The main objectives of ASEAN Economic Community (AEC) are to promote regional cooperation, enhance ASEAN competition in global markets, attract foreign investments in the region and create bargaining power in the international trade arena. At this time 10 member states have signed commitments to prepare their potentiality before joining AEC in 2015. There are lists of commitments that were agreed and signed including; ASEAN Trade in Goods Agreement (ATIGA), ASEAN Comprehensive Investment Agreement (ACIA).
ASEAN Trade in Goods Agreement (ATIGA) is a comprehensive agreement on trade in goods in ASEAN. ATIGA is the Agreement that supersede the CEPT Agreement which has been implemented since 1992. The objective of this Agreement is to achieve free flow of goods in ASEAN as one of the principal means and to establish a single market and production base for deeper economic integration of the region towards the realization of AEC by 2015. In addition, this Agreement covers all products except for the products listed in the exclusion list, for example, and ammunition and alcoholic beverages.
ASEAN Comprehensive Investment Agreement (ACIA) entered into force on March 29, 2012. ACIA aims to create a free and open investment environment through the consolidation and expansion of existing agreements between the ASEAN member countries. In addition, ACIA provides comprehensive and clear definitions in line with existing international agreements, enhancing the attractiveness of ASEAN as a single investment destination.
Recent Comments