Publication 14 pages

The ASEAN Economic Community: Capturing the zeitgeist of rising Asia

The ASEAN Economic community: Capturing the zeitgeist of rising asia
07 June 2015

2015 is set to be a defining moment for Southeast Asian economies as the deadline for the formation of the ASEAN Economic Community (AEC) looms.

8 JUNE 2015 | PUBLICATION | 14 pages

Given the great range of diversity in economic development, political systems, cultures and religions, many are wondering if the regions can actually be integrated into a unified economy.

The ‘ASEAN Community’ is based on three community pillars: economic, political security and socio-cultural communities. The ASEAN Economic Community (AEC), in particular, aims to achieve a single competitive economic market, with free movement of goods, services, investment, skilled labour, and capital.

ASEAN has a combined GDP worth of US$2.5 trillion. If ASEAN were one economy, it would be the seventh-largest in the world and is projected to rank as the fourth- largest economy by 2050. Much of the attractiveness of the region is down to its enormous growth opportunities: a population of 620 million (9% of the world), home to the third-largest workforce in the world (behind China and India) and average economic growth rate of around 5.4% per annum since 1980.

TMF Group’s Head of APAC Paolo Tavolato explores the AEC from different perspectives in “The ASEAN Economic Community: Capturing the zeitgeist of rising Asia”. He covers important topics that comprise:

  • ASEAN at a glance
  • The AEC as the key to unlock ASEAN’s growth potential
  • An alternative to dominant China
  • Future-gazing: pan-ASEAN supply chains
  • 2015 and beyond

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