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thxnews · 1 year

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The ASEAN Economic Community Council Focus on Challenges

The 22nd meeting of the ASEAN Economic Community Council (AECC) discussed the Association of Southeast Asian Nations’ (ASEAN) role in responding to geopolitical and geoeconomic dynamics, the Coordinating Ministry for Economic Affairs has said. "For instance, the ASEAN Outlook on the Indo-Pacific and ASEAN's role in responding to geopolitical and geoeconomic dynamics," the ministry's deputy for coordination of international economic cooperation, Edi Prio Pambudi, said during the 22nd ASEAN Economic Community Council meeting here on Saturday. The 22nd AECC meeting, which is being held in Jakarta on May 6–7, 2023, is part of the side events leading up to the 42nd ASEAN Summit. The ASEAN Summit will be held in Labuan Bajo, East Nusa Tenggara, on May 9–11. Pambudi, who is also serving as the leader of senior economic officials at the meeting, also said: "What is certain is that we will see or respond to the current global economic situation because we emphasize ASEAN centrality; we know that ASEAN is a region that attracts a lot of attention," Issues related to the development of the electric vehicle (EV) ecosystem in ASEAN will also be discussed in the meeting. "We will soon prepare a statement on EV ecosystem development, which has now become an important part," he stated. Indonesia has the potential to build the EV ecosystem because it has the raw materials for batteries. "We see now that the ecosystem development is already starting, for example, how to manage raw materials for batteries, and later in the production process." He said the EV ecosystem must be supported by infrastructure, such as electric vehicle charging stations (SPKLU). "Because the EV (ecosystem) is not just about cars, but also how will the charging stations be provided. Many things must be completed immediately," he added. Another issue that will be discussed at the meeting is blue economy cooperation, considering that ASEAN has archipelagic regions. The results of the discussion will later be reported to the heads of state at the ASEAN Summit.

Former ASEAN Summit at Huahin. Photo by Californian Em. Flickr.

What is the ASEAN Economic Community (AEC) Council?

The AEC Council is the governing body that oversees the implementation of the AEC Blueprint. It is composed of representatives from each of the 10 ASEAN member states, with the Secretary-General of ASEAN serving as its permanent chairperson. The Council is responsible for ensuring the effective implementation of policies and measures to achieve the AEC's objectives, which include free flow of goods, services, investment, and skilled labor within the region.

What are the objectives of the AEC Council?

The main objective of the AEC Council is to accelerate the economic integration of Southeast Asia by promoting economic cooperation and facilitating the free movement of goods, services, investment, and people within the region. The AEC Council seeks to establish a single market and production base, which will generate economies of scale, valuable business opportunities, and a more efficient allocation of resources for businesses. The council oversees the implementation of initiatives, such as the ASEAN Free Trade Area (AFTA), ASEAN Investment Area (AIA) and ASEAN Agreement on Movement of Natural Persons (AAMNOP).

What is the role of the AEC Council in enhancing business opportunities?

The AEC Council is responsible for creating a conducive environment that promotes businesses within the region. The council is committed to harmonizing regulations and reducing non-tariff barriers, such as licensing requirements and safety standards that limit business activities. Such initiatives increase mutual trust among businesses within the region, leading to stronger trade relations, and investment opportunities. The council also provides a platform for dialogue and cooperation between businesses and governments to ensure policies that best promote business operations and growth in the region.

How can businesses benefit from the AEC Council initiatives?

The AEC Council has provided numerous opportunities for businesses to expand their operations in Southeast Asia. With the reduced trade barriers and harmonized regulations, businesses can now access a larger market that was once fragmented. The initiatives provided by the AEC Council promote innovative business processes, productivity, and competitiveness. In addition, the AEC Council is continually reviewing policies and practices to enhance the business operating environment, providing businesses the much-needed guidance and support to succeed. Sources: THX News & Philippine News Agency. Read the full article

#ASEAN #ASEANEconomicCommunityCouncil #EconomicCommunityCouncil #economics #EdiPrioPambudi #PHBusiness #Philippinesfinance

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