The ASEAN Economic Community (AEC) Council has under its purview AEC Sectoral Ministerial Bodies. Its membership comprises designated Ministers in charge of economic-related affairs, and is chaired by the appropriate Minister from the ASEAN Member State that holds the ASEAN Chairmanship.
What does ASEAN Economic Community do?
The ASEAN Economic Community envisions ASEAN as a single market and production base. Free flow of goods, services, investments, capital, and labor will allow the development of production networks in the region and enhance ASEAN’s capacity as the global supply chain.
What is ASEAN Community Council?
The ASCC Council shall work towards an ASEAN Socio-Cultural Community that engages and benefits the people, and is inclusive, sustainable, resilient and dynamic. … The ASCC Council shall oversee and coordinate the activities of all the relevant Sectoral Ministerial Bodies under its purview.
What is the aim of the economic Community?
The aims of the Community are to promote cooperation and integration, leading to the establishment of an economic union in West Africa in order to raise the living standards of its peoples, and to maintain and enhance economic stability, foster relations among Member States and contribute to the progress and …
What is the characteristics of AEC?
The AEC Blueprint 2025 consists of five interrelated and mutually reinforcing characteristics, namely: (i) A Highly Integrated and Cohesive Economy; (ii) A Competitive, Innovative, and Dynamic ASEAN; (iii) Enhanced Connectivity and Sectoral Cooperation; (iv) A Resilient, Inclusive, People-Oriented, and People-Centred …
What are economic communities?
Economic community refers to a group of nations organized to work toward common goals in the regulation of international trade. … Economic community is an organization that facilitates the movement of products among member nations through the creation of common economic policies.
What are the 4 pillars of ASEAN Economic Community?
The AEC is characterised by four pillars: single market and production base, highly competitive economic region, a region of equitable economic development, and a region that is fully integrated with the global economy.
What is the purpose of the ASEAN socio-cultural community?
The primary goal of the ASCC is to contribute to realising an ASEAN Community that is people-centred and socially responsible with a view to achieving enduring solidarity and unity among the nations and peoples of ASEAN by forging a common identity and building a caring and sharing society which is inclusive and …
Who is responsible for ASEAN in Malaysia?
AMNS is also responsible for promoting ASEAN identity and awareness at the national level and to contribute to ASEAN community building.
Why is ASEAN important?
ASEAN was established in August 1967 with the purpose of accelerating the economic growth, social progress, and cultural development in the region, and promoting regional peace and stability.
What is the objective of ASEAN Economic Community 12?
The objectives of the ASEAN Economic Community are to create a common market and production base within ASEAN States and to aid social and economic development in the region.
How will ASEAN integration affect the Philippines?
ASEAN contributes to the advancement of the Philippines as a whole. … Each step taken with ASEAN is another step taken closer to a better and stabler economy. Be it travel, goods and services, education and work opportunities — the Philippines is getting closer to tapping into its great potential.
What is the current status of the Asean Economic Community AEC 2025?
Under the AEC Blueprint 2025, ASEAN is embarking on the next phase of regional economic integration. AEC 2025 will continue to be a vehicle for furthering the ambitions of our businesses and expanding their global reach.
What is the ASEAN community Vision 2025?
Our ASEAN Economic Community by 2025 shall be highly integrated and cohesive; competitive, innovative and dynamic; with enhanced connectivity and sectoral cooperation; and a more resilient, inclusive, and people-oriented, people-centred community, integrated with the global economy.