of goods, skilled labour, and flow of capital among its key underpinnings. Against the backdrop of the Fourth Industrial Revolution, the digital economy has been embraced by many ASEAN countries, if not all. Other ASEAN Economic Integration Brief Publications: Charter of the Association of Southeast Asian Nations, High Level Task Force (HLTF) on the Drafting of the ASEAN Charter (2007), Eminent Persons Group (EPG) on the ASEAN Charter (2006), ASEAN Committees in Third Countries and International Organizations (ACTCs), Speeches & Statements of the Secretary-General of ASEAN, Speeches & Statements of the Former Secretaries-General of ASEAN, 51st ASEAN Economic Ministerial Meetings, Thailand, 2019, 50th ASEAN Economic Ministers Meeting, Singapore, 2018, 49th ASEAN Economic Ministers Meeting, Manila, Philippines, 2017, 48th ASEAN Economic Ministers Meeting, Vientiane, Lao PDR, 2016, 47th ASEAN Economic Ministers Meeting, Kuala Lumpur, Malaysia, 2015, 46th ASEAN Economic Ministers Meeting, Nay Pyi Taw, Myanmar, 2014, 45th ASEAN Economic Ministers Meeting, Bandar Seri Begawan, Brunei Darussalam, 2013, 44th ASEAN Economic Ministers Meeting, Siem Reap, Cambodia 2012, 43rd ASEAN Economic Ministers Meeting, Indonesia, 2011, 42nd ASEAN Economic Ministers Meeting, Da Nang, Viet Nam, 2010, 41st ASEAN Economic Ministers Meeting, Bangkok, Thailand, 2009, 40th ASEAN Economic Ministers Meeting, Singapore, 2008, 39th ASEAN Economic Ministers Meeting, Makati City, Philippines, 2007, 38th ASEAN Economic Ministers Meeting, Kuala Lumpur, Malaysia, 2006, 37th ASEAN Economic Ministers Meeting, Vientiane Capital, Laos, 2005, 36th ASEAN Economic Ministers Meeting, Jakarta, Indonesia, 2004, 35th ASEAN Economic Ministers Meeting, Phnom Penh, 2003, 34th ASEAN Economic Ministers Meeting, Bandar Seri Begawan, Brunei Darussalam, 2002, 33rd ASEAN Economic Ministers Meeting, Ha Noi, Vietnam, 2001, 32nd ASEAN Economic Ministers Meeting, Chiang Mai, Thailand, 2000, 31st ASEAN Economic Ministers Meeting, Singapore, 1999, 30th ASEAN Economic Ministers Meeting, Makati City, Philippines, 1998, ASEAN Finance Ministers’ and Central Bank Governors’ Joint Meeting, ASEAN Ministerial Meeting on Agriculture and Forestry (AMAF), ASEAN Telecommunications and IT Ministers Meeting (TELMIN), ASEAN Ministerial Meeting on Science, Technology and Innovation (AMMSTI), ASEAN Ministerial Meeting on Minerals (AMMin), Initiative for ASEAN Integration (IAI) and Narrowing the Development Gap (NDG), Commissioned Work and Joint Studies Related to IAI&NDG, Free Trade Agreements with Dialogue Partners, ASEAN Commemorates Micro, Small and Medium-sized Enterprises Day. It envisions ASEAN as a single market and production base, a highly competitive region, with equitable economic development, and fully integrated into the global economy. Based on a joint study by AT Kearney, a leading global management consulting firm, and Axiata, a Malaysian telecommunications conglomerate, ASEAN’s digital economy currently generates about US$150 billion in revenue annually. Leaders and representatives from 10 ASEAN countries from L-R: Malaysia's former deputy prime minister Musa Hitam, Myanmar’s President Win Myint, Philippine President Rodrigo Duterte, Vietnam's Prime Minister Nguyen Xuan Phuc, Singapore's Prime Minister Lee Hsien Loong, Thailand's Prime Minister Prayuth Chan-o-cha, Brunei's Sultan Hassanal Bolkiah, Cambodia's Prime Minister Hun Sen, Indonesia's President Joko Widodo, and Laos Prime Minister Thongloun Sisoulith wave during a group photograph at the opening of the 32nd ASEAN (Association of Southeast Asian Nations) Summit in Singapore on April 28, 2018. An emphasis on the digital economy also creates new industries such as mobile financial services, big data analytics, cyber-security solutions, and transport services. The largest share of revenue comes from connectivity and online sales, each accounting for 35 to 40 percent of overall revenue. Added to this is the fact that there is better connectivity in transportation and other infrastructure networks, enabling trade to take place at a faster pace. (Bay Ismoyo / AFP Photo). It aims to help businesses save costs, as they will not need to apply to the authorities for the hard copy certificate. It has attracted world-class project developers and financing from leading multilateral development banks (MDBs), as well as commercial banks offering their first loans in Myanmar. Initiatives related to enhancing trade include the ASEAN Single Window which will allow traders to submit trade-related documents in one place through electronic exchange among ASEAN countries; ASEAN Self-Certification System which will allow exporters to declare and self-certify the ASEAN product content in their products; and ASEAN Customs Modernization. The launch of the sixth issue of the ASEAN Economic Integration Brief (AEIB), the second for this year, comes at an exciting time. Based on the 2nd ASEAN Economic Integration Brief, another downside risk is the heightened volatility in global financial markets due to faster-than-expected normalisation of monetary policy in the advanced economies, specifically in the United States of America (US) and the Eurozone. Among the key highlights of this year’s survey are – 56 per cent of EU businesses plan to enter ASEAN markets, a slight drop from 61 per cent last year. It is hoped that the governments of Southeast Asia can work hand-in-hand in advancing the economy without neglecting the well-being of its people. Its extension is the ASEAN Economic Community Blueprint 2025 which strives to build a regional monolith that has the ability to compete with other blocs across the globe. But a log-in is still required for our PDFs. Share gift link below with your friends and family. "This will reduce impediment to the flow of these items (and) strengthen supply chain connectivity," he added. Engineers and workers are seen in the tunnels of Jakarta's MRT construction project in Jakarta on 7 June, 2018. While calling to mind a broken record, the constant extolling of the ASEAN economic framework by external parties is warranted. See Expected Outcomes and Benefits of Select AEC agreements. Through subsequent rounds of negotiation under the ASEAN Framework Agreement on Services (AFAS), ASEAN has persisted in broadening coverage and reducing limitations on market access. The gift link for this subscriber-only article has expired. For further information, contact: AIMD@asean.org. It is estimated that the ASEAN digital economy will be valued at US$200 billion by 2025 with, e-commerce accounting for US$88 billion. To add to this list is the problem of sharp capital flow reversals that have the potential to trigger substantial currency shifts and even prolonged currency depreciation. The regime allows certified exporters to self-certify the origin of their goods and thus enjoy preferential treatment under the Asean Trade in Goods Agreement. ASEAN needs the aforementioned amount in the next five years to keep abreast with economic growth, and to meet the targets of eradicating extreme poverty as well as boosting shared prosperity. When the Republic was Asean chair in 2018, it helped grow investment opportunities in … The ASEAN Economic Integration Brief is produced by the ASEAN Integration Monitoring Directorate (AIMD) of the ASEAN Secretariat, with support from the EU-ASEAN Capacity Building Project for Monitoring Integration Progress and Statistics (EU-COMPASS).
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