ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Economy

Leaders plan extended deregulation timeline

LANGKAWI, Malaysia -- ASEAN leaders discussed a new road map for strengthening regional economic cooperation at a summit Monday, aiming to kick-start a stalled integration process.

     The ASEAN Economic Community aims to transform the Association of Southeast Asian Nations' 10 member countries and 600 million inhabitants into a single massive manufacturing base and market. It sets out a blueprint for facilitating the free movement of people, goods and money.

     The plan has three pillars: removing all tariffs within the region, relaxing regulations on investment in the finance and services industries by other ASEAN members, and making it easier for people to move between countries. The AEC is slated to kick off at the end of this year, but members have made nearly no progress in any areas aside from tariffs.

     Setting post-2015 targets was thus a topic at Monday's summit. The start of the AEC will not mark the end of discussion on deregulation, and ASEAN members will continue strengthening cooperation over the next decade.

     A major point in the new plan is increased support for small and midsize enterprises. Most companies in the region are small-scale businesses, and there is deep-rooted concern that the AEC will lead to the region's more-advanced economies growing even more dominant.

     The plan also calls for expanding the ASEAN Secretariat, which now has a staff of just 300 and little ability to make policy proposals. The strengthened Secretariat would check on each country's progress in opening up its economy.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends June 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media