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The Economics of the ASEAN Economic Community

Peter Petri (), Michael Plummer () and Fan Zhai

No 13, Working Papers from Brandeis University, Department of Economics and International Businesss School

Abstract: The ASEAN Economic Community (AEC) is the largest integration effort attempted in the developing world; if realized, it will create a single market with the free movement of goods, services, foreign direct investment and skilled labor, and freer movement of capital encompassing nearly 600 million people. The study finds that the AEC could yield benefits similar to those of the European Union, amounting to 5.3% of the region’s GDP and more than twice that if, as expected, the AEC leads to free trade agreements with key external partners. Every ASEAN member will share in these benefits. There will be mild trade and investment diversion effects, but the world as a whole will benefit from the AEC. Nevertheless, the AEC poses political challenges: the study finds that the project will imply significant structural adjustment in several ASEAN economies.

Keywords: ASEAN; ASEAN Economic Community; Regional Economic Integration; Free Trade Areas (search for similar items in EconPapers)
JEL-codes: F12 F13 F14 F15 O2 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2010-09
New Economics Papers: this item is included in nep-cwa
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http://www.brandeis.edu/economics/RePEc/brd/doc/Brandeis_WP13.pdf First version, 2010 (application/pdf)

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