...PROJECT ON “COMPARING REGIONAL INTEGRATION: APEC AND ASEAN” Master of Commerce Semester-I (2013-2014) Submitted In Partial Fulfillment of the requirements For the award of degree of M.Com By VIshwanath Vinod Acharya Seat No: ______ Tolani College of Commerce Sher-e-Punjab society, Andheri (East), Mumbai-400 093 CERTIFICATE This is to certify that Vishwanath Acharya of M.Com Semester I (2013-2014) has successfully completed the project on “Comparing Regional Integration: APEC and ASEAN” under the guidance of Dr.Vasudev Iyer. Project Guide: ____________________________ Course Coordinator: ____________________________ External Examiner: ____________________________ Principal: ____________________________ DECLARATION I, Vishwanath Acharya , the student of M.Com Semester-I (2013-2014) hereby declare that I have completed the project on “COMPARING REGIONAL INTEGRATION: APEC AND ASEAN ” in the course Economics of Global Trade and Finance. The information submitted is true and original to the best of my knowledge. References have been cited wherever necessary. Date: ___________ Place: Mumbai Signature of Student Vishwanath V. Acharya ACKNOWLEDGEMENT Preparing the project on “Comparing Regional Integration: APEC and ASEAN ” has given me extensive practical knowledge related to the course. I would like to first thank our principal Dr.A.A.Rashid, for his valuable support in preparing this project. I express my deep sense of Gratitude...
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...ABSTRACT The ASEAN regional integration visualizes the conversion of economies in Southeast Asia into a unified market and manufacturing base by promoting the unobstructed flow of goods and services. It signifies better chances of more market entries, lesser input costs, lower discharge expenditures, greater inflows of foreign investments, and wider options for quality commodities and services at reasonable prices. This research examines issues as to whether the benefits outweigh the costs of trade liberalization, its impacts on national economic growth, and the Philippines’ preparedness to overcome the impediments posed by the integration. Overall, the outcomes of the interviews show that the Philippines is not yet fully adapted to aligning domestic benchmarks with international standards although it has accomplished vital progress in certain sectors. The study also reveals that member affiliates and the Philippine economy can reap the benefits of the liberalization so long as they prevail upon their commitments to forge ahead with achieving the goals of the ASEAN Economic Community. Elimination of cross-border taxes, compliance with harmonized regulatory policies, and leaders’ steadfastness to attain the goals of the integration are the key factors for the success of the liberalization. Since the research deals more on the qualitative aspects, the authors recommend more statistical data gathering and in-depth quantitative analysis to obtain a more accurate gauge of the overall...
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...Regional Analysis and ASEAN Michael Concepcion MGT448 July 16, 2012 Martha Alcala Regional Analysis and ASEAN Regional integration can provide stability to a nation’s economic and political arenas. However, regional integration can be costly if trade diversion is not considered. The Association of Southeast Asian Nations (ASEAN) is advantageous for the member countries because it offers promise of solidarity and economic prosperity. However, historically member countries of ASEAN have not always been political allies and unresolved territorial disputes are still an issue. Finally, economic development of the countries of ASEAN is becoming increasingly enticing to larger countries such as China and America because of its potential “…as a market and production center for big companies from all over the world.” (Rabin, 2012) Regional Integration Regional integration can open up trade amongst nations that can have economical and political advantages but can often be costly due to diversion. Two cases can be made for regional integration. First, the economical advantages stem from the theory of free trade. According to Hall (2009), “…the theoretical ideal is an absence of barriers to the free flow of goods, services, and factors of production among nations.” (pg. 279, para.2) Regional integration among a few countries is easier to coordinate and function than integration on a global scale. Regional integrating bodies like the Association of Southeast Asian Nations (ASEAN)...
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...ONE IDENTITY ONE COMMUNITY ASEAN VISION 2015 (An excerpt from the ASEAN Economic Blueprint) Office of the Deputy Director General for Sectoral TVET Planning Office TESDA Complex, East Service Road, South Superhighway Taguig City, Metro Manila Tel. No. (02) 888 5652; 817 2675; 893 1966 www.tesda.gov.ph CODE: ST-PO 05-12-2012 ASEAN Vision 2015 I. ASEAN Economic Community The ASEAN Economic Community (AEC) shall be the goal of regional economic integration by 2015. AEC envisages the following key characteristics: (a) a single market and production base, (b) a highly competitive economic region, (c) a region of equitable economic development, and (d) a region fully integrated into the global economy. The AEC areas of cooperation include: a. human resources development and capacity building; b. recognition of professional qualifications; c. closer consultation on macroeconomic and financial policies; d. trade financing measures; enhanced infrastructure and communications connectivity; e. development of electronic transactions through e-ASEAN; f. integrating industries across the region to promote regional sourcing; g. enhancing private sector involvement for the building of the AEC. In short, the AEC will transform ASEAN into a region with free movement of goods, services, investment, skilled labour, and freer flow of capital. II. Declaration on the ASEAN Economic Blueprint The ASEAN Leaders adopted the ASEAN Economic Blueprint at the 13th ASEAN Summit on 20 November 2007...
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...Initiative for ASEAN Integration (IAI) and Narrowing the Development Gap (NDG) Narrowing the Development Gap Narrowing the Development Gap in ASEAN refers to reducing various forms of disparities among and within Member States where some pockets of underdevelopment persist. Measures in the ASEAN Political Security, Socio-Cultural and Economic Community Blueprints are targeted at policy reforms for narrowing the development divide to foster regional cooperation, greater social and economic integration, consistent with the objective of building an ASEAN Community in 2015. Initiative for ASEAN Integration The ASEAN Heads of State at their Summit in 2000 launched the Initiative for ASEAN Integration (IAI) with the objectives of Narrowing the Development Gap (NDG) and accelerating economic integration of the newer members of ASEAN, namely Cambodia, Lao PDR, Myanmar, and Viet Nam (CLMV). IAI Work Plans The efforts to narrow the development gap will be driven mainly by the IAI Work Plan (IAI-WP). The six-year IAI-Work Plans have been developed to assist the CLMV countries as well as ASEAN's other sub-regions to ensure that the economic wheels of their economies move at an accelerated pace. The first phase of the Work Plan covered the years 2002 to 2008. The current Work Plan (IAI-WP II) is based on key programme areas in the three Blueprints for the ASEAN Community: ASEAN Political-Security Community Blueprint, ASEAN Economic Community Blueprint and ASEAN Socio-Cultural Community...
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...ECIPE OCCasIOnal PaPEr • no. 2/2010 REGIONAL ECONOMIC INTEGRATION IN ASIA: THE TRACK RECORD AND PROSPECTS By Razeen Sally Razeen Sally (razeen.sally@ecipe.org) is Director of ECIPE and on the faculty of the London School of Economics www.ecipe.org info@ecipe.org Rue Belliard 4-6, 1040 Brussels, Belgium Phone +32 (0)2 289 1350 ECIPE OCCASIONAL PAPER ExECuTIvE SuMMARy This is the season for regional-integration initiatives in Asia. There is talk of region-wide FTAs, and there are east-Asian initiatives on financial and monetary cooperation. But grand visions for Asian regional blocs are not achievable. Regional economic integration is most developed in east Asia, but only because of manufacturing supply chains linked to global markets. South Asia is the most malintegrated region in the world. And east and south Asia are much less integrated in finance than they are in trade and FDI – due to highly restrictive national policies governing financial markets. Asia’s existing FTAs are “trade light”. They are largely limited to tariff cuts, but have barely tackled non-tariff regulatory barriers in goods, services and investment, and are bedevilled by complex rules of origin requirements. An APEC FTA initiative has gone nowhere – entirely predictable given such a large, heterogeneous grouping. An east-Asian or a pan-Asian FTA, by discriminating against third countries, would compromise regional production networks linked to global supply chains. Moreover, huge economic...
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...future of tourism in ASEAN Introduction With the fall of Communism in Eastern Europe and the end of the Cold War, there was no longer a pressing need for ASEAN countries to fear their Communist neighbours such as Vietnam, Cambodia and Laos. These countries had started to abandon central planning and implement market-oriented economic reforms from the early 80s, changes which had significant implications for trade and investment opportunities and indicated the need for enlargement of the ASEAN regional grouping in order to maintain its relevance (Wong, Mistilis & Dwyer, 2011a). The momentum to expand ASEAN was further accelerated by the need to strengthen the region’s voice in international trading bodies such as the Asia-Pacific Economic Cooperation (APEC) forum, the World Trade Organization, and in negotiations with the European Union (Tan, 2003). Between 1995 and 1997, Cambodia, Laos, Myanmar and Vietnam (CLMV) joined ASEAN. They are sometimes referred to as newer members with less-developed economies. With the ASEAN Concord II in late 2003, Southeast Asia charted an ambitious path toward creating a community (AC) founded on economic, security and socio-cultural pillars. In contrast to the EU on which the agreement is loosely based, have rested on open dialogue and concensus processes that have allowed politically and economic diverse nations to cooperate at the regional level. The progress of on ASEAN Concord II will rest on strong regional diplomacy and management...
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...ASEAN and its ECONOMIC INTEGRATION 1) Objectives of this paper The objective of this paper is to dissect the concept of the ASEAN integration by looking into the history of the ASEAN, a brief analysis of the past treaties that have been passed and implemented, a scrutiny of the pillars of the ASEAN Economic Community (AEC) and the challenge it poses to all its member nations – including the Philippines. 2) Introduction ASEAN, A brief history Before analyzing the AEC or the treaties that ASEAN have passed, it is a need to understand the rationale and the history behind its formation. The goals and precepts the ASEAN have been outlined as such because of a myriad of significant historical events. South-East Asia was a region experiencing turmoil during the 1960s. Malaysia and Philippine relations were damaged between the years of 1962-66 owing to the conflict over Sabah. Singapore, Malaysia, and Brunei were all reeling from the departure of Great Britain as colonizers. This event led these countries posed a daunting challenge, both economically and politically, that these newly independent countries needed to overcome. Then the clash between Indonesia and Malaysia; in 1965 after just barely three (3) years after union of Indonesia and Malaysia the two (2) countries decided to sever their ties and declared themselves independent from each other. The Vietnam War was ongoing which was further heightened by the increasing popularity of communism in the South-East...
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...Asean 2015 SO soon! Indeed time flies at lightning speed and here staring at us is Asean 2015! And what’s in it for us in academe? But first, a very brief overview of Asean. We are one of ten countries wishing to band together as a single market. We expect that by end of December this year Asean will have measures mostly in place which are designed, like the European Union, to reduce trade barriers and consequently attract more investments. We expect to have free flow of goods, services, investment and skilled labor among “us” – us, meaning the ten member countries of Southeast Asia with the 617 million people (2011 estimate) inhabiting Singapore, Indonesia, Malaysia, the Philippines, Thailand, Brunei, Vietnam, Laos, Myanmar and Cambodia. In the future, two other countries could be incoming members of Asean: Papua New Guinea (on candidate status since 1976) and Timor-Leste (on observer status since 2002). These two countries have a combined population of 7,300,000 (2011 estimate). Unlike the EU, Asean will likely not have a common currency and neither the same nor a similar governing structure. About education, four priorities in this area have been laid down by the Asean Education Ministers. These are first, promoting Asean awareness among Asean citizens, particularly the youth; second, strengthening Asean identity through education; third, building Asean human resources in the educational field; and fourth, strengthening the Asean University Network. Committees on these...
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...The East Asia’ Regional Economic Integration Tutor: Griffith, Edward Student ID: 20647046 Student Name: Hong Xu (Eric) Word Count: 2369 Date of Submission: 18/1/2016 The East Asia’ Regional Economic Integration In the past twenty years, the East Asian economies realized the freedom of foreign trade and direct investment (FDI) because of the influence of GATT/WTO and APEC and as a result, it further promotes the economic growth of East Asia. The mutual economic dependence of each countries has increased a lot and therefore, close economic cooperation among Asian countries is necessary for healthy economic development. Many countries try to deepen their cooperation by establishing agreement and carrying out negotiation or discussion (Kawai 2004). Besides, the East Asian countries want to have their own institutions where they have vital voice in decision making after the financial crisis. As a consequence, the regional economic integration become an inevitable trend. The structure of this essay is organized as follows. The first part of this essay will discuss the driving forces of...
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...Topic: ASEAN’s Role in Regional Economic Integration 1. Background and general information of the Association of Southeast Asian Nations (ASEAN) On 8 August 1967, in Bangkok, five governments in Southeast Asia established a political and economic organization, namely the Association of Southeast Asian Nations (ASEAN), with preliminary concerns about Communist intrusion among the region. The founding members comprise of Indonesia, Malaysia, the Philippines, Singapore and Thailand. ASEAN, later, aimed to increase the economic growth, social progress, and cultural development in the region, and promoting regional peace and stability under the motto “One Vision, One Identity, One Community.” ASEAN was opened for participation by all states in the Southeast Asian region sharing the same aims, principals and purposes. Therefore, Brunei Darussalam joined on 8 January 1984, Vietnam on 28 July 1995, Laos and Myanmar on 23 July 1997, and Cambodia on 30 April 1999. ASEAN, recently, consists of 10 member states, is seen as a successful model for developing countries that promote peace, stability and integration. ASEAN covers a land area of 4.46 million square kilometers, which is 3% of the total land area of Earth, and has a population approximately 600 million people, which is 8.8% of the world’s population. The sea area of ASEAN is about three times larger than its land counterpart. In 2011, ASEAN combined nominal GDP had growth to US$ 2.07 trillion, with the average per capital...
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...Association of Southeast Asian Nations (ASEAN) is a regional association composed of the ten countries comprising Southeast Asia—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar (Burma), Philippines, Singapore, Thailand, and Vietnam. Situated in a region covering an area of 4.46 million km² (equivalent to approximately 3% of the total land area of the earth), these countries are home to a burgeoning population of 600 million people, which is nearly 9% of the world's population. As a single economic block, its combined nominal GDP of USD 2 trillion ranks ninth in the world. Although relatively small compared to China, Japan, and Korea, ASEAN comprises one of the most dynamic emerging economies of the world, with an average nominal GDP growth rate among the ASEAN-6 (Singapore, Malaysia, Indonesia, Thailand, Vietnam, and the Philippines) of 4.5% during 1989–2009, and poised to grow between 5.7% and 6.4% in 2011–2012. In contrast, the global economy is expected to grow by only 3.3% and 3.7% in 2011 and 2012. What Is the AEC? ASEAN was formed in 1967 under the "3 pillars" of regional cooperation, namely security, socio-cultural integration, and economic integration. In 1997, ASEAN leaders declared the ASEAN Vision 2020, which aimed to transform ASEAN into a "stable, prosperous and highly competitive region with equitable economic development, and reduced poverty and socioeconomic disparities." Building on this vision, at their 2007 Summit ASEAN leaders affirmed their strong commitment...
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...ASSIGNMENT ON INTERNATIONAL TRADE (Course no: Mgt-310) TOPIC: ECONOMIC INTEGRATION SUBMITTED TO: Dr. MD. ATAUR RAHMAN PROFESSOR DEPARTMENT OF MANAGEMENT STUDIES UNIVERSITY OF DHAKA SUBMITTED BY: GROUP: 08 ROLL: 127, 128, 141, 154, 211, 212, and 213 SEC-B, BBA 16TH BATCH DEPARTMENT OF MANAGEMENT STUDIES UNIVERSITY OF DHAKA DATE OF SUBMISSION: 09.07.12 ECONOMIC INTEGRATION CONTENTS SL. Topics No. 1. Meaning and level of Economic Integration 2. Objectives of Economic Integration 3. Importance of Economic Integration 4. Benefits from of Economic Integration 5. Arguments for of Economic Integration 6. Arguments against of Economic Integration 7. Economic Integration of Asia 8. Economic Integration of America 9. Economic Integration of Europe 10. Economic Integration of Africa 11. Modes of Economic Integration 12. Problems of Economic Integration 13 Danger of Economic Integration 1. Meaning and Level of Economic Integration: Meaning of Economic Integration: Economic Integration means agreements between groups of countries in a geographic region to reduce and ultimately remove tariff and non-tariff barriers to ensure free flow of goods, services and factors of...
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...President Aquino: APEC Philippines 2015 to Build More “Inclusive Economies”inShare The Philippines is intent on building on the significant breakthroughs in trade and economic sustainability achieved by APEC member economies this year in China and ensuring that the benefits are widely felt, said President Benigno Aquino III on the eve of the archipelago’s commencement as APEC 2015 Chair. Establishing a more inclusive economic environment across the Asia-Pacific will be the focus of collaboration in APEC over the coming year, revealed President Aquino in a kick-off speech in Manila on Monday evening. It set the tone for the APEC Informal Senior Officials’ Meeting on 8-9 December in Legazpi City, Albay that will mark the first assembly of member economies as part of APEC Philippines 2015 and decide their agenda priorities. “One week from now, we’ll be demonstrating a thousand per cent effort – the first visitors for APEC 2015 will set foot in our country, and the Philippines will have the distinct privilege of hosting the next chapter in one of the largest joint efforts to improve trade and cooperation amongst major economies,” said President Aquino. “Here, within our communities, leaders from government and the private sector will map out the future of the Asia-Pacific.” “This gathering’s significance is magnified when one considers that, in a world where many economies are reeling from uncertainty, Asia-Pacific economies have, for the large part, sustained a relatively...
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... the Association of Southeast Asian Nations (ASEAN) has made a number of achievements towards regional peace, stability, and prosperity. Thailand has played an active role in ASEAN from the very beginning. Thailand is one of the founding members of ASEAN, together with Indonesia, Malaysia, the Philippines and Singapore. The ASEAN Declaration or Bangkok Declaration was signed on 8 August 1967 at Saranrom Palace, Bangkok. As stipulated in the Bangkok Declaration, ASEAN was established with an aim to promote peace and stability, and accelerate economic growth, social progress and cultural development in the region through joint endeavors in a spirit of equality and partnership. Over the years, ASEAN has gradually evolved and expanded to include Brunei Darussalam (1984), Viet Nam (1995), Lao PDR and Myanmar (1997), and Cambodia (1999). The peace and stability that the Southeast Asian countries have been enjoying today to a large extent, largely due to ASEAN's role as a forum that promotes and fosters trust and confidence amongst its Member States. ASEAN has successfully maintained peace, stability and security in the region through the various frameworks and mechanisms, such as Zone of Peace, Freedom and Neutrality (ZOPFAN) (1971), Treaty of Amity and Cooperation in Southeast Asia (TAC) (1976), and Southeast Asian Nuclear‐Weapon‐Free Zone Treaty (SEANWFZ) (1995). To further enhance regional cooperation in political and security issues, the ASEAN Regional Forum (ARF) was established in 1994...
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