AEC, stand for ASEAN Economics Community, is a national integration of 10 countries in ASEAN.
Including of Thailand, Myanmar, Laos, Cambodia, Vietnam, Malaysia, Singapore, Indonesia, Brunei, and Philippines. The integration to provide mutual economic benefits as the combination of the Euro Zone.
Each country will have the same benefits. Such as the import-export business freely. Except for certain goods that each country may have requested not to reduce taxes. (So-called sensitive products). AEC start effective date of January 1, 2015.
Beginning of AEC
Subsequent to the establishment of the ASEAN Free Trade Area (AFTA), ASEAN has achieved in the year 2003 continues to focus on strengthening economic co-continuous.
ASEAN Summit (ASEAN Summit) on 8th November 2002 in Cambodia. ASEAN has agreed to direct the operation towards the AEC (ASEAN Economic Community), also known to us as the AEC.
In the beginning of AEC according to the leaders of the ASEAN. ASEAN Economic Ministers (AEM) has been approved to has the ASEAN Competitiveness Study, which suggested to accelerate ASEAN integration in the field of potential industrial / service of ASEAN, in particular, the consumer goods industry / consumer which trade up among ASEAN. And electronics industry which has the highest proportion of exports of ASEAN. At the same time ASEAN must improve operational efficiency within ASEAN.
The ASEAN Summit in Bali, Indonesia in 2003. ASEAN leaders issued a statement of Bali Concord II in favor of the merging to an ASEAN Economic Community (or AEC) and accelerate the integration and liberalization of goods and services to the 11 key sectors (priority sectors). Including tourism, aerospace, automotive, electronics, textile products, wood products, rubber, agriculture and fisheries, and health information technology.
Source: Department of Trade Negotiations
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