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.
No comments:
Post a Comment