A new chapter for ASEAN
On Friday, 11 May The Chamber of Commerce organised a meeting between the Ambassadors of the ASEAN (Association of Southeast Asian Nations) countries and representatives of LFF, ALFI and PBGL. The Luxembourg team gave a briefing on different aspects of the Luxembourg financial center while, in return, the ASEAN Ambassadors provided an Interesting insight into the future of the ASEAN members countries.
The ASEAN member countries are planning the creation of an ASEAN Economic Community (AEC) by 2015. The AEC will transform ASEAN into a single market with 5 core elements:
- Free flow of goods
- Free flow of services
- Free flow of investment
- Free flow of capital
- Free flow of skilled labour.
As a single economic entity in 2015, it can be estimated that ASEAN would rank as the world’s 10th largest economy, the 3rd largest market in the world in terms of population, the 5th largest trading bloc and the 10th largest in terms of FDI inflows.
ASEAN also supports the creation of a regional ASEAN-EU free trade agreement. The presentation ended with an interesting slide comparing ASEAN and the EU. ES