(VOVworld) – The ASEAN countries are gearing up efforts to build an ASEAN community by 2015, representing the full integration of the ASEAN economies. This will create the impetus for the foundation of a regional common community covering all aspects: economics, security, and society. The 2015 deadline is approaching while huge challenges remain. They require the bloc to quickly implement its domestic development projects while making use of its larger partners’ support in this process.
In order to form a common market and facility for production and distribution, ASEAN has to ensure a standard free circulation of 5 factors: capital, commodities, services, investment, and labor. Once the ASEAN economic community is established, taxes will be exempted. If successful, the community will become a significant regional achievement representing integration and will lead to the vigorous growth of the member economies.
Attempts to overcome challenges
ASEAN has achieved significant progress during its moves towards regional economic integration, and has reached consensus on many important issues. Up to this point, ASEAN members have completed 80% of the goals stated in the bloc’s plan that cover all areas of building the ASEAN community. Many agreements have been fully implemented such as the Agreement on Investment and on the Movement of Natural Persons – or MNP. Meanwhile, a pilot program to test the ASEAN single-window mechanism was carried out. ASEAN countries are discussing measures to speed up negotiations to sign the Regional Comprehensive Economic Partnership Agreement, or RCEP, by the end of 2015. This agreement is expected to create a market with a total GDP of around 20 trillion USD, accounting for 40% of world trade. In an interview with VOV, ASEAN Secretary General Le Luong Minh said that there was a lot of work to be done in the next 2 years to achieve the goal of an ASEAN community by 2015. Minh said:"Countries must spare no effort and the highly committed in their efforts to achieve an ASEAN community in the next 2 years. Another important factor in this process is the ASEAN partner’s determination to support the bloc."
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The regional economy has been adversely affected by the world economic crisis as growth has declined due to reductions in investment and exports, increasing unemployment, and the imbalance in the development of the region and areas. These are huge challenges for ASEAN in the building of its community. Indonesian Minister of Trade Gita Wirijawan said: "I think everything will be confirmed by the end of 2015. Until that time, the ASEAN countries have to agree that everything is not easy as we hoped for in 2003."
Although sharing the same concerns with the Indonesian Trade Minister, Kishore Mahbubani - Dean at the Lee Kuan Yew School of Public Policy at the National University of Singapore, and Singaporean Ambassador to the UN - said that the ASEAN Economic Community 2015 roadmap is on the right track. Mr. KIshore Mahbubani said: "We should not expect that ASEAN will become a strong economic community right after the final night of 2015. However, I believe that we made significant progress."
Actively contributing to the common goals
The establishment of ASEAN Economic Community by 2015 is an obvious result of a regional cooperation and connectivity process. How to make use of opportunities while addressing challenges depends largely on each country’s management and adaptation. Together with other ASEAN countries, Vietnam is finalizing the remaining tasks towards the economic integration process. So far, Vietnam has completed 85% of its agreements related to building the ASEAN Economic Community. Like other countries, Vietnam has been urged to increase its efforts in the 2 remaining years, says Vietnam’s Deputy Foreign Minister Pham Quang Vinh: "Economic links will be improved as the ASEAN Economic Community becomes operational. Much is needed to be done, both in terms of quantity and quality to ensure AEAN becomes a single market and production area that can compete in the global economy. To be best prepared, it’s necessary for us to make the people and the business community well aware of the challenges and opportunities facing us during the establishment of the ASEAN Economic Community."
Pham Quang Vinh affirmed that Vietnam would spare no effort to achieve its set targets as a responsible ASEAN member, contributing to ASEAN’s common goals while continuing to share all necessary measures with partners for the benefit of the whole region. The next 2 years will be an extremely busy time for ASEAN in general and Vietnam in particular, in their way to becoming an important driving forces in the global economy.