ADB: ASEAN economic integration by 2015 ‘unlikely’

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AECThe Asian Development Bank (ADB) said in a new study released on October 24 that ASEAN is “unlikely to meet its targeted economic integration by 2015”, as individual countries still need to pursue structural reforms.

In its “Asian Economic Integration Monitor,” the Manila-based ADB said: “Merely two years away—and given all the remaining obstacles and challenges—fully achieving the AEC (ASEAN Economic Community) by the end of 2015 is highly improbable.”

The region needs to work harder on tackling barriers to trade in economically sensitive sectors such as agriculture, steel, and motor vehicles as well as reducing the non-tariff barriers that are increasingly replacing tariffs as constraints to international trade, the ADB said.

The ADB also noted in the report that trade national initiatives are needed to liberalise in services and enacting competition policy and intellectual property rights protection – all difficult areas of reform.

The report also noted the need to work beyond 2015 to increase labour mobility so that unskilled as well as skilled workers can move across borders more easily. Greater labour mobility will allow the region to reap the full benefits of all its other reforms. It added that regional cooperation can address economic uncertainties and other cross-border challenges such as climate change, health issues, and territorial disputes.

This can be achieved notably through greater policy dialogue, stronger regional institutions, better transport links, deeper regional capital markets, and financial safety nets, the report noted.

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Reading Time: 1 minute

The Asian Development Bank (ADB) said in a new study released on October 24 that ASEAN is “unlikely to meet its targeted economic integration by 2015”, as individual countries still need to pursue structural reforms.

Reading Time: 1 minute

AECThe Asian Development Bank (ADB) said in a new study released on October 24 that ASEAN is “unlikely to meet its targeted economic integration by 2015”, as individual countries still need to pursue structural reforms.

In its “Asian Economic Integration Monitor,” the Manila-based ADB said: “Merely two years away—and given all the remaining obstacles and challenges—fully achieving the AEC (ASEAN Economic Community) by the end of 2015 is highly improbable.”

The region needs to work harder on tackling barriers to trade in economically sensitive sectors such as agriculture, steel, and motor vehicles as well as reducing the non-tariff barriers that are increasingly replacing tariffs as constraints to international trade, the ADB said.

The ADB also noted in the report that trade national initiatives are needed to liberalise in services and enacting competition policy and intellectual property rights protection – all difficult areas of reform.

The report also noted the need to work beyond 2015 to increase labour mobility so that unskilled as well as skilled workers can move across borders more easily. Greater labour mobility will allow the region to reap the full benefits of all its other reforms. It added that regional cooperation can address economic uncertainties and other cross-border challenges such as climate change, health issues, and territorial disputes.

This can be achieved notably through greater policy dialogue, stronger regional institutions, better transport links, deeper regional capital markets, and financial safety nets, the report noted.

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