All eyes are on ASEAN in 2015. By the end of the year, according to the timetable managed by
the ASEAN Secretariat, the 10 nations of this Southeast Asian bloc will be officially integrated
into a single market of 600 million people with an overall GDP of around US$2.3 trillion.
However, much still needs to be done for full economic integration to become a reality. A number of harmonisation measures, particularly around capital markets, are already in place, but others are behind schedule, due to a combination of bureaucratic overload and protectionist pressures by some countries concerned about the impact of liberalisation on key industries.
While integration efforts continue at an administrative level, many businesses inside and outside ASEAN are already accelerating expansion plans in the expectation of tariff-free trade and the free movement of labour, throwing renewed focus on disruptive technologies, skills training, and the other key elements that will form the core of a successful region-wide growth strategy.
These issues and more will be explored in detail at the second Financial Times ASEAN Economic Summit. In this milestone year for Southeast Asia, the Summit moves to Kuala Lumpur, gathering some of the leading minds in the region – from government, business and finance -- to share their vision for ASEAN and discuss the challenges and opportunities ahead.
However, much still needs to be done for full economic integration to become a reality. A number of harmonisation measures, particularly around capital markets, are already in place, but others are behind schedule, due to a combination of bureaucratic overload and protectionist pressures by some countries concerned about the impact of liberalisation on key industries.
While integration efforts continue at an administrative level, many businesses inside and outside ASEAN are already accelerating expansion plans in the expectation of tariff-free trade and the free movement of labour, throwing renewed focus on disruptive technologies, skills training, and the other key elements that will form the core of a successful region-wide growth strategy.
These issues and more will be explored in detail at the second Financial Times ASEAN Economic Summit. In this milestone year for Southeast Asia, the Summit moves to Kuala Lumpur, gathering some of the leading minds in the region – from government, business and finance -- to share their vision for ASEAN and discuss the challenges and opportunities ahead.
