why is the economy important to consumers

7/26/2019 Why is the Economy Important to Consumers

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Why is the economy important to consumers, households, andfirms?TOPIC:

College Teacher |(Level 3) Distinguished EducatorPosted onJuly 19, 2015 at 4:00 P!he economy is important to households, consumers "these t#oare essentially the same thin$%, and firms &ecause it determinesthe sorts of opportunities those $roups ha'e to ma(e money and to&uy $oods and ser'ices)*ouseholds and consumers can &e seen as the same thin$) !heseare &oth made up of indi'iduals #ho sell their la&or to firms and

#ho &uy $oods and ser'ices from those firms) !he economymatters 'ery deeply to these people) People in households needmoney) +n order to $et money, they ha'e to sell their la&or tofirms "or to other producers li(e $o'ernment a$encies%) When theeconomy is poor, it is harder for them to do this and theireconomic prospects dim) !he economy also impacts their a&ilityto consume) When the people are a&le to #or(, they ha'e moremoney to use to consumer) When the economy is stron$, there are$enerally more thin$s for them to consume as more firms arema(in$ more thin$s)or firms, the economy is important as #ell) When the economyis stron$, firms ha'e more opportunities to ma(e money &y sellin$$oods and ser'ices) -onsumers ha'e more money and are more

#illin$ to &uy so firms can produce thin$s to satisfy thosedemands) When the economy is stron$, there is more moneya'aila&le to &orro# and so firms can e.pand their capacity toproduce)+n all these #ays, the economy is 'ery important to consumersand households on the one hand and firms on the other)+mportance of humanity/s soon as #e understand the importance of humanity, thepurpose for #hich #e are on arth is automatically fulfilled)

Pu&lished: 1:9 /u$ust 1, 20143y /nu -hhat#ani/dd to y ulf 6e#s7*/8

8ss 7hare on face&oo( 7hare on t#itter/dd on $oo$le plus7endmail to riend /ddthis28eli$ion is a &road entity that should add some hi$her purpose toones life and (eep you $rounded) +t is not ust a set of rules andteachin$s that you must de'ote your life to) +ts #hat you ta(efrom any reli$ion thats important) /ll reli$ions $i'e the teachin$sof lo'e, peace and unity) +t should &e somethin$ to &elie'e in, andnot ust somethin$ to define our 'ery actions and thou$hts) !hemost important reuirement is peace) Where there is peace there isa&undance)or me the most important reli$ion is humanity ; ust &ein$ a$ood human &ein$ defines you e'ery#here) /ll that you need to#or( upon is &ein$ helpful to the needy at all times and e'ery

place) 3ein$ lo'in$ and carin$ to#ards all li'in$ &ein$s e'enplants and animals, and a&o'e all to understand another personspro&lem and realise the situations they are in and &e considerate)*umanity means carin$ for and helpin$ others #hene'er and#here'er possi&le) *umanity means helpin$ others at times #henthey need that help the most, humanity means for$ettin$ ourselfish interests at times #hen others need our help) *umanitymeans e.tendin$ unconditional lo'e to each and e'ery li'in$&ein$ on arth)+f eatin$ and ha'in$ fun is only #hat #e are &orn to do then #eshould (eep one thin$ in mind< e'en animals can do this) =nedoes not need a hefty &an( account to contri&ute to#ardshumanitarian acti'ities) Payin$ our domestic help fairly is also

humanity) >iftin$ the hea'y &a$ for an old #oman is humanity,

helpin$ a disa&led person to cross the road is humanity, helpinyour mum in chores is humanity< in fact helpin$ anyone #ho ineed is humanity)/s soon as #e understand the importance of humanity in day tday life, the purpose for #hich #e are on arth is automaticallfulfilled)http:$ulfne#s)comne#suaesocietyimportance;of;humanity1)1@2@52About u!an Develo"!ent

#hat is hu!an develo"!ent$

2015 mar(s 25 years since the first *uman Ae'elopment 8epo

introduced a ne# approach for ad'ancin$ human #ell&ein$)*uman de'elopment B or the human de'elopment approach ; ia&out e.pandin$ the richness of human life, rather than simplyrichness of the economy in #hich human &ein$s li'e) +t is anapproach that is focused on people and their opportunities andchoices)

Peo"le:human de'elopment focuses on impro'in$ the li'espeople lead rather than assumin$ that economic $ro#th #ill leautomatically, to $reater #ell&ein$ for all) +ncome $ro#th is seas a means to de'elopment, rather than an end in itself)O""ortunities:human de'elopment is a&out $i'in$ people mofreedom to li'e li'es they 'alue) +n effect this means de'elopinpeoples a&ilities and $i'in$ them a chance to use them) ore.ample, educatin$ a $irl #ould &uild her s(ills, &ut it is of littuse if she is denied access to o&s, or does not ha'e the ri$ht s(for the local la&our mar(et) !hree foundations for humande'elopment are to li'e a lon$, healthy and creati'e life, to &e(no#led$ea&le, and to ha'e access to resources needed for a

decent standard of li'in$) any other thin$s are important tooespecially in helpin$ to create the ri$ht conditions for humande'elopment, and some of these are in the ta&le &elo#) =nce th&asics of human de'elopment are achie'ed, they open upopportunities for pro$ress in other aspects of life)Choice:human de'elopment is, fundamentally, a&out morechoice) +t is a&out pro'idin$ people #ith opportunities, notinsistin$ that they ma(e use of them) 6o one can $uarantee humhappiness, and the choices people ma(e are their o#n concern!he process of de'elopment B human de'elopment ; should atleast create an en'ironment for people, indi'idually andcollecti'ely, to de'elop to their full potential and to ha'e areasona&le chance of leadin$ producti'e and creati'e li'es thatthey 'alue)/s the international community see(s to define a ne#de'elopment a$enda post;2015, the human de'elopment approremains useful to articulatin$ the o&ecti'es of de'elopment animpro'in$ peoples #ell;&ein$ &y ensurin$ an euita&le,sustaina&le and sta&le planet)http:hdr)undp)or$enhumande'*i$her education is (ey to economic de'elopment "&ut itCs not simple as you thin(%We need to loo( at $eo$raphy, s(ills and local companies toaccelerate de'elopment3y >ucy oodchild 'an *ilten | July 2015 #inner | Poson 2@ July 2015atlas: 8esearch for a &etter #orld
http://www.enotes.com/homework-help/why-economy-important-consumers-household-firm-482862#answer-688361http://www.enotes.com/homework-help/why-economy-important-consumers-household-firm-482862#answer-688361http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/gnmedia/rsshttp://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://www.addthis.com/bookmark.php?v=300&winname=addthis&pub=ra-51a4970627e2949f&source=tbx-300&lng=en-us&s=google_plusone_share&url=http%3A%2F%2Fstatic.dubai.flipdevnet.com%2Fgul006%2Fassets_html%2Fdev%2F091_gul006_opinion_thinker_article_v1.html&title=Business%20%7C%20Gulfnews&ate=AT-ra-51a4970627e2949f/-/-/53141351a381f50f/3&frommenu=1&uid=53141351474f349a&ufbl=1&ct=1&tt=0&captcha_provider=recaptchahttp://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://hdr.undp.org/en/humandevhttp://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/gnmedia/rsshttp://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://www.addthis.com/bookmark.php?v=300&winname=addthis&pub=ra-51a4970627e2949f&source=tbx-300&lng=en-us&s=google_plusone_share&url=http%3A%2F%2Fstatic.dubai.flipdevnet.com%2Fgul006%2Fassets_html%2Fdev%2F091_gul006_opinion_thinker_article_v1.html&title=Business%20%7C%20Gulfnews&ate=AT-ra-51a4970627e2949f/-/-/53141351a381f50f/3&frommenu=1&uid=53141351474f349a&ufbl=1&ct=1&tt=0&captcha_provider=recaptchahttp://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://gulfnews.com/news/uae/society/importance-of-humanity-1.1372752http://hdr.undp.org/en/humandevhttp://www.enotes.com/homework-help/why-economy-important-consumers-household-firm-482862#answer-688361


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ach month the lse'ier /tlas /#ardreco$niDes research thatcould si$nificantly impact peopleCs li'es around the #orld)July 2015 #inner "free access%*i$her education and economic de'elopment: !he importance of&uildin$ technolo$ical capa&ilitieslenda Eruss, 7imon crath, +l;haam Petersen, ichaelastro#,International Journal of Educational Development, Volume 43,

July 2015, Page 22!31*i$her education is e.pandin$ rapidly in /frica) illions moremen and #omen are enrollin$ in uni'ersity< accordin$ to

theF67-= +nstitute for 7tatistics,the num&er of studentsenrolled in tertiary education shot up from )1 million in 2000 to12)2 million in 201) 3ut #hat does this mean for economicde'elopment?+ts not uite as simple as Gmore students euals hi$her incomeG,say the authors of an /tlas /#ard;#innin$ study) *i$hereducation is (ey to economic de'elopment, &ut the #ay the t#orelate is comple., say the researchers)H=f course in'estin$ in education leads to impro'ed incomes, &utthats ust too simple a model to account for real de'elopment inthe real #orld,I said Ar) 7imon crath, Professor of+nternational ducation and Ae'elopment at the Fni'ersity of6ottin$ham and one of the authors of the study, #hich is

pu&lished in theInternational Journal of EducationalDevelopment"Fntil recently, the focus #as on primary education, since morepeople can &e reached #ith the same in'estment) *o#e'er, since2000 there has &een an increasin$ understandin$ that hi$hereducation plays a (ey role in economic de'elopment)!he study, funded &y the7outh /frican Aepartment of *i$herducation and !rainin$,proposes a ne# #ay of loo(in$ at therelationship &et#een hi$her education and economicde'elopment) !he #idely adopted human capital 'ie# is thathi$her education increases s(ill and (no#led$e and results inhi$her income) 3ut the researchers &ehind the ne# study saymany more thin$s need to &e ta(en into consideration: $eo$raphy,

sectors, a'aila&le s(ills and education systems and net#or(s ofcompanies are all important factors)HAe'elopment is actually deeply conte.tualiDed, its deeply &asedin particular sectors, in particular s(illsets, in particular firms, inparticular countries,I said Ar) crath) H!heres $ot to &e a focuson ho# you &uild the capa&ility in those spaces to do those thin$s,not ust thin(in$ its a simple case of in'estin$ in education andlea'in$ it to the mar(ets) !hat #ill only do so much)I!he team loo(ed at case study sectors in 7outh /frica on threele'els B primary "su$arcane farmin$%, secondary "automoti'e% andtertiary "astronomy% B to see #hat factors account for the effecteducation has on the economy in each case) !hey conducted&ac($round research on aspects li(e the 'alue chains, employmentpatterns and policy frame#or(s associated #ith each sector) !hey

then mapped out all the actors in'ol'ed and inter'ie#ed them tofind out more a&out the s(ills and strate$ies needed in each sector)!hey also inter'ie#ed all uni'ersities in the re$ion)!he case studies hi$hli$hted the importance of $eo$raphy: for theautomoti'e industry, 7outh /fricas location is not conduci'e torapid $ro#th, since surroundin$ countries are not #ell euippedfor the mar(et) *o#e'er, for astronomy, the country #on a lar$einternational research proect &ecause of the clear s(y in ruralareas that are #ithin close pro.imity to -ape !o#n, a #orld city)H*i$her education #ill continue to play a (ey role in economicde'elopment,I said Ar) crath) H/s #e start #or(in$ to#ardsthe ne#7ustaina&le Ae'elopment oals, #e #ill needprofessionals across all sectors B doctors, teachers and en$ineers

#ill &e 'ital to our future success, and education is central toproducin$ those professionals)I!he proect #as led &yAr) lenda Eruss,and in'ol'edresearchers at the *uman 7ciences 8esearch -ouncil of 7outh/frica)

/ con'ersation #ith 7imon crathWe tal(ed to author 7imon crath, Professor of +nternationaducation and Ae'elopment at the Fni'ersity of 6ottin$ham, tfind out #hats so important a&out hi$her education, and #hat

it mi$ht play in the future)+n thispodcast Professor 7imon crath tal(s a&out the comprole of hi$her education in economic de'elopment, and #hy it(ey to producin$ the ri$ht professionals for our future success#h% is education in general i!"ortant &or develo"!ent an

'h% has there been a &ocus on "ri!ar% education until

relativel% recentl%$

+n the last 20 years #e'e had a com&ination of a 'ery po#erfuhuman capital 'ie#, that if you in'est in your o#n educationyoull $et returns in a &etter o& and &etter income) We'e alsohad a 'ery po#erful human ri$hts ar$ument that education is afundamental ri$ht, and therefore #e need to do somethin$ inde'elopin$ countries a&out $ettin$ children into schoolin$) !h

there #as the ne$ati'e 'ie# that hi$her education #as for the#ealthy, the elite, and that it #as 'ery e.pensi'e) 7o manyor$aniDations uestioned #hy you #ould put money into hi$heeducation #hen primary education #as much more important, for the same amount of money could reach many more people)#hat is the connection bet'een education innovation and

econo!ic develo"!ent$

+f you ta(e a human capital 'ie# of economic de'elopment, itfairly strai$htfor#ard: if you in'est in peoples education, thenincomes #ill de'elop) 3ut that presupposes that people are $oito $et o&s and that theres somethin$ thats actually dri'in$ thde'elopment) 7o part of the attempt to tal( &ac( to that from aninno'ation approach is to as(: ho# do o&s $et created? *o# d

countries ta(e on ne# technolo$ies and &ecome effecti'eproducers? +n this (ind of ar$ument its not ust thin(in$ a&outsupplyin$ the education, its sayin$ that (no#in$ #here thepossi&ilities for an economy to specialiDe and de'elop are $ointo &e important in thin(in$ a&out ho# economic de'elopmentta(es place)Did %ou co!e across an% correlations or di&&erences that

sur"rised %ou$

+ thin( #e &ecame 'ery clear on the importance of $eo$raphy iall of this) Part of the reason #hy 7outh /frica #on a lar$einternational astronomy proect #as &ecause they #ere loo(in$for a southern hemisphere site #ith clean s(ies) 7o ha'in$ aremote rural area #ithin stri(in$ distance of a #orld city B -ap!o#n B #as a distinct ad'anta$e for that proect) Whereas #heyou loo( at the auto industry there are limitations &ecause of thmar(ets that are #ithin stri(in$ distance of 7outh /frica) /nd in a sense $eo$raphy #as a force that + thin( &ecame much cleto us as important B ho# it limited in certain cases &ut permittecertain thin$s in other cases)Could this !odel a""l% in di&&erent countries and econo!i

es, in a sense #hat #ere sayin$ is its not a simple uni'ersalmodel B in'est more in education, $ood thin$s #ill come out Bif you ta(e a particular country, you can loo( at #hat capacity already has in terms of education and trainin$ systems, itsindustrial system, the e.istin$ net#or( &et#een firms and thecapacity of the state to support them, &ut also #hat positions itcould possi&ly ta(e up #ithin the $lo&al capitalist system) Aoe

ha'e a potential to really ta(e an industry a lon$ #ay for#ard?
https://www.elsevier.com/atlas/abouthttp://www.sciencedirect.com/science/article/pii/S0738059315000528http://www.sciencedirect.com/science/article/pii/S0738059315000528http://data.uis.unesco.org/Index.aspx?DataSetCode=EDULIT_DS&popupcustomise=true&lang=enhttp://data.uis.unesco.org/Index.aspx?DataSetCode=EDULIT_DS&popupcustomise=true&lang=enhttp://data.uis.unesco.org/Index.aspx?DataSetCode=EDULIT_DS&popupcustomise=true&lang=enhttp://www.sciencedirect.com/science/article/pii/S0738059315000528http://www.sciencedirect.com/science/article/pii/S0738059315000528http://www.dhet.gov.za/http://www.dhet.gov.za/http://www.dhet.gov.za/http://www.dhet.gov.za/https://sustainabledevelopment.un.org/topics/sustainabledevelopmentgoalshttps://sustainabledevelopment.un.org/topics/sustainabledevelopmentgoalshttp://www.hsrc.ac.za/en/staff/view/?i=G.E.&f=Glenda&l=Kruss%20Van%20Der%20Heeverhttp://www.hsrc.ac.za/en/staff/view/?i=G.E.&f=Glenda&l=Kruss%20Van%20Der%20Heeverhttp://www.hsrc.ac.za/en/staff/view/?i=G.E.&f=Glenda&l=Kruss%20Van%20Der%20Heeverhttp://www.hsrc.ac.za/enhttp://www.hsrc.ac.za/enhttp://www.hsrc.ac.za/enhttps://www.elsevier.com/__data/assets/mp3_file/0005/104837/Atlas_Podcast_2015_05-higher-education-development.mp3https://www.elsevier.com/atlas/abouthttp://www.sciencedirect.com/science/article/pii/S0738059315000528http://www.sciencedirect.com/science/article/pii/S0738059315000528http://data.uis.unesco.org/Index.aspx?DataSetCode=EDULIT_DS&popupcustomise=true&lang=enhttp://www.sciencedirect.com/science/article/pii/S0738059315000528http://www.sciencedirect.com/science/article/pii/S0738059315000528http://www.dhet.gov.za/http://www.dhet.gov.za/https://sustainabledevelopment.un.org/topics/sustainabledevelopmentgoalshttp://www.hsrc.ac.za/en/staff/view/?i=G.E.&f=Glenda&l=Kruss%20Van%20Der%20Heeverhttp://www.hsrc.ac.za/enhttp://www.hsrc.ac.za/enhttps://www.elsevier.com/__data/assets/mp3_file/0005/104837/Atlas_Podcast_2015_05-higher-education-development.mp3


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an analysis in #hich the specifics #ill 'ary accordin$ to differentconte.ts, &ut the $eneral ar$ument that you need to loo( at a ran$eof different factors rather than ust say in'est in more education)#hat challenges could be associated 'ith this a""roach to

"lanning higher education and 'hat 'ill need to change in

order &or higher education to have the o"ti!u! i!"act on

develo"!ent$

+ thin( #hat the model points to is the comple.ity thats reuiredto do those thin$s) +t isnt a messa$e that this is easy, its amessa$e that se'eral countries ha'e succeeded) Part of #hat itstresses may&e is rather than focusin$ on the #hole system at one

time, its focusin$ in on #hat sectors may &e most capa&le ofachie'in$ some (ind of ta(eoff) What #ould they need in order todo that? !here are successes, &ut you ha'e to focus on #hat arerealistic success stories, rather than ust a &lan(et approach that#e #ill do this)The ne' ustainable Develo"!ent *oals 'ill be in "lace &ro!

+anuar% 2,-. 'hat role should higher education "la% in the

&uture$

!he messa$e of the paper is the need to thin( a&out hi$hereducation for de'elopment in economic de'elopment terms inimportant #ays, that hi$her education is a (ey element ofde'elopin$ inno'ation, that hi$her education #ould &e importantto any (ind of success at those upper ends of the economy) 3ut +

thin( another important role of uni'ersities is aroundprofessionals) Professionals play a (ey role in meetin$ health,education, a$ricultural and #ater $oals: en$ineers, doctors, nurses,teachers B the #hole ran$e of professionals #ho #ill &e 'ital toany approach to de'elopment) 7o + thin( reaffirmin$ that hi$hereducation is not ust for people to in'est in their o#n humancapital and &ecome part of the elite, &ut for de'elopment tohappen, theres $oin$ to ha'e to &e a lot of professionals trained)https:###)else'ier)comatlasstorypeoplehi$her;education;is;(ey;to;economic;de'elopmentWill the /7/6 conomic -ommunity &e a &an$ or a &ust?/Da Wee 7ile|K/DaLWee!hursday, 1 Aec 2015 | 12:20 / !-63-)com

!he /7/6 conomic -ommunity "/-% #ill come into effect!hursday and holds immense potential for the re$ion) *o#e'er,the full;scale of implementation is far from complete)!he initiati'e rests on four pillars: inte$rate the re$ion into asin$le mar(et and production &ase< turn 7outheast /sian into ahi$hly competiti'e re$ion< ensure euita&le de'elopment across/7/6 and to fully inte$rate /7/6 into the $lo&al economy)/ (ey point of the /- is it en'isa$es free trade in $oods andser'ices, in'estment li&eraliDation and the free flo# of s(illedla&or)!he /ssociation of 7outheast /sian 6ations "/7/6% comprisesof ten mem&er nations, formin$ the #orldCs third lar$estpopulation #ith 22 million people in 2014) !he com&ined 2014AP of /7/6 countries ma(es it the @ thlar$est economy in the

#orld #orth M2) trillion, accordin$ to the /7/6 7tatistics)Fnli(e the uropean Fnion, the /- aspires for economic andfinancial inte$ration #ithout a monetary union or politicalinte$ration)

7outheast /sia #ill ha'e inte$rated mar(et &yyear;end!he implementation of the /- is the /7/6Cs most am&itiousunderta(in$, and #ill &oost the re$ionCs AP &y 5 percent &y200, #ith 7in$apore &enefittin$ the most as a percenta$e of AP$ro#th, said *73- lo&al 8esearch in a 6o'em&er report)*o#e'er, Joseph +ncalcaterra, /sia;Pacific economist at *73-lo&al 8esearch, #ants to ma(e it clear that Gthe /- representsan important ne# chapter rather than inflection point)G

7imilarly, a iDuho 3an( note cautions a$ainst e.pectin$ a G&&an$G from the roll;out of the /-)!he &oost to $ro#th should &e felt o'er the ne.t decade asmeasures are $radually implemented throu$h the /- 3luepri2025, #hich maps out ho# the &loc #ill continue #or(in$to#ards an inte$rated economy from 2015 to 2025)3ut one timely impact is the /7/6 7in$le Windo#, a re$ioninitiati'e to e.pedite car$o clearance, notes +ncalcaterra)!his initiati'e has already &een esta&lished &y many /7/6countries and #ill help to facilitate the trade of $oods)

8asid ohd | >i$ht8oc(et | etty +ma$es%/7/6 leaders at the 2@th /7/6 7ummit)G!he free trade in $oods is lar$ely afait accompli, and the freeflo# of s(illed la&or NremainsO complicated due to politicalconcerns, #hich leads us to &elie'e that the li&eraliDation ofser'ices and in'estment are the most important parts of the /and can &rin$ a&out the most tan$i&le economic &enefits,G said+ncalcaterra)=n the 2015 =-A 7er'ices !rade 8estricti'eness +nde.,/7/6 is seen as fairly closed in terms of ser'ices, particular+ndonesia #hich had one of the lo#est scores)*73- notes that +ndonesiaCs closed ser'ices sector is a Glar$elystructural issue in +ndonesia NandO ser'es as a si$nificant

impediment to the countryCs &roader reform effortsG addin$ thathis is #hy +ndonesia #ill not stand to $ain much from the /-!he inte$ration of ser'ices trade #ill &enefit 7in$apore the mo#ith its hi$h 'alue;add finance and insurance industry, follo#e&y the Philippines and alaysia, said *73-)

7outheast /siaCs haDy politics of pollution=n the in'estment li&eraliDation front, 8ahul 3aoria, re$ionaleconomist at 3arclays -apital said he e.pects Grapidly $ro#in$economies such as ietnam, +ndonesia and Philippines to $ain most in terms of in'estments)G+n addition, more mature economies such as alaysia and7in$apore could see more corporate in'estments, G#hich they

le'era$e &y deployin$ capital #ithin the re$ion,G said 3aoria t-63-)inancial inte$ration and capital account li&eraliDation #ill helfacilitate economic re&alancin$ #ithin /7/6, to#ards the/-Cs $oal of euita&le de'elopment, said *73-)*o#e'er, this coordinated approach mi$ht &e hard to reach&ecause #ithout political inte$ration, the /7/6 has a much#ea(er institutional frame#or( to ensure that commitments armet)*73- adds that the /7/6 7ecretariat that acts as the mainauthority of the &loc and implements proects has limited po#eand only a tiny &ud$et of M1@ million as of 2014)!herefore, impro'ements need to &e made not only to the /-&ut to /7/6 as a #hole, &efore the re$ion can see stron$er

inte$ration and &enefit from it)

http:###)cn&c)com2015121#ill;the;asean;economic;community;&e;a;&an$;or;a;&ust)htmlThe AEA/ Econo!ic Co!!unit%: The 0orce A'a1ens$

!he /- is here, &ut can it deli'er on its promise?

!he a$reement on the creation of an /7/6 conomic-ommunity si$ned on 6o'em&er 22 in Euala >umpur &y theleadin$ nations of 7outheast /sia finally entered into force #itmuch fanfare on Aecem&er 1, heraldin$ the Ha#a(enin$I of#hat could &e defined as a ne# /sian po#er &loc) /lmost echthe uropean Fnions -ommon ar(et of the 1950s, /7/6

see(s to allo# for the free mo'ement of $oods, ser'ices and
https://www.elsevier.com/atlas/story/people/higher-education-is-key-to-economic-developmenthttps://www.elsevier.com/atlas/story/people/higher-education-is-key-to-economic-developmenthttp://www.cnbc.com/aza-wee-sile/http://www.cnbc.com/aza-wee-sile/http://twitter.com/@Aza_Weehttp://twitter.com/@Aza_Weehttp://www.cnbc.com/2015/11/20/asean-to-have-integrated-market-by-year-end-currency-integration-not-on-cards.htmlhttp://www.cnbc.com/2015/11/10/asean-mores-singapore-malaysia-cross-ownership-indonesia-land-ownership-complicate-haze-politics.htmlhttp://www.cnbc.com/2015/12/31/will-the-asean-economic-community-be-a-bang-or-a-bust.htmlhttp://www.cnbc.com/2015/12/31/will-the-asean-economic-community-be-a-bang-or-a-bust.htmlhttps://www.elsevier.com/atlas/story/people/higher-education-is-key-to-economic-developmenthttps://www.elsevier.com/atlas/story/people/higher-education-is-key-to-economic-developmenthttp://www.cnbc.com/aza-wee-sile/http://twitter.com/@Aza_Weehttp://www.cnbc.com/2015/11/20/asean-to-have-integrated-market-by-year-end-currency-integration-not-on-cards.htmlhttp://www.cnbc.com/2015/11/10/asean-mores-singapore-malaysia-cross-ownership-indonesia-land-ownership-complicate-haze-politics.htmlhttp://www.cnbc.com/2015/12/31/will-the-asean-economic-community-be-a-bang-or-a-bust.htmlhttp://www.cnbc.com/2015/12/31/will-the-asean-economic-community-be-a-bang-or-a-bust.html


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s(illed la&or, a maor departure from #hat has &een consideredsince the earliest days of its e.istence as a political proect forpeaceful re$ional inte$ration)or outsiders, the /- is the culmination of the massi'einte$rationist leaps made &y /7/6 since the early 2000s,su$$estin$ ne# momentum in the inte$ration process of this$i$antic mar(et of 00 million people) 3ut siDe matters not, andfrom a pra$matic perspecti'e, the entry into force of the /- isreminiscent of 7ha(espeares uch /do /&out 6othin$: i'en/7/6s e.tremely #ea( institutional &ase, reliant on a s(eletonsecretariat of no more than 400 staff sustained &y an annual

&ud$etof &arely M1@ million, there is much uncertainty as to#hether /7/6 can deli'er on its am&itious tar$ets)With the /-, the 4Q;year;old /7/6 finds itself at a criticaluncture, yet so&riety should dri'e any analysis) !he reasons fors(epticism center on t#o uestions) irst, can /7/6 effecti'elypursue coherent economic inte$ration on the sole &asis of'oluntary commitments B especially $i'en the e.treme di'ersityof the re$ion? 7econd, if so, #hich o&ecti'es it should pursuene.t to &uild on the /-?nit% in Diversit%$

7i$nificant hope has accompanied the /-s formation) anyanalysts ha'e pointed out that inte$ratin$ /7/6 economies#ould create the #orlds se'enth;lar$est sin$le mar(et, and they

are certainly ri$ht) *o#e'er, ta(in$ ad'anta$e of this mar(etreuires dealin$ #ith its comple.ities and contradictions, andaccommodatin$ the 'ast differences and national sensi&ilities) !hechallen$e of di'ersity is formida&le enou$h: Politically, thesome#hat cacophonous, unsta&le democracies of +ndonesia andthe Philippines coha&it #ith the -ommunist dictatorship ofietnam and the military unta of !hailand< economically, hi$h;de'eloped states and top ran(in$ economies stand alon$ #ithsome of the poorest countries in the #orld< culturally, the pluralityof reli$ions, lan$ua$es, ethnicities, and #ays of li'in$ is difficultto descri&e) !o cite only one e.ample, alaysia and +ndonesiasuslim populations co;e.ist #ith peoples #ho are mostly3uddhist "as in yanmar%, alon$side the predominantly 8oman

-atholic Philippines) /$ainst this (aleidoscopic &ac(drop, it issurely reasona&le to uestion the a&ility of the /- to deli'er onits promise of a seamless economic &loc)What is more, the e.tremely per'asi'e and, some #ould say, &lindadherence to the o'erarchin$ principles of consensus and non;interference, com&ined #ith the lac( of a ro&ust and soundinstitutional architecture, ha'e left intact the pro&lem of ensurin$compliance and effecti'e implementation of tar$ets &y national$o'ernments and a$encies) +n spite of the 'arious commitmentsentered into under the /-, /7/6 is still missin$ the necessaryinstitutional $lue, #hich could ta(e the form of an o'erarchin$re$ional mechanism that ensures the smooth coordination of the'ast array of $o'ernment actors from the different nationalsectors, ministries and a$encies) !he num&ers spea( for

themsel'es: /lthou$h 95 per cent of tariff lines are at Dero, non;tariff &arriers on $oods and ser'ices render cross;&order tradeparticularly painful) -onsumer la#s, intellectual property ri$hts,land codes, and in'estment rules ha'e yet to &e harmoniDed at there$ional le'el, #hile the lac( of common, inte$rated &an(in$structures, alon$side the a&sence of an a$reement on common andaccepta&le currencies, are li(ely to hinder mar(et access forre$ional small and medium;siDed enterprises) /lso still unresol'edis the uestion of the free mo'ement of la&or, includin$ in the so;called Hhi$h;s(illed sector,I #ith many /7/6 countriesimposin$ hea'y reuirements on firms #antin$ to employforei$ners) ean#hile, in the shado# of the re$ional de&ate ons(illed la&or mi$ration, millions of mar$inaliDed mi$rants deemed

uns(illed, from domestic #or(ers to fishermen, ille$ally flit&et#een countries)or economic inte$ration to succeed, minimum le'els ofuniformity in political, economic and cultural standin$ amon$countries are essential) i'en the #ide de'elopment $aps &et#countries, com&ined #ith the lac( of solid and inclusi'einstitutional structures and a$encies to $o'ern the ne#ly formemar(ets under the /-, /7/6 as an economic proect is li(eto emer$e as a chain of disparate mar(ets, di'ided &et#een fas$ro#in$ modern economies "/7/6;% and in#ard;loo(in$ pcountries "-am&odia, >aos, yanmar and ietnam, ->%) !

fact that yanmars total trade #as #orth M2 &illionin 201,compared #ith 7in$apores M@Q &illion, underscores the $ulf)/$ainst this mi.ed &ac(drop, the /7/6 -i'il 7ociety-onference and /7/6 Peoples orum recently #arnedof thdan$ers of Huneual and unsustaina&le economic $ro#th,I #himay lead to the ne$ati'e e.ternalities of H#orsenin$ po'erty,ineualities of #ealth, resources, po#er and opportunities&et#een countries, &et#een the rich and the poor and &et#eenmen and #omen)I =ne could ar$ue that the conomic-ommunity proect has sou$ht to address the line of fracture&et#een the /7/6; and the -> throu$h its stated $oal onarro#in$ the de'elopment $aps, &olsterin$ inter alia thede'elopment of intra;re$ional infrastructure, and reducin$ the

administrati'e &urdens of national re$ulations on the creation one# &usinesses and forei$n in'estment) *o#e'er praise#orthythese o&ecti'es #ill ta(e decades to achie'e if /7/6 does npro'ide the adeuate institutional means and material resource$i'e the final impetus to economic inte$ration)The China 0actor

With the /-, /7/6 see(s to position itself as a competiti'alternati'eto the risin$ economic and military po#ers of -hinand +ndia, maintain its central position at the 'ery core of the/sian Hnoodle &o#lI of a$reements and multilateral frame#orand &oost its $lo&al clout as a common &loc to counter 3eiin$a$$ressi'e policy in the 7outh -hina 7ea) !hat said, economicinfluence $oes hand in hand #ith political influence, and

economic inte$ration #ill &e of little si$nificance if it is not&ac(ed &y sound political reforms) +t is some#hat ironic that/7/6 as a re$ional entity, #hose 'ery raion d#$tre #as &orout of its leaders &urnin$ desire to a'oid the recurrence of #arand esta&lish a dura&le and peaceful re$ional euili&rium, has date remained focused on the inte$ration of its economic pillarFnfortunately, in the latter realm of political and securityinte$ration, there is no shorta$e of pro&lems) !he e'olution of security landscape in the /sia;Pacific re$ion, to$ether #ith thespeed and scale of -hinas construction acti'ities in the 7pratly+slands, are li(ely to determine the future path of the /ssociati+n many aspects of /7/6 inter;state relations, it is still 3eiinthat calls the tune, the latter capitaliDin$ on the $roupin$s di'iand confusion) ean#hile, -hinas massi'e military

moderniDation pro$ram, #hich is euippin$ the Peoples>i&eration /rmy 6a'y #ith the a&ility to operate in areas far&eyond its #aters, has fuelled unrest in the disputed re$ion,hintin$ at the emer$ence of an Hold;fashioned arms raceI amon/sia;Pacific nations) +n a similar trend, the po#er stru$$le&et#een -hina and Japan is dri'in$ a fierce na'al competitionthe ast -hina 7ea, #hile the pro$ressi'e in'ol'ement of theFnited 7tates in the dispute throu$h its historical alliances #ithietnam, the Philippines and Japan has e.acer&ated feelin$s ofdistrust, and #idely polariDed the already &itterly di'ided memstates) !he F)7) re&alance, illustrated &y the presence of milita'essels in the 7outh -hina 7ea, has &een re$arded &y -hina asact of pro'ocation, sym&oliDin$ a F)7) shift from constructi'e

en$a$ement to containment)
http://www.ft.com/intl/cms/s/0/cba00b70-9dcf-11e5-8ce1-f6219b685d74.html#axzz3x2b0j7zPhttp://www.ft.com/intl/cms/s/0/cba00b70-9dcf-11e5-8ce1-f6219b685d74.html#axzz3x2b0j7zPhttp://www.mmtimes.com/index.php/business/18044-myanmar-needs-further-economic-reforms-ahead-of-aec-think-tank.htmlhttps://www.usasean.org/council-in-the-news/2015/11/18/asean-leaders-discuss-security-economic-communityhttp://www.huffingtonpost.com/rachael-willis-/with-malaysia-at-the-helm_b_8748152.htmlhttp://www.huffingtonpost.com/rachael-willis-/with-malaysia-at-the-helm_b_8748152.htmlhttp://www.huffingtonpost.com/rachael-willis-/with-malaysia-at-the-helm_b_8748152.htmlhttp://www.ft.com/intl/cms/s/0/9d83bf62-b9b9-11e3-a3ef-00144feabdc0.html#axzz3bosWCIQ5http://www.ft.com/intl/cms/s/0/cba00b70-9dcf-11e5-8ce1-f6219b685d74.html#axzz3x2b0j7zPhttp://www.ft.com/intl/cms/s/0/cba00b70-9dcf-11e5-8ce1-f6219b685d74.html#axzz3x2b0j7zPhttp://www.mmtimes.com/index.php/business/18044-myanmar-needs-further-economic-reforms-ahead-of-aec-think-tank.htmlhttps://www.usasean.org/council-in-the-news/2015/11/18/asean-leaders-discuss-security-economic-communityhttp://www.huffingtonpost.com/rachael-willis-/with-malaysia-at-the-helm_b_8748152.htmlhttp://www.huffingtonpost.com/rachael-willis-/with-malaysia-at-the-helm_b_8748152.htmlhttp://www.ft.com/intl/cms/s/0/9d83bf62-b9b9-11e3-a3ef-00144feabdc0.html#axzz3bosWCIQ5


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3ut the simple, &rutal truth of the matter is that the H#ait and seeIposture idiosyncratic to the so;called /7/6 #ay of conductin$&usiness has failed to li'e up to its ori$inalpromiseto Hpromoteperpetual peace, e'erlastin$ amity and cooperation amon$ theirpeoples #hich #ould contri&ute to their stren$th, solidarity andcloser relationship)I !he spectacular failure of the 10 /7/6defense ministers to issue a oint declaration on the 7-7 at the&iannual /7/6 Aefense inisters Plus meetin$ held last6o'em&er is someho# reminiscent of thefiasco of the /7/68e$ional orums summit of 2012under the "-hina;friendly%-am&odian chairmanship) +ncidents such as these ma(e a case for

a firm, resolute approach to the much di'isi'e and contentiousissue of -hina) !oday, much of the hope rests #ith 7outh EoreanPresident Par( eun;hyes attempts at a 6ortheast /siantrustpoliti(,a strate$y that aims at lumpin$ to$ether the threere$ional po#ers of -hina, Japan and 7outh Eorea in a pra$maticand functional cooperation frame#or(, the so;called 6ortheast/sian Peace and -ooperation +nitiati'e "6/P-+%, to deal #ithmatters of common concern, spannin$ nuclear safety, cy&ersecurity, climate chan$e and disaster response, to name &ut a fe#)!he non;participation of /7/6 in this ne#, inno'ati'e trilateraldialo$ue, perhaps &est attests of the o&solescence of theor$aniDations Hhands;offI approach and informal moduoperandi as a response to -hinas asserti'e divide et

impera strate$y)i'en these constraints, it #ill certainly &e no easy tas( for theimpo'erished, tiny state of >aos to assume the /7/6chairmanship in 201) !here is $reat uncertainty as to #hether>aos #ill &e a&le to pro'ide /7/6 #ith the much;neededleadership and diplomatic acumen to find a common denominatoramon$ the #idely di'er$in$ national 'ie#s, and further themomentum of inte$ration $enerated &y the /-) 7trate$icallylocated at the heart of continental /7/6 and #ed$ed &et#eenthe fast;emer$in$ states of !hailand and ietnam, >aos hasattracted considera&le attention from -hina in recent years) +n2014, -hina &ecame >aoss leadin$ in'estor#ith funds totalin$more than M5 &illion, #hile the 7ino;>aos a$reement on the

&uildin$ of a M &illion hi$h;speed rail#ay proect as part of theP8-s =ne 3elt, =ne 8oad proect offers a tellin$ $limpse intoho# >aos has &ecome a frontier for -hinese in'estment) /nun#anted corollary of this increasin$ly dyadic relationship #ouldimply a situation in #hich >aos faces a maor political dilemma,emer$in$ out of the discord &et#een declared loyalty to /7/6and actual economic dependence on -hinese in'estment) +n thisscenario, #here&y the rotatin$ chair, supposedly &ound &y animperati'e of independence and neutrality, fa'ors one party o'eranother andor accedes to e.ternal demands, #ould deal a serious&lo# to /7/6 credi&ility) alaysias leadership and principledattitude durin$ the 2015 chairmanship turned out to &e aparticularly #ell;suited approach in these years of crucial chan$eand uncertainty, yet Euala >umpur has set the &ar particularly

hi$h for the small, landloc(ed 8epu&lic of >aos)Connecting the Dots Closing the Chas!s

!hese mountin$ challen$es demonstrate that a certain rela.ationof the principles of consensus and non;interference, alon$side$reater emphasis on re$ional institution;&uildin$, are currentlyneeded to accommodate the e'er;e'ol'in$ economic and securitylandscape in the /sia;Pacific re$ion) !his is not to su$$est that aninte$ration process alon$ the lines of the F, underpinned &ydeep institutionaliDation throu$h ro&ust $o'ernance structures andcomple. le$al frame#or(s, is the remedypar e%cellence to/7/6s pro&lems) *o#e'er, if /7/6 is to realiDe #hatitpurportsto &e B Hpolitically cohesi'e, economically inte$rated,socially responsi&leI and Htruly people;oriented, people;centered

rules;&asedI concert of 7outheast /sian nations, it #ill need more

than ust empty statements to o'ercome the Hsay;doI chasm anaddress the per'asi'e issues of #orsenin$ po'erty and ineualiof #ealth, resources, po#er and opportunities, let alone theuestions of human ri$hts and democracy)+ne'ita&ly, a clear core messa$e reuires a certain amount ofconsistency &et#een #ords and deeds, &et#een the officialrhetoric and actual &eha'ior) ='er the past fe# years, thelan$ua$e of /7/6 official documents, mar(ed #ith stron$commitments to fundamental ri$hts and the rule of la#, haspro'en a hard sell for /7/6 people at a time #hen !hailandmilitary unta, led &y eneral Prayuth -han;o;cha, is ma(in$

draconian efforts to cur& freedom of e.pression, #hileietnamese independent #riters, &lo$$ers, and ri$hts acti'istscontinue to face ruthless persecution &y the -ommunist Party,re$ardless of the outcry $enerated #ithin the internationalcommunity)Fltimately, it is clear that the #or(in$s and de'elopments of th/- should not &e seen independently from, &ut rather ascomplementary to, the craftin$ of the political and security andsocio;cultural communities) /s mem&er states slo#ly a&sor& the.ternalities $enerated &y the /-, /7/6 leaders may #antconsider preparin$ the $round#or( to &uild more sta&le, secursocieties, deepen ties #ith $eo$raphical nei$h&ors and, e'entude'elop a shared sense of re$ional community and purpose)

=ther#ise, any attempt at more inte$ration is li(ely to rin$hollo#, and all the hard #or( that &rou$ht a&out the /- #illha'e ser'ed only to paper o'er the crac(s of /7/6 commun&uildin$, there&y consciously hidin$ the di'isi'e tendencies andisa$reements underneath the surface, and ine'ita&ly fallin$ shof the $oal of an /7/6 identity)

Elodie &ellier 'a conducted e%tenive reearc' on Europe!(i

relation and 'a )or*ed for variou international organi+atio

including t'e European nion Delegation to -ong .ong and

/acao, t'e ruel!aed t'in*!tan* entre for European Po&tudie EP& and t'e International rii roup I"http:thediplomat)com20101the;asean;economic;communithe;force;a#a(ens

OAEA/ Econo!ic Co!!unit%: -2 Things to no'sta&lished in 19@, the /ssociation of 7outheast /sian 6ationor /7/6, is #idely reco$niDed as a successful model forre$ionalism) !he /7/6 conomic -ommunity is a maor steto#ard $reater cooperation and inte$ration)!en countries in 7outheast /sia are attemptin$ to launch a sin$mar(et for $oods, ser'ices, capital, and la&or, #hich has thepotential to &ecome one of the lar$est economies and mar(ets the #orld) *ere are 12 thin$s to (no# a&out the /7/6conomic -ommunity)!he center of $lo&al economic $ra'ity is shiftin$ to#ard /sia)Within /sia, it is shiftin$ to#ard the t#o $iant economies of thPeoples 8epu&lic of -hina and +ndia) !heir emer$ence aseconomic superpo#ers su$$ests that Heconomic siDeI &esto#s

si$nificant ad'anta$e in acceleratin$ $ro#th and fosterin$de'elopment)ource: /A3+) 2014)/7/6 200: !o#ard a 3orderlessconomic -ommunity!he /ssociation of 7outheast /sian 6ations "/7/6% is in theprocess of creatin$ a sin$le mar(et and production &ase, called/7/6 conomic -ommunity, #hich #ill allo# the free flo#$oods, ser'ices, in'estments, and s(illed la&or, and the freermo'ement of capital across the re$ion) !his is en'isioned to &eplace &y 1 Aecem&er 2015)ource:24th /7/6 7ummit) 2014) yanmar) 6ay Pyi !a#Aeclaration+f /7/6 #ere one economy, it #ould &e se'enth lar$est in th

#orld #ith a com&ined $ross domestic product of M2)4 trillion
http://www.mofa.go.jp/region/asia-paci/asean/treaty.htmlhttp://www.mofa.go.jp/region/asia-paci/asean/treaty.htmlhttp://www.mofa.go.jp/region/asia-paci/asean/treaty.htmlhttp://thediplomat.com/2012/07/asean-summit-fallout-continues-on/http://thediplomat.com/2012/07/asean-summit-fallout-continues-on/http://thediplomat.com/2012/07/asean-summit-fallout-continues-on/http://thediplomat.com/2015/12/northeast-asia-trust-and-the-napci/http://thediplomat.com/2015/12/northeast-asia-trust-and-the-napci/http://thediplomat.com/2015/12/northeast-asia-trust-and-the-napci/http://www.voanews.com/content/laos-looks-to-balance-china-growing-economic-influence/2731417.htmlhttp://www.asean.org/storage/images/resources/2014/Feb/asean%20community%20building%20%20-%20akpm%20-%20lecture%20%20acj%20-%20feb%202014.pdfhttp://thediplomat.com/2016/01/the-asean-economic-community-the-force-awakens/http://thediplomat.com/2016/01/the-asean-economic-community-the-force-awakens/http://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.mofa.go.jp/region/asia-paci/asean/treaty.htmlhttp://thediplomat.com/2012/07/asean-summit-fallout-continues-on/http://thediplomat.com/2012/07/asean-summit-fallout-continues-on/http://thediplomat.com/2015/12/northeast-asia-trust-and-the-napci/http://thediplomat.com/2015/12/northeast-asia-trust-and-the-napci/http://www.voanews.com/content/laos-looks-to-balance-china-growing-economic-influence/2731417.htmlhttp://www.asean.org/storage/images/resources/2014/Feb/asean%20community%20building%20%20-%20akpm%20-%20lecture%20%20acj%20-%20feb%202014.pdfhttp://thediplomat.com/2016/01/the-asean-economic-community-the-force-awakens/http://thediplomat.com/2016/01/the-asean-economic-community-the-force-awakens/http://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-community


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201) +t could &e fourth lar$est &y 2050 if $ro#th trends continue)ource: 7peech &y /A3 ice;President 7tephen roff) 2014)3erlin, ederal 8epu&lic of ermany) /7/6 +nte$ration and thePri'ate 7ectorWith o'er 00 million people, /7/6Cs potential mar(et is lar$erthan the uropean Fnion or 6orth /merica) 6e.t to the PeopleCs8epu&lic of -hina and +ndia, /7/6 has the #orldCs third lar$estla&or force that remains relati'ely youn$)ource: 7peech &y /A3 ice;President 7tephen roff) 2014)3erlin, ederal 8epu&lic of ermany) /7/6 +nte$ration and thePri'ate 7ector

/7/6 is one of the most open economic re$ions in the #orld,#ith total merchandise e.ports of o'er M1)2 trillion ; nearly 54Rof total /7/6 AP and @R of $lo&al e.ports)ource: /A3+) 2014)/7/6 200: !o#ard a 3orderlessconomic -ommunity/7/6 is ta(in$ a more cautious approach to re$ional economicinte$ration than urope) +n /sia, there is currently no seriousconsideration of a sin$le currency)ource: /A3 ne#s release) 2015)/n +ncreasin$ly Fnified /sia+s Eeepin$ an ye on reece!he /7/6 conomic -ommunity is founded on four &asicinitiati'es: creatin$ a sin$le mar(et and production &aseumpur, alaysia=ne of the challen$es to the /7/6 conomic -ommunity is

&rid$in$ the percei'ed Gde'elopment di'ideG &et#een the olderand economically more ad'anced mem&ers ; 3runei, +ndonesia,alaysia, Philippines, 7in$apore, and !hailand, (no#n as the/7/6;, and the four ne#er mem&ers ; -am&odia "1999%, >aoPeopleCs Aemocratic 8epu&lic "199@%, yanmar "199@%, and iet6am "1995%)ource: /A3) 201) !he /7/6 conomic -ommunity: / Wor(in Pro$ress7ome analysts &elie'e that the /7/6 conomic -ommunity#ill miss its Aecem&er 2015 deadline &ecause of the challen$in$reuirements of economic inte$ration, includin$ chan$es todomestic la#s and in some cases constitutional chan$es)ource: /A3) 2015) 8ealiDin$ an /7/6 conomic-ommunity: Pro$ress and 8emainin$ -hallen$es

!he fle.i&ility that characteriDes /7/6 cooperation, thecele&rated G/7/6 #ay,G may hand mem&er states a con'enientprete.t for noncompliance, accordin$ to one /A3 report) *o# toenforce the accords remains an issue) -urrently, the economicinte$ration commitments lac( sufficient mechanisms to ensurecompliance)ource: /A3) 2015) 8ealiDin$ an /7/6 conomic-ommunity: Pro$ress and 8emainin$ -hallen$es/7/6 needs a plan &eyond the /7/6 conomic -ommunityto achie'e the lon$;term de'elopment aspirations of its 10mem&er countries, accordin$ to an /A3 study) !his includesintroducin$ structural reforms nationally and ta(in$ &old actionsre$ionally to further deepen economic inte$ration)

http:###)ad&)or$featuresasean;economic;community;12;thin$s;(no#Wa(in$ up to an /7/6 community &y 2015 ; Aream or reali

7ince 200@, /7/6 has set in motion an am&itious plan to spufurther economic $ro#th in the re$ion throu$h the formation oF;style sin$le mar(et, #hile mindful of the pro&lems faced inurope) !he tar$et is to ma(e /7/6 conomic -ommunity"/-% a reality &y the end of 2015) 3ut #ill a unified mar(et &realised? /sia +nsurance 8e'ie# trac(s some of the pro$ress anthe li(ely future scenario for insurers)

3y 8id#an /&&asor one #ee( last month, 7outheast /sia &ecame the centre ofinternational relations as the re$ion played host to three hi$h;profile $atherin$s B namely the 25th /P- 7ummit in 3ali as#ell as the annual /7/6 7ummit and the ast /sia 7ummit#hich #ere hosted &y 3runei)/7/6s clout as an international $roupin$ continues to $ro#and as the ten mem&er states #or( to#ards $reater inte$ration,formida&le $oal of an /7/6 community similar to the uropFnion seems a plausi&le and enticin$ prospect)

=ne of the (ey plan(s of realisin$ an /7/6 community is thpursuit of economic inte$ration in the form of the /7/6conomic -ommunity "/-% #hich aims to fuse the mem&erstates into a sin$le mar(et &y the end of 2015)

3ut unli(e the F, /7/6 does not en'ision central&ureaucracies li(e the F -ommission or the uropean -entra3an(, &ut rather is focused on remo'in$ trade and &usiness&arriers)

7ince the start of the $roupin$ &ac( in 19@, its leaders ha'e cto realise that /7/6 is $reater than the sum of its indi'idualparts) -reatin$ a common mar(et #ith 00 million people and

com&ined annual $ross domestic product of F7M2)1 trillion #ounleash the 'ast economic potential of the re$ion)

/7/6 has ne'er &een de'oid of critics #ho deride it for itsSsoft stance in the face of indiscretions &y certain mem&er stato'er the years, or the slo# pace in #hich a$reements are reachas a result of its emphasis on consensus;&uildin$) 7imilarly, thpursuit of an inte$rated economic community has had its sharedetractors)

7o can the /- come to fruition &y the end of 2015 as tar$eted/nd #hat #ould &e the plausi&le outcome for the re$ionsinsurance sector amid the proposed era of freer mo'ement of$oods, ser'ices and capital?

The AEC 4lue"rint

!he #or( in realisin$ an economic community is $uided &y th/- 3lueprint #hich outlines four (ey pillars: a sin$le mar(etand production &ase< creatin$ a competiti'e economic re$ionoo(in$ at the financial ser'ices sector, mem&er countries ha'underta(en to pro$ressi'ely li&eralise restrictions in su&;sectorrelatin$ to &an(in$, insurance and capital mar(ets &y 2015)
http://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/news/features/increasingly-unified-asia-keeping-eye-greecehttp://www.adb.org/news/features/increasingly-unified-asia-keeping-eye-greecehttp://www.adb.org/news/features/increasingly-unified-asia-keeping-eye-greecehttp://www.adb.org/news/speeches/remarks-19th-asean-finance-ministers-meeting-takehiko-nakaohttp://www.adb.org/news/speeches/remarks-19th-asean-finance-ministers-meeting-takehiko-nakaohttp://www.adb.org/publications/asean-economic-community-work-progresshttp://www.adb.org/publications/asean-economic-community-work-progresshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/features/asean-economic-community-12-things-knowhttp://www.adb.org/features/asean-economic-community-12-things-knowhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/news/speeches/keynote-speech-asean-integration-and-private-sector-stephen-p-groffhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/publications/asean-2030-toward-borderless-economic-communityhttp://www.adb.org/news/features/increasingly-unified-asia-keeping-eye-greecehttp://www.adb.org/news/features/increasingly-unified-asia-keeping-eye-greecehttp://www.adb.org/news/speeches/remarks-19th-asean-finance-ministers-meeting-takehiko-nakaohttp://www.adb.org/news/speeches/remarks-19th-asean-finance-ministers-meeting-takehiko-nakaohttp://www.adb.org/publications/asean-economic-community-work-progresshttp://www.adb.org/publications/asean-economic-community-work-progresshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/publications/realizing-asean-economic-community-progress-and-remaining-challengeshttp://www.adb.org/features/asean-economic-community-12-things-knowhttp://www.adb.org/features/asean-economic-community-12-things-know


7/9

+t co'ers the four modes of supply for the deli'ery of ser'ices incross;&order trade as defined &y the W!= B namely cross;&ordersupply "ode 1%, consumption a&road "ode 2%, commercialpresence "ode %, and mo'ement of natural persons "ode 4%Nsee ta&le in HWhat is !rade in 7er'ice?IO)

+n reco$nisin$ that mem&er states are at 'aried sta$es of financialsector maturity, li&eralisation throu$h the S/7/6 minus Tformula allo#s countries that are ready to proceed to $o ahead#hile others can oin in later) !his allo#s mem&er states to pacetheir li&eralisation efforts #hile ensurin$ orderly financial sector

de'elopment and maintenance of financial and socio;economicsta&ility)

Insurance sector

Where the insurance sector is concerned, the follo#in$ is the listof su&;sectors identified for li&eralisation &y 2015 and themem&er countries that are committed to it)>oo(in$ at the insurance sector in the re$ion, life insurance has arelati'ely lar$e mar(et in /7/6 5, #hereas $eneral insurancedominates the insurance mar(et in the 3-> "3runei,-am&odia, >aos, yanmar, ietnam% mem&ers) /nd compared tothe &an(in$ sector, the insurance industry is su&stantially moreopen to forei$n in'estors)

+n fact, the maority of /7/6 countries are already incompliance #ith the /- &lueprint &enchmar( for forei$n euityparticipation) orei$n o#nership in insurance companies can &e ashi$h as Q0R in +ndonesia and @0R in alaysia)

*o#e'er in comparison, cross;&order trade in insurance ser'icesis still #idely restricted and consumers ha'e si$nificant &arriers)!his is despite the fact that the &lueprint is uneui'ocal a&out theli&eralisation of this mode of deli'ery "ode 1%) 7o there is stillsome#here to $o &efore clients can Spassport their insuranceco'era$e throu$hout 7outheast /sia, as done in the F)

5arious stages o& liberalisation7i$nificantly, the le'el of commitment to li&eralisation amon$/7/6 countries is 'aried, due to respect for national policyo&ecti'es and the le'el of economic and financial sectorde'elopment of the indi'idual mem&ers)

or e.ample, 7in$apore has reached the most li&eralised sta$eamon$ /7/6 countries especially in the area of insuranceser'ices) *o#e'er, there are still some restrictions on modes 2 U for insurance intermediation comprisin$ of &ro(in$ and a$encyser'ices)

+n yanmar, there are ti$ht restrictions on modes 1, and 4 for&oth mar(et access and national treatment) !he -entral 3an( of

yanmar and e.istin$ domestic la#s ha'e determined theappro'al for commercial presence and mo'ement of naturalperson in the country) 6onetheless, reforms are under#ayfollo#in$ the recent openin$ up of the country) >ast month,et>ife announced it that had recei'ed re$ulatory appro'al to setup a representati'e office in the country)

While o'er in ietnam, $reat strides in li&eralisation ha'e &eenmade for modes 1, 2 U in insurance U related ser'ices thou$hmode 4 is strictly limited)

#hat has been achieved$

/ id;!erm 8e'ie# of the implementation of the /- 3luepr#as conducted &y the conomic 8esearch +nstitute for /7/6and ast /sia "8+/% and pu&lished in =cto&er 2012)

Pro$ress #as noted in se'eral areas includin$ lo#erin$ of trad&arriers for $oods and $reater facilitation in the mo'ement ofs(illed la&our)

/7/6 has also enhanced its inte$ration #ith the #ider $lo&aeconomy and ha'e in recent times si$ned free trade a$reement#ith -hina, Japan, Eorea, +ndia and /ustralia6e# Vealand)

6e$otiations are also on$oin$ for ser'ices and in'estmenta$reements #ith Japan and +ndia)

AEC re"ort card

+n trac(in$ its pro$ress, /7/6 has esta&lished a monitorin$mechanism called the /- 7corecard to ensure timelyimplementation of the /- initiati'es)

/ccordin$ to the latest /- 7corecard pu&lished in arch 201the o'erall score is Q)2 out of the ma.imum score of 100) /mthe four pillars, Pillar +, +nte$ration into lo&al conomy, hamade the most pro$ress scorin$ Q5)@) Pillar +, 7in$le ar(et anProduction 3ase, has the lo#est score of )5)

!he score appears to su$$est that challen$es #ith re$ard to nontrade &arriers remain considera&le and ha'e yet to &e tac(led tocreate a smooth;functionin$ sin$le mar(et and production &aseEcono!ic s"in6o&&s a net "ositive &or Asian insurers

!he li&eralisation in the mo'ement of $oods and ser'ices in th/7/6 re$ion #ould promote $reater flo# of &usiness acti'itand in'estment in the re$ion) /s seen #ith the uropean Fnionthe formation of its sin$le mar(et led to the $radual increase inshare of $lo&al forei$n direct in'estment inflo#s from 4R du19Q0;1992 to 41R durin$ 199;200@)

+ncreased forei$n direct in'estment and economic acti'ity in thre$ion #ould naturally mean $reater demand for insuranceser'ices in 7outheast /sia) conomic prosperity #ould also leato income $ro#th and usher in a ne# cohort of middle;classconsumers #ith disposa&le income ; a prime customer &ase forinsurers)

/7/6 states are at differin$ le'els of financial sector stren$tand maturity, and full;fled$ed financial sector li&eralisation manot yet e'en &e feasi&le in certain countries #ithout ris(in$ adesta&ilisin$ effect) *ence, financial ser'ices li&eralisation #hpromotes the use of a &road spectrum of financial instruments allo#s the unfettered presence of forei$n financial institutions has some distance to $o &efore comin$ into fruition)

/- is a #or( in pro$ress and it #ould &e unrealistic to e.pecsmoothly functionin$ economic community ri$ht from the star*o#e'er, the /- frame#or( has had a positi'e effect in $uidcountries for#ard, and #ill ha'e a $al'anisin$ effect for &usinand consumer confidence from 2015 on#ards)

rom the industrys perspecti'e, the push to#ards re$ionalinte$ration sets the $round for the e.istence of re$ionalchampions #ithin the insurance sector) We are already seein$ ithe &an(in$ side #ith the li(es of 7in$apores A37 3an( andalaysias ay&an( acti'ely e.pandin$ their footprints in7outheast /sia)


8/9

/s the /- slo#ly ta(es shape, perhaps the time is ripe for the$ro#th of a truly pan;/7/6 insurer? /m&itious industryplayers can use this $estation period to culti'ate more local andre$ional talent of international standard to achie'e such a $oal andpush the re$ions industry further for#ard)http:###)asiainsurancere'ie#)coma$aDine8eada$aDine/rticle?aid42@O4I/E/7/6 inte$ration an opportunity, not a threat to P* 7sC

/6+>/, Philippines B 7mall and medium enterprises "7s% inthe Philippines are ur$ed to #elcome the /ssociation of 7outheast/sian 6ations "/7/6% inte$ration as an opportunity for theirtremendous $ro#th) 3ut the challen$es must &e addressed soonestfor the sector to realiDe its potentials, e.perts said in the 1st/7/6 -redit -on$ress and the rd 6ational -redit -on$ress"or$aniDed &y the -redit ana$ement /ssociation of thePhilippines% held at the anila *otel recently)!he /7/6 conomic -ommunity"/-% en'isions the freemo'ement of $oods, ser'ices, in'estment, s(illed la&or, and freerflo# of capital amon$ the 10 /7/6 mem&er states: 3runeiAarussalam, -am&odia, >ao PA8, +ndonesia, alaysia,yanmar, the Philippines, 7in$apore, !hailand, and iet 6am)

7 de'elopment is one of the t#o priorities under the /-seuita&le economic de'elopment characteristic)+ncreased mar(et access is a maor &enefit that 7s can reapfrom the /-, considerin$ the re$ions a&out 0 million peopleas potential consumers of Philippine products, Aepartment of!rade and +ndustry ; 3ureau of +n'estments "A!+ ; 3=+% +ndustryAe'elopment roup =+- -oraDon Aichosa said) /t present,99)5R of $oods sourced from /7/6 are already traded tariff;free)

Ta""ing the o""ortunit%

/- pro'ides an opportunity for Philippine industries andser'ices to &ecome a maor player in the /7/6 mar(et and

allo#s domestic industries to &e more deeply inte$rated inre$ional production net#or(s and $lo&al 'alue chains, Aichosacited) !he $lo&al 'alue chains are not only sources of additionalin'estments &ut also of technolo$y, research, (no#led$e, andinputs essential for economic and human capital de'elopment, sheadded)!he Philippines impro'ed in'estment attracti'eness is also anadditional lure to &oth /7/6 and $lo&al in'estors, Aichosa said)!he country clim&ed to 59th in the World conomic orumCslo&al -ompetiti'eness +nde. for 201, #hile it mo'ed to Qth inthe latest +A World -ompetiti'eness 8eport) !he countrysran(in$ umped 0 places to 10Qth in the +nternational inance-orporationCs ase of Aoin$ 3usiness +nde.) *o#e'er, the 201/7/6 ; 3usiness /d'isory -ouncil 7ur'ey on -ompetiti'eness

sho#ed that the Philippines placed @th out of the re$ions 10mem&er states as an attracti'e in'estment destination)Aespite the impressi'e ran(in$s and the opportunity the /-&rin$s, the con$ress spea(ers ac(no#led$ed that 7sXcomprisin$ 99)R of total firms in the country "includin$ microenterprises at 91R%, are still facin$ challen$es) "8/A:+s P*&usiness ready for /7/6 inte$ration?%

Changing the !indset

7s are a si$nificant part of the /7/6 economy) !o date, 9Rof /7/6 enterprises are 7s< comprise 50R to 95R ofdomestic employment< 0R to 5R of ross Aomestic Products"AP%< and 19R to 1R of e.ports)

!hus, Philippine 7s are ur$ed to &e re$ionally and $lo&allycompetiti'e and increase their producti'ity for the /- and&eyond) arious pro$rams are already in place to help thePhilippine 7s, amon$ them are: clusterin$, 7 8o'in$/cademy, Aoin$ 3usiness in ree !rade /$reements -ampai$and 7hared 7er'ice acilities of A!+< set up or anufacturin$Producti'ity .tension for .port Promotion of the Aepartmenof 7cience and !echnolo$y< industry roadmaps care of 3=+ina said, and cited that thea'aila&ility of payment data tremendously helped 7in$apore as itrecorded a ;year hi$h of prompt payments) +ncreasedtransactions #ill &e e.perienced as /- sets in thusprofessionaliDin$ further the decision;ma(in$ processes indeterminin$ the credit #orthiness of a &orro#er is a must, >inaadded)/ll &usinesses rely on information thus sharin$ such is &eneficialto the Philippines as it opens itself further to the lar$er mar(ets,

-=/- country mana$er for Philippines and +ndonesia Jean;ichel >afa$e cited)='erall, &ein$ $ood in #hat you do is (ey for 7s to &e readyfor the /7/6 +nte$ration, 8aYeses said) H!here #ill &e #innersand losers) !o #in, #e must systematically impro'e our a&ilitiesand capa&ilities to compete no#,I he stressed)8 9a""lerco!http:###)rappler)com&usiness11Q1;ph;umps;to;5th;in;competiti'eness;inde.

With lower start-up costs and a vastlyexpanded market for online services, the resultis a global economy that for the rst time willbe fully digitally wired-the dream of every

cyber-visionary of the early 1990s, nallydelivered, a full generation laterMarc Andreessen!ime, "ream, #ull

#or me, when you put a $aker%ot in a school,you add a manufacturing education to theenvironment where & think we can reallyempower the next generation to compete in theglobal economyBre Pettis'ducation, (ext, 'conomy

!o ensure continuing prosperity in the globaleconomy, nothing is more important than thedevelopment and application of knowledge andskillsMartin Rees)nowledge, 'conomy, *lobal

+et in this global economy, no obs are safeigh-speed &nternet connections and low-cost,skilled labor overseas are an explosivecombinationBob Taft.omputers, &nternet, 'conomy

Well, & think the global economy is in theposition for continuing good growth within/ation well in checkJohn W. Snow*ood, 'conomy, *rowth

& think because were such a trading nation, &think .anadians understand that rst andforemost were part of the global economyStephen Harpernderstand, (ation, 'conomyWhats going on in this country2 nions standagainst those trends Weve got to somehowinsulate the robust 3merican economy from tglobal economy that seems to want to devou

our standard of livingJames P. Hoa4iving, 3gainst, 5eems3n economy genuinely local and neighborlyo6ers to localities a measure of security thatthey cannot derive from a national or a globaeconomy controlled by people who, byprinciple, have no local commitmentWendell Berry.annot, 5ecurity, 'conomy

5cientists and supercomputers have ampliedour ability to look ahead #or decades, experthave warned us that human numbers,technology, hyper-consumption and a globaleconomy are altering the chemical, geologicaand biological properties of the biospherea!id S"#"$i

!echnology, 3bility, 'conomyWe got into a recession because the globaleconomy went into the recession and were abig exporting nationStephen Harper(ation, 'conomy, *lobal&f you followed this economic crisis and you dnot think that the world is getting /atter, youare not paying attention We saw the entireglobal economy at one time acting totally insync !he real truth is the world is even /attethan & thought 7ur mortgage crisis is killing"eutsche %ank +ou still dont think the world/at2Thomas %riedman

!ime,!ruth, 3cting

*The ultimate aim of production is not

production of goods but the productionof free human beings associated with

one another on terms of equality.

-- John Dewey

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