Despite the still uncertain global environment , ASEAN maintained its economic resilience with the economic growth of 5.6 percent in 2012 from 4.7 percent in 2011 , underpinned by strong domestic demand. The need to stay resilient against global uncertainties has also pushed the region to pursue its integration agenda further. As a result, the AEC continued to make good progress. By end-March 2013, around 78 percent of measures due under the AEC Blueprint have been implemented, with significant gains across pillars including the following:
-Per capita income in the region had risen from US$2,267 to US$3,759 in 2012;
-Total trade of ASEAN grew by 16.8%, from US$2.05 trillion in 2010 to US$2.4 trillion in 2011; intra-ASEAN trade reached US$598 billion from US$520 billion, an increase of 15.1%, over the same period;
-ASEAN continued to attract foreign investments, generating a record US$114 billion FDI inflow in 2011 , a 23% increase from US$92 billion in 2010;
-The ASEAN Comprehensive Investment Agreement (ACIA) is now enforced;
- The landmark ASEAN Agreement on Movement of Natural Person (MNP) has been signed ;
- The pilot implementation of the ASEAN Single Window, which is expected to contribute to improved trade facilitation in the region, is well unferway; while in transport facilitation, renewed progress is made in the ratification of agreements;
- A work program was also developed to address non-tariff barriers (NTBs), including enhancement of non-tariff measures (NTMs) database and engagement of private sector to obtain feedback on NTB/NTM issues.
Over the last year , the region’s financial markets have been deepened , with the greater Focus on capital market development and banking and insurance market integration . this has led to a strong financial intermediation in the region to support trad integration . Efforts to implement the ASEAN Framework for Equitable Economic Development which is intended to narrow the development gaps in the region have gained momentum , with new initiatives being introduced like financial inclusion. Meanwhile, negotiations for the regional Comprehensive Economic Partnership , which will further cement ASEAN’S centrality when completed by 2015 , have also started.
Despite this progress, realising the AEC is still a challenge, particularly with the uncertain global environment.
Nonetheless, the AEC is still the best strategic response by the region in preserving its competitive strength. Over the years, work has intensified at varying levels to implement the elements of the AEC. While there have been important and positive achievements, more efforts are still needed to achieve the integration targets. As the AEC draws near, and following the priorities set by the Leaders in the Phnom Penh Agenda during the 20th Summit in April 2012, it has become clear that countries need to redouble their efforts and active steps to realize the AEC by 2015.
Despite the still uncertain global environment , ASEAN maintained its economic resilience with the economic growth of 5.6 percent in 2012 from 4.7 percent in 2011 , underpinned by strong domestic demand. The need to stay resilient against global uncertainties has also pushed the region to pursue its integration agenda further. As a result, the AEC continued to make good progress. By end-March 2013, around 78 percent of measures due under the AEC Blueprint have been implemented, with significant gains across pillars including the following:
-Per capita income in the region had risen from US$2,267 to US$3,759 in 2012;
-Total trade of ASEAN grew by 16.8%, from US$2.05 trillion in 2010 to US$2.4 trillion in 2011; intra-ASEAN trade reached US$598 billion from US$520 billion, an increase of 15.1%, over the same period;
-ASEAN continued to attract foreign investments, generating a record US$114 billion FDI inflow in 2011 , a 23% increase from US$92 billion in 2010;
-The ASEAN Comprehensive Investment Agreement (ACIA) is now enforced;
- The landmark ASEAN Agreement on Movement of Natural Person (MNP) has been signed ;
- The pilot implementation of the ASEAN Single Window, which is expected to contribute to improved trade facilitation in the region, is by helper"> well unferway; while in transport facilitation, renewed progress is made in the ratification of agreements;
- A work program was also developed to address non-tariff barriers (NTBs), including enhancement of non-tariff measures (NTMs) database and engagement of private sector to obtain feedback on NTB/NTM issues.
Over the last year , the region’s financial markets have been deepened , with the greater Focus on capital market development and banking and insurance market integration . this has led to a strong financial intermediation in the region to support trad integration . Efforts to implement the ASEAN Framework for Equitable Economic Development which is intended to narrow the development gaps in the region have gained momentum , with new initiatives being introduced like financial inclusion. Meanwhile, negotiations for the regional Comprehensive Economic Partnership , which will further cement ASEAN’S centrality when completed by 2015 , have also started.
Despite this progress, realising the AEC is still a challenge, particularly with the uncertain global environment.
Nonetheless, the AEC is still the best strategic response by the region in preserving its competitive strength. Over the years, work has intensified at varying levels to implement the elements of the AEC. While there have been important and positive achievements, more efforts are still needed to achieve the integration targets. As the AEC draws near, and following the priorities set by the Leaders in the Phnom Penh Agenda during the 20th Summit in April 2012, it has become clear that countries need to redouble their efforts and active steps to realize the AEC by 2015.
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