Five Facts about the ASEAN Economic Community

Abstract

As the ASEAN Economic Community’s (AEC) 2015 deadline approaches, the project suffers more detractors than supporters. A majority seems convinced that the initiative’s deliverables, namely an integrated production space with free movement of goods, services, and skilled labour will not be achieved by December 2015. This ‘bald’ statement has some merit. But we must ask ourselves what the definition of economic community was when ASEAN decided to form an AEC. Even if we go with the notion that ‘ASEAN cannot deliver on AEC’, how far can we blame the organisation? And can AEC, as the only regional initiative, be blamed for policy changes in each member country’s domestic economy, and hence for the possible negative fallouts? To answer these questions, this article will attempt to explain five crucial facts about ASEAN economic cooperation. This is important, as irrespective of any criticism, ASEAN will announce the attainment of the AEC on 31 December 2015.