1. Esther Peh Permanent Mission of Singapore 7 Sep 2017
ASEAN at 50
Esther Peh
Permanent Mission of Singapore
7 Sep 2017

2. Association of southeast Asian nations (ASEAN)
Established on 8 August 1967, with the signing of the ASEAN Declaration.
Founded by Indonesia, Malaysia, the Philippines, Singapore and Thailand (ASEAN-5).
Brunei (1984), Vietnam (1995), Lao PDR, Myanmar (1997), Cambodia (1999).
Today, ASEAN is a regional economic grouping of 10 Southeast Asian countries.

3. Consultation, Consensus, Cooperation
“the asean way”
Consultation, Consensus, Cooperation

4. We have a penchant for acronyms. Most start with A…
“THE ASEAN WAY”
We have a penchant for acronyms. Most start with A…
AFAFGIT
ACCSQ-CER
AEGFS
ABAPAST
ACCSQ
AIELTF
SCAROO
AJCEP
APBSD
AHKFTA
STRACAP
ACCSQ
AJCCEP
ASEC
AANZFTA
AHTN
SOM
HLTF
ATIGA
SAPASD
AEC
ACFTA
AFAS
SEOM
ACFTA
RCEP

5. Three key pillars of work
Political Security
Economic
Socio-Cultural

6. ASEAN – A global trade powerhouse
6th largest economy in the world; 3rd largest in Asia.
Source: ASEAN Economic Integration Brief, June 2017

7. ASEAN – A global trade powerhouse
ASEAN trades extensively with each other.
Source: ASEAN at 50, Trade and Investment, ASEAN Secretariat, 2017

8. ASEAn – a global trade powerhouse
ASEAN also trades extensively with the world.
Source: ASEAN at 50, Trade and Investment, ASEAN Secretariat, 2017

9. Taking stock after 50 years…
Deepened regional economic integration.
2015
2025

10. ASEAN ECONOMIC COMMUNITY (AEC)
Single Market and Production Base
Highly Competitive Economic Region
Region of Equitable Economic Development
Region Fully Integrated into the Global Economy
The AEC is not intended to be:
A customs union (no common external tariff)
An economic union (no single economic policy)
A monetary union (no single currency)
Full economic integration (no single monetary, fiscal and social policy; no supranational body)

11. AEC 2015 achievements
Tariff and non-tariff barriers to trade eliminated / reduced and made more transparent.
Flows of investment, capital and skilled labour facilitated.
Through various ASEAN Agreements such as ATIGA, ASEAN Trade Repository (ATR), ASEAN Solutions for Investments, Services and Trade (ASSIST), ASEAN Single Window, ASEAN Self-Certification System, AFAS, ACIA, regulatory coherence through streamlining and harmonization of regulations based on international standards.
Single Market and Production Base

12. AEC 2015 achievements
Institutions and laws that allow businesses to compete on an even playing field.
E.g., IPR, competition and taxation policy, e-commerce, infrastructure development (physical and digital connectivity)
A Highly Competitive Economic Region
Focus is given to SME development.
Narrowing the development gap among ASEAN Member States.
A Region of Equitable Economic Development

13. AEC 2015 achievements
An ASEAN that is well integrated into the global economy through:
Economic cooperation initiatives with 7 FTA partners – viz., China, Hong Kong (China), Japan, Korea, India, Australia, New Zealand
RCEP
ASEAN Dialogue Partners (4) – viz., Canada, EU, Russia and the US.
A Region Fully Integrated into the Global Economy

14. WHAT LIES AHEAD FOR ASEAN?
AEC 2025

15. AEC 2025 A Highly Integrated and Cohesive Economy
Competitive, Innovative and Dynamic ASEAN
Enhanced Economic Connectivity and Sectoral Integration
Resilient, Inclusive and People-Oriented, People-Centred ASEAN
Global ASEAN
Eight areas identified for deeper exploration under AEC 2025 – (i) Global Value Chains; (ii) Productivity-driven growth, R&D, innovation, technology; (iii) good governance; (iv) good regulatory practices; (v) sustainable economic development; (vi) global trends, emerging trade- related issues; (vii) e-commerce; (viii) stakeholder contribution / participation on regional integration efforts.

16. Will it be a smooth ride to aec 2025?

17. Will it be a smooth ride to aec 2025?
External and intra-ASEAN challenges exist.
Sluggish global economic growth.
Rising anti-trade and protectionist sentiments.
Fourth Industrial Revolution – technology displacing jobs.
Geopolitics?
A continuous WIP.
Development gaps across ASEAN Member States.
Domestic priorities and policies.

18. Will it be a smooth ride to aec 2025?
Significant untapped market and growth potential in ASEAN.
ASEAN economy is projected to grow by 5% per year and become the 4th largest economy in the world by 2050.
Source: Asia Matters for America

19. A STEP AT A TIME, the “asean” way
Singapore’s ASEAN Chairmanship in 2018

20. A STEP AT A TIME, the “asean” way
Digital Economy
Trade Facilitation
Deepen Regional Connectivity
ASEAN as a region for increasingly seamless economy activity and growing opportunities

21. Thank you