ASEAN (or the Association of South East Asian Nations) now comprises of the following 10 countries; Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. ASEAN has a combined population of over 600 mn people which represents the 7th largest economy in the world. We believe that a unique combination of favourable demographics, trade liberalization and political reform will present the region with a wealth of investment opportunities for the next decade and beyond.
A goal of the ASEAN Economic Community (AEC) is regional economic integration or “a single market and production base”. This comprises five core elements:
free flow of goods
free flow of services
free flow of investment
free flow of capital
free flow of skilled labour
By 2015, all intra-regional trade tariffs have already been eliminated. Although much work remains to be done on the rest of the five core elements, ASEAN will continue to move towards its long term vision of being a stable, prosperous, and highly competitive region with equitable economic development, and reduced poverty and socio-economic disparities.