Creating a single market
ASEAN member countries are currently at varying levels of economic development, from the richest Singapore to the poorest Myanmar. The middle-class community, believed to total 144 million people has risen from 15 percent in 1990 to 37 percent in 2010. Creating a single market would allow member states to appeal to the demand from this growing middle class, utilise the $5.3trn global trade that passes through its waterways every year and benefit from its ideal geographical location.
As the fourth largest exporting region in the world, the member states of the AEC account for seven percent of global exports and are an attractive investment due to their sophisticated and diversified manufacturing capabilities. Vietnam is currently a global producer of textiles, Malaysia is leading the way in electronic exports and Thailand has become a major player in the vehicle and automotive-parts industry. Integrating these nations will create an economic powerhouse and with demand from the US, Europe and Japan continuing to propel growth, even former competitor China has become an ASEAN customer.