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
liberalizaMon but sMll a long way to go
Labor: Only mutual recogniMon 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 integraMon paths. There is
currently no plans for a common currency in the AEC. 21