Indonesia's Preparations Start ASEAN Economic Community 78% Completed
Economic Minister Hatta Rajasa said that Indonesia's preparations for the implementation of the ASEAN Economic Community (AEC) in late 2015 are currently for 78 percent completed. The AEC aims to enhance regional economic integration among the ASEAN member states. It will transform the ASEAN region into one with free movement of goods, services, investment, and skilled labour, as well as a freer flow of capital. Most important is to develop Indonesia's infrastructure in order to foster connectivity, thus reducing logistics costs.
The ASEAN Economic Community (AEC) has the following key characteristics:
• a single market and production base
• a highly competitive economic region
• a region of equitable economic development
• a region fully integrated into the global economy
The AEC is scheduled to launch in late 2015. ASEAN comprises Brunei, Cambodia, Indonesia, Malaysia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Click here for the ASEAN Economic Community Blueprint
Further Reading:
• World Bank: Logistics Costs Reduce Economic Potential of Indonesia
• MP3EI Update Indonesia: Total Investments Reach USD $51.6B in 2014