The dawn of the AEC is established to bring about union of the ASEAN countries to come together to work towards a common goal, just as the Europian Union has done before. As a part of this movement, businesses opportunities for each country in the ASEAN will increase and become evidently more competitive.
Left unprepared, any business that refuse to adapt and improve themselves may find themselves at a disadvantage as competitors in the region outgrow and outperform them.
The AEC will bring about changes in:
Tariff and NTMs
Elimination of tariffs on all products for CLMV, other than certain sensitive goods
Put in place a robust mechanism to address NTMs
Facilitating trade, investment and transport
Services liberalization and domestic reform
Allow for at least majority foreign ownership in many of the service sectors
Investment liberalisation and facilitation
Some movement on raising foreign investment limits
Overall, improved facilitation
Better collaboration between member states (but still dominated by competition)
Connectivity and transport facilitation
A renewed focus on both SME development & IAI
Substantially progressing, if not implementing, RCEP to strengthen trade links between ASEAN and its major Asia Pacific trade and investment partners
(sourced from Deloitte)
Our role as an exhibition logistics provider and freight forwarder in the whole movement of the AEC is advocating the operational progress of the new changes and facilitating the proper conditions for business and trade opportunities to prosper.