The AEC will not be a “big bang” event but should be seen as a work in progress that started over 20 years ago.
Goods: Much has been done in reducing tariffs, but non-tariff barriers remain obstacles.
Services/Investment: Some progress in foreign ownership liberalization but still a long way to go
Labor: Only mutual recognition of some professionals, does not involve unskilled/semi-skilled workers
Capital: Only “freer” flows because members are at different stages
AEC and EU are on different integration paths. There is currently no plans for a common currency in the AEC