Implemented on 31 December 2015, the ASEAN Economic Community proposes to consolidate the economic integration of the region. The ASEAN countries are engaged in a process to transform ASEAN into a real economic community. The regional integration’s objective is to create a competitive market of over 600 million people in Asean countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. There will be free flow of goods, services, investment capital and skilled labor following the liberalization. These will include tariff reductions and streamlining of certain administrative procedures. Many businesses have begun preparing themselves three years ahead of time to meet the challenges and opportunities of the Asean Economic Community (AEC).
Those are Benefits of the Asean Economic Community (AEC):
- It will open more regional cooperation and will improve the scale efficiencies, dynamism and competitiveness of Asean members.
- All Asean countries are more important to foreign investors if they are considered as one node in a larger regional market of nearly 600 million people – a single market
- Investment in emerging markets is more desirable than in the US and Europe
- SMEs accounted for 96% of enterprises and between 50-85% of domestic employment across Asean.
- Tourism opportunity
Dr. Lily Yulyadi Arnakim as a senior lecturer di Department of Southeast Asian Studies UM said that basicly, for young people to be equip themselves by knowledge and skill. It means that youth must knowledgeable for what they are doing as student,leader, entrepreneur, international player and etc. Youths have awareness with many informations for compete with other. In this era, entrepreneurship skill is very important. Because entrepreneurship can make youth as independent person. Not dependent with the government and welfare. Entrepreneur will be get their successful in business for help their economic sector in that country.
ASEAN basicly cooperation to have more integrated of market as well as product. And ASEAN encourage people in many regions to come to develop their knowledge and skill.
What do you think about ASEAN Youth Excursion Event ?
This is very important and meaningful for participants because this event expose opportunities, like networking among youths especially from ASEAN countries.
It’s good event to get many connections between youth. It can connecting ASEAN youth leaders from many countries to build ASEAN better in the future.