The AEC is an ambitious effort at deep market integration, characterized by the free flow of goods,services and investment, a freer flow of financialcapital, enhanced connectivity, and expandedopportunities for intra-regional labour migration.It can be seen as a significant step in the region’spost-1997 reorientation – away from traditional economic partners, such as Japan, the United Statesand the European Union, and towards the regionitself, as well as to emerging markets such as Chinaand India.3The current design of ASEAN regionaleconomic cooperation has also been shaped by morerecent global economic shocks, such as the collapseof the United States subprime mortgage market andthe eurozone debt crisis. While ASEAN economieshave weathered these storms, many of the world’sleading industrialized countries are struggling toshake off the effects of recession.Each pillar of the ASEAN Community has acorresponding Blueprint that states the objectivesand the planned actions to which Member Stateshave committed. The Blueprint for the AEC is abinding Declaration containing 17 core elementsand 176 priority actions which rest on four pillars: (i) a single market and production base; (ii) ahighly competitive economic region; (iii) a regionof equitable economic development; and (iv) aregion fully integrated into the global economy.4Economic integration, as envisioned in the AECBlueprint, is not limited to liberalization of tradeand investment, but is rather a comprehensiveand multifaceted effort which addresses disparitieswithin and between countries, intra- and inter-state
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