The realization of the economic community of the Association of Southeast Asian Nations (ASEAN) by the end of 2015 takes center stage at the 27th summit of the bloc being held on Saturday and Sunday.[Special coverage]
The establishment of the ASEAN Economic Community (AEC), the first of its kind in Asia, will serve as a milestone in the bloc's integration by ushering in a new starting point for cooperation in the region.
The AEC is set to transform the 10-member group, comprising Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, into a dynamic region with a single market and production base, and free movement of goods, services, investment, skilled labor and capital, thus opening new opportunities for businesses, investors and better positioning ASEAN for integrating with the economic globalization.
The AEC will not be accomplished at one stroke and ASEAN has worked for many years to lay a solid foundation for it.
At the international level, ASEAN, since its founding in 1967, has been pursuing the foreign policy of self-reliance, neutrality and non-alignment which has created a favorable external environment for its development. It has also been seeking to have a bigger say in regional and international affairs through cooperation and coordination.
Inside the bloc, ASEAN has dedicated itself to seeking political solution to issues in its member states, leading the region to stability which is the precondition for its development.
