What are the characteristics of the Asean Economic Community?

Highly Integrated and Cohesive Economy

The ASEAN Economic Community envisions ASEAN as a single market and production base. Free flow of goods, services, investments, capital, and labor will allow the development of production networks in the region and enhance ASEAN’s capacity as the global supply chain.

What characteristics are different or common in the world of ASEAN?

Its characteristics include a single market and production base, a highly competitive economic region, a region of fair economic development, and a region fully integrated into the global economy.

What are the main purposes of ASEAN?

The ASEAN Declaration states that the aims and purposes of the Association are: (1) to accelerate economic growth, social progress and cultural development in the region and (2) to promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the …

What is the role of ASEAN in globalization?

Its main objective is to curtail the distance between member nations and to increase economic integration particularly of the newly introduced member nations, which are Cambodia and Lao PDR, Myanmar and Vietnam.

How important is ASEAN to the world’s economy?

The total combined GDP of ten ASEAN countries was valued at US$3.2 trillion in 2019. This places ASEAN as the fifth largest economy in the world. The ADO was developed in cooperation with China.

What is the most important part of the ASEAN community?

The three pillars of the ASEAN Community, namely the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC) and the ASEAN Socio-Cultural Community (ASCC), are the most crucial areas deemed necessary for the progress and evolution of ASEAN and its peoples.

What are the three main pillars of ASEAN?

The ASEAN Community consists of three pillars, namely the ASEAN Political- Security Community (APSC), the ASEAN Economic Community (AEC) and the ASEAN Socio-Cultural Community (ASCC).

What are the achievements of ASEAN?

Since its inception in 1967, ASEAN has made a number of achievements towards regional peace, stability, and prosperity by advancing its agenda to cover 3 main pillars; political-security, economic, and socio-cultural.

What are the 4 pillars of the Asean Economic Community explain each pillar?

The AEC is characterised by four pillars: single market and production base, highly competitive economic region, a region of equitable economic development, and a region that is fully integrated with the global economy.

What is the most important part of the ASEAN community?

The three pillars of the ASEAN Community, namely the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC) and the ASEAN Socio-Cultural Community (ASCC), are the most crucial areas deemed necessary for the progress and evolution of ASEAN and its peoples.

What are the advantages as a member of ASEAN in terms of economic diversity?

Advantages. ASEAN’s more developed economies are proud of their technologies, research, and innovation while the rest leverages on the abundance of their natural resources and competitive labor cost.

What is the objective of ASEAN Economic Community 12?

The ASEAN Economic Community: The objectives of the ASEAN Economic Community are to create a common market and production base within ASEAN states and to aid social and economic development in the region.

What are the characteristics of the ASEAN socio-cultural community?

Based on the above, the ASCC envisages the following characteristics: (a) Human Development; (b) Social Welfare and Protection; (c) Social Justice and Rights; (d) Ensuring Environmental Sustainability (e) Building the ASEAN Identity; and (f) Narrowing the Development Gap.

What are the 3 main pillars of ASEAN?

The ASEAN Community consists of three pillars, namely the ASEAN Political- Security Community (APSC), the ASEAN Economic Community (AEC) and the ASEAN Socio-Cultural Community (ASCC).

What are the achievements of ASEAN?

Since its inception in 1967, ASEAN has made a number of achievements towards regional peace, stability, and prosperity by advancing its agenda to cover 3 main pillars; political-security, economic, and socio-cultural.

What is the ASEAN identity?

The identity of ASEAN depends on how its members define their character and role in regional order in relation to others within and outside the region, and how they develop a ‘we’ feeling. As noted already, regional identity is not a cultural given, but something constructed out of self-conscious social interaction.

What are the main features of the ASEAN Vision 2020?

ASEAN VISION 2020
  • A Concert of Southeast Asian Nations.
  • A Partnership in Dynamic Development.
  • A Community of Caring Societies.
  • An Outward-Looking ASEAN.
  • Conclusion.

What are the benefits of ASEAN integration?

Here are other reasons why the ASEAN is helping boost our economy more than you think:
  • Easier and cheaper travel options for everyone. …
  • Cheaper goods and services. …
  • More and better jobs. …
  • More study options. …
  • The Philippines: Improved.