Mr Mohamed also emphasised that the impetus behind the AEC is to compete with the sizeable markets of the EU and US, as well as neighbouring China and India.
Mr Fernandes also pointed to the rise of regional free trade agreements being negotiated, such as the TPP linking America to Asia, and TTIP tying the US to the EU, as to why there is urgency for South East Asia to link their economies to compete.
With twice the population of the United States and one that is similar to the scale of the EU, the AEC has potential to become one of the largest economic entities in the world. And Mr Mohamed is not only confident that the AEC will overtake the EU, he also believes that the AEC could rival the United States one day.
We'll soon see if the AEC becomes a common reference point for the rest of the world like the EU is, and if it can become a market like the US that global businesses have to be in. It seems that South East Asians certainly have that ambition.