AEC delayed by one year

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ASEAN Secretary General speaking at the 21st ASEAN summit in Phnom Penh

ASEAN leaders at the 21st ASEAN summit currently being held in Phnom Penh now have ultimately decided to delay the launch of the ASEAN Economic Community (AEC) for 12 months from January 1 to December 31, 2015, which means that the community will only come into effect by 2016.

Reason for the delay, which has been indicated by ASEAN Sectretary Dr Surin Pitsuwan earlier this year, is “to prepare the necessary regulations as much work still remains to be done,” as announced at the summit.

Indonesian Trade Minister Gita Wirjawan told reporters that the decision was made during the plenary session of the 21st ASEAN Summit on November 18. ASEAN members said that they have completed 72 per cent of the economic blueprint needed to bring about the AEC, with tasks in the socio-cultural and political-security fields also pending.

Necessary policy measures to be implemented before 2015 are key areas of tariff and non-tariff barriers, investment liberalisation, connectivity and transport, small- and medium-sized enterprise development, initiatives for ASEAN integration, mutual recognition arrangements on professional services and labour mobility, institutional building and regulatory reforms and institutional issues for AEC building.

There have been repeated concerns that the launch of the AEC might be postponed beyond 2015, though. However, Pitsuwan told Inside Investor in an earlier interview that he is confident that there will be no more delays and all ten ASEAN countries will participate.

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Reading Time: 1 minute

ASEAN Secretary General speaking at the 21st ASEAN summit in Phnom Penh

ASEAN leaders at the 21st ASEAN summit currently being held in Phnom Penh now have ultimately decided to delay the launch of the ASEAN Economic Community (AEC) for 12 months from January 1 to December 31, 2015, which means that the community will only come into effect by 2016.

Reading Time: 1 minute

ASEAN Secretary General speaking at the 21st ASEAN summit in Phnom Penh

ASEAN leaders at the 21st ASEAN summit currently being held in Phnom Penh now have ultimately decided to delay the launch of the ASEAN Economic Community (AEC) for 12 months from January 1 to December 31, 2015, which means that the community will only come into effect by 2016.

Reason for the delay, which has been indicated by ASEAN Sectretary Dr Surin Pitsuwan earlier this year, is “to prepare the necessary regulations as much work still remains to be done,” as announced at the summit.

Indonesian Trade Minister Gita Wirjawan told reporters that the decision was made during the plenary session of the 21st ASEAN Summit on November 18. ASEAN members said that they have completed 72 per cent of the economic blueprint needed to bring about the AEC, with tasks in the socio-cultural and political-security fields also pending.

Necessary policy measures to be implemented before 2015 are key areas of tariff and non-tariff barriers, investment liberalisation, connectivity and transport, small- and medium-sized enterprise development, initiatives for ASEAN integration, mutual recognition arrangements on professional services and labour mobility, institutional building and regulatory reforms and institutional issues for AEC building.

There have been repeated concerns that the launch of the AEC might be postponed beyond 2015, though. However, Pitsuwan told Inside Investor in an earlier interview that he is confident that there will be no more delays and all ten ASEAN countries will participate.

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