Achievements and objectives
ASEAN members are comprised of a market of more or less than 600 million people whose daily consumption is in billions, shared with a GDP of US$3 trillion. This is one place enticed by many investors and has a vivacious and developing economy, indeed it represents fantastic opportunities for those who are interested in pursuing their business as their venture won’t be exploited.
Trade
For the ASEAN-6 members including Brunei Darussalam, Indonesia, Malaysia, Philippines, Singapore and Thailand, the free flow of goods were practiced in 2010, as no duties were applied on the above mentioned countries and duties were eradicated. For the newly added member comprising of Cambodia, Lao, Myanmar and Vietnam, tariff lines were detached. Other implications are also taking place including the reduction of technical barriers for the purpose of trade.
Agreements like the ASEAN Framework Agreement on Services (AFAS) are also being signed so as to achieve the free flow of services.
Investment
To attract the investors from across the border, ASEAN is creating an environment in which best practices and commitments are being made for the safeguard and deliverance of cross-border investment. Agreements such as ASEAN Comprehensive Investment Agreement (ACIA) is created a positive vibe for investors of different nationalities.
Labor
The ASEAN Agreement on the Movement of Natural Persons (MNP) is an agreement signed which has delivered a legitimized framework so as to affluence the cross-border movement of people from different ethnicities, in this way the people will be able to engage in trade and investment. Basically, this concept is generated to facilitate the free flow of labor from one part of the region to another for better opportunities and integration.
AEC Connect is an umbrella under which there’s a universe of opportunities for all classes from Traders down to Labor, hence, it is highly recommended to forge ahead via our community and Join in to seize for free!