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    Korea's Readiness for the ASEAN Economic Community

    Kwak, Sungil; Kim, Jegook | October 2016
    Abstract
    On December 30th, 2015, ASEAN Member States (AMS; ten countries in Southeast Asia) announced the launch of the ASEAN Community, including the ASEAN Economic Community (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. 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 monitor the progress of measures in the AEC Blueprint, 469 out of 506 measures had been undertaken by 2015. Measures to achieve the AEC pillars of ‘Equitable Economic Development’ and ‘Integration into the Global Economy’ have been 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.
    Citation
    Kwak, Sungil; Kim, Jegook. 2016. Korea's Readiness for the ASEAN Economic Community. © Korea Institute for International Economic Policy. http://hdl.handle.net/11540/8920.
    ISSN
    2233-9140
    Keywords
    Regionalism
    Regional Economy
    Regional Trading Arrangements
    Regional Trade Integration
    Regional Economic Integration
    Regional Cooperation
    Interregional Cooperation
    Trade Disputes
    Trade Barriers
    Free Trade
    Trade
    Trade Agreements
    Intraregional Trade
    Government Policy
    Regional Organization
    Regional Plans
    Economic integration
    Regional Development Bank
    Preferential tariffs
    International negotiation
    Protectionist measures
    Access to markets
    Economic agreements
    International trade law
    Regional integration
    Trade relations
    Exports
    Economic integration
    Distribution
    Economic integration
    Development Bank
    Trade policy
    Regional economics
    Regional planning
    Regional disparities
    Interregionalism
    Regional economic disparities
    Regional economic blocs
    Industrial arbitration
    Euro
    Inflation
    Business
    Finance
    Free trade
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    Citable URI
    http://hdl.handle.net/11540/8920
    Metadata
    Show full item record
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    WEB16-24.pdf (889.8Kb)
    Author
    Kwak, Sungil
    Kim, Jegook
    Theme
    Regional
    Trade
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise