Friday, 20 February 2015

ASEAN can be another European Union

The Association of Southeast Asian Nations is expected to adopt a unified common market format in December of 2015.

ASEAN has a current membership of 10 nations.

However, disbelievers are convinced that the European Union approach to economic integration is not suitable for this Asian body.
Nonetheless, there are procedures in place to lessen trade obstacles and improve flow of investments.

In the meantime, Malaysian and Indonesian leaders are advocating an integrated time zone instead of three sectors that extend over the ASEAN region. One time zone can make business dealings easier and facilitate synchronized opening times for stock markets and banking institutions.

There are many qualms as to the creation of the AEC or which aims to bring together economies within the ASEAN.

Some observers believe the AEC is a weak organization and point the finger at impediments to real economic amalgamation. These include economic patriotism as well as refusal to accept overseas industries in member nations like Indonesia along with maritime disagreements in the South China Sea that jeopardizes regional collaboration.

Just like the European Union, the AEC must make every effort to establish stronger regional connections and investment opportunities.


At the same time, a single currency like the euro may not be feasible for ASEAN.

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