ASEAN outlines vision for economic growth over next decade

The Association of Southeast Asian Nations (ASEAN) is set to become more proactive in building a single market and identity over the next 10 years, said a report from the ASEAN Secretariat Friday.

With the formal establishment of the ASEAN Economic Community (AEC) this year, ASEAN will forge ahead as a community by deepening its economic integration, said the report on the AEC's progress and key achievements.

"Regional community building is an ongoing and dynamic process, so while the AEC 2015 has succeeded in putting in place key frameworks and other fundamentals for the effective functioning of an economic community, this is not the end of the journey," it said.

The ASEAN leaders' vision for the AEC for the next decade - known as AEC 2025 - is for an ASEAN that is more proactive.

"It will be working diligently to cultivate its collective identity and to engage further with the evolving global context, responding to new developments while seizing new opportunities," said the report.

"In 2025, we foresee an ASEAN that is genuinely connected, both in terms of hard and soft infrastructure networks, within itself and beyond."

Special attention and focus need to be given to evolving digital technology, recognizing the different levels of development and capacity among member states, as well as embracing the new digital phenomena.

AEC 2025 will also have a stronger focus on trade facilitation with more robust institutions and mechanisms, in line with the corresponding global agenda.

"Full implementation of key initiatives such as the ASEAN Single Window, ASEAN-wide Self-Certification and the ASEAN Trade Repository would be top of that list," it said.

A sustained mechanism for addressing non-tariff barriers would contribute to a more transparent and enabling business environment.

To be a competitive participant in global value chains, ASEAN would foster the potential of its services sector as a competitive services sector is imperative for effective participation in global value chains.

As the world's top investment destination, the region needs to adopt an "ASEAN strategy" to enable businesses to expand their regional presence and to harmonize the regulatory framework of the financial market.

Efforts to minimize regulatory costs would be stepped up, while ensuring that legitimate regulatory objectives continue to be met.

Efforts to narrow the development gap would be strengthened, to ensure that AEC 2025 delivers real benefits of job creation and stability, welfare improvement, better sustainability and future development, said the report. Endit