The AEC is an extension of major ASEAN initiatives over the past few years,
including the ASEAN Free Trade Area (AFTA), the ASEAN Investment Area (AIA)
and, the ASEAN Framework Agreement on Services (AFAS). These can serve as the
building blocks of the AEC because they constitute its core elements. As such, the AEC
can build on their respective achievements and that of the 2001 Initiative for ASEAN
Integration (IAI). However, relevant adjustments pertinent to each of those initiatives
may be necessary.