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Korea's readiness for the ASEAN economic community

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Frame of Image y (AEC). All AMS held high expectations for more extensive and stronger economic integration facilitated by the AEC. Last November, however, ASEAN released a new AEC roadmap for the next decade, called ASEAN 2025: Forging Ahead Together, which could ironically imply the incompleteness of the AEC launch.
fully implemented. However, 21 and 16 measures under the pillars of a ‘Single Market and Production Base’ and ‘Competitive Economic Region’, respectively, have not been implemented. AMS agreed to complete the unfinished measures by the end of 2016.
The AEC's establishment in 2015, in fact, was
progress toward, rather than a completion of, economic integration. Its launch was an opportunity to assess its achievements and identify measures with insufficient outcomes. Although the AEC launch may merely be considered a declarative event, the gradual progress and efforts toward economic integration will continue. It should also be noted that the AEC launch holds significance in that it was driven by the self-awareness of ASEAN countries, which place importance on economic integration and the development of a regional trade agreement among AMS.
Although AMS originally agreed, in the Declaration of ASEAN Concord II in 2003, to have established the AEC by 2020, they brought forward its target date to the end of 2015 in the 2007 AEC Blueprint. This implied that AMS were strongly determined, at the time, to achieve ASEAN integration. According to the AEC scorecard, a biennial process to


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Title Korea's readiness for the ASEAN economic community
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Material Type Articles
Author(English)

Kwak, Sungil; Kim, Jegook

Publisher

[Sejong, South Korea] : Korea Institute for International Economic Policy

Date 2016-10
Journal Title; Vol./Issue World Economy Brief:vol. 6(no. 24)
Pages 6
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Economy < Economic Administration
Holding Korea Institute for International Economic Policy
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