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Sothea OUM Economic Research Institute for ASEAN and East Asia (ERIA) The 8th Asia Economic Forum on “ASEAN in the Evolving Regional Architecture: Opportunities,

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Presentation on theme: "Sothea OUM Economic Research Institute for ASEAN and East Asia (ERIA) The 8th Asia Economic Forum on “ASEAN in the Evolving Regional Architecture: Opportunities,"— Presentation transcript:

1 Sothea OUM Economic Research Institute for ASEAN and East Asia (ERIA) The 8th Asia Economic Forum on “ASEAN in the Evolving Regional Architecture: Opportunities, Challenges, and Future Direction” Hotel Sofitel Phnom Penh Phokeethra, Phnom Penh, March The Voice of ASEAN Youth: ASEAN Priorities and Challenges

2 AEC Vision and Blueprint: Key Initiatives Towards AEC 2

3 3 Transformation of International Commerce - 2 nd Unbundling in Manufacturing and Related service 20 th century trade 21 st century trade Source: Baldwin (2011) 1) Necessary trade & service links Connecting factories - Trade policy barriers; - Transportation services; - Business mobility; - Communication services. 2) Necessary “Behind the border barriers” (BBB) reform Doing business abroad - International investment; - Application of home’s technology abroad; - Local availability of business services.

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6 Challenges: Closing Income Gaps 6

7 7 What does AEC look like in 2015? Free Trade Area Customs Union Common Market (range of nuance) Economic & Monetary Union AEC 2015 is more than FTA. It aims for a common market but not quite a single market. It is not a customs union and does not aim for economic and monetary union. NOTE: Common Market range of nuance: from free movement of goods and freer flow of services, capital and labor on one end, and on the other end, a single market. ASEAN

8 Challenges and Ways Forward 8 Challenges - Jobs, Jobs, and Jobs for new entrants to labor markets and business opportunities - Master ASEAN language and new high skills to benefit from new industries - Once AEC is further advanced, fiercer competition – standards and conformance, technological gaps/frontiers, especially for SMEs - Structural/sectoral adjustments, skill mismatch, dislocation, losers Ways forward - Be better informed and prepared for AEC – mechanism/safety net to mitigate potential negative effects - ASEAN activism - proactive be it business, political or cultural, policies that matter to youth – Raise your voice to be heard - Compassionate, prosper-thy-neighbors – within and beyond borders - You(th) are deserved and should demand for Quality of Education, Education, and Education !!! - Streamlining ASEAN studies into education system

9 Economic Research Institute for ASEAN and East Asia Thank You “Don't ask what ASEAN can do for you, but what you can do for ASEAN” - John F. Kennedy, the 35th President of the United States, reincarnated as ASEAN Champion 9


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