Tuesday, January 20, 2015

The ASEAN integration. What it means to you?

We all heard the Initiatives of ASEAN Integration (IAI) for years and expected something in January 2015 which is now, where the Integration is expected to boost investments, job creation, and incomes in the region.  

The Asean Integration aims to develop an Asean Economic Community, same what the European Economic Community have which later evolved into the European Union. "The aim is to establish a single market and probably a single trading currency in the region by 2020."

1. The integration is focused on seven components to ensures ‘free trade’ and the promotion of a single market (ASEAN as a whole) and production base. It consists of the following:
1. free flow of goods
2. free flow of services
3. free flow of investment
4. free flow of capital
5.. free flow of skilled labour
6. development of priority integration sectors
7. competitiveness of food, agriculture, and forestry sectors

From those focus, it means to say that in Philippines, if investors from the rest of the ASEAN countries will look outside their homeland, it means;

1. More land space for offices,
2. More manpower or labor force, 
3. More tourists in the Philippines,
4. More food consumption,
5. More businesses in the Philippines, 
6. Higher competition in the existing businesses in the Philippines,
7. More innovation in our part. 

The Philippines is one of the signatories in the AEC Blueprint, which means the country, along with other ASEAN Member States (AMS), should be open to zero import duties for ASEAN products and services by 2015.  AMS nationals, meanwhile, should be able to work anywhere in the region without a work permit.

The ASEAN Heads of State at their Summit in 2000 launched the Initiative for ASEAN Integration (IAI) with the objectives of Narrowing the Development Gap (NDG) and accelerating economic integration of the newer members of ASEAN, namely Cambodia, Lao PDR, Myanmar, and Viet Nam (CLMV).

The IAI main objective is to become competitive too in international market joining forces with the other ASEAN members. What's in it for Filipinos? Must be more projects because of the new investors, more work in different industries and must be decrease in unemployment. 

 The ASEAN integration. What it means to you? by Annie Bahwani

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