Economic opportunities for womenâs participation in key ASEAN sectors Source: Projected Gender Impact of the Asean Economic Community , 2016. EU has gone through different challenges regarding the issues with migrants and has had its success and failure in solving it since the formation of the European Economic Community (EEC) in 1957. ASEAN Beyond 2015: The Imperatives for Further Institutional Changes. They are estimated by McKinsey and Co to cut as much as one-fifth of production costs of consumer goods in the region. This should lead to better grasps of the languages of other member countries, with better knowledge of other countries’ cultures and familiariaty with the labour market institutions. Holders of the Blue Card will gain free movement within the Schengen Area and are entitled to a series of rights, including family reunification and permanent residence. By slowly achieving all targets and goals for the AEC, ASEAN is able to attract more investors, and as confidence of investors grows, this will attract more capital for the ASEAN countries to develop the community at a faster rate. But there are a number of challenges that its members, individually and collectively, will need to overcome if they are to realise the stellar growth predictions afforded by their relatively strong fundamentals. The pandemic and other non-traditional security threats have come to ⦠ASEAN had also formed the ASEAN-led Regional Comprehensive Economic Partnership (RECP) which comprises 30% of the global GDP. The Opportunities for Vietnam As a market, for example, the EU-15 economies took in some US$ 78 billion worth of ASEAN exports in 2005, a steady growth of 5 per cent a year since 2000. The introduction of a region-wide levy (say, on tourists in or from ASEAN) for funding those programs is an often-cited option for consideration. With its strategic location, rich natural resources, sufficient human resource and growing economies that is full of potential and opportunities, it has successfully attracted investments and traded with all of the other economies around the world. CONNOR, P., & KROGSTAD, J. There is still much to learn and improve from EU’s approach to its integrated economic community. There is still much to learn and improve from EU’s approach to its integrated economic community. There are eight main challenges that ASEAN still has to overcome. AEC set out to reduce poverty (Poverty Rate shown in Graph below), socioeconomic disparities and realize global economic integration. instead of pure labour, most countries have adopted policies such as providing work permits to the talented and capable international students to retain them in their countries’ labour market. Thus, ASEAN is not standing alone in our historic efforts at AEC formation. This paper examines recent development in ASEAN countries and the impacts of ongoing global turbulence, the U.S.-China trade war, and the COVID-19 crisis on ASEAN economies. The ASEAN Economic Community. Table 1 – ASEAN Ruling System and Official Language. ASEAN has three key strengths in the economic arena. The potential solutions for the ASEAN challenge on issues on migrants can be ASEAN forcibly requires its member countries to implement laws that protect and guarantee the safety and rights of the migrants no matter the races and religions of the migrants by referencing the ‘EQUAL’ program of EU. Retrieved from http://www.eria.org/ERIA-DP-2016-20.pdf. The scheme requires applicants to have a work contract offering a minimum salary and documents to prove their qualifications and skills. The second difference is that the EU has a common currency called the euro. Different state interventions in the same markets would require coordination and consultation to minimize the unintended adverse effects on markets. Under the new system, students could apply for permission to work in the UK for two years without needing a work permit if they have successfully completed a degree at an institution in the country. Facilitating ASEAN Trade in Goods. And, we have the capability to adopt, adapt and advance technology. Yan Ing, L., & Cadot, O. (2014). (2012). When the Treaty of Amsterdam was forced in action in 1999, the EU had the authorization to require its members to legislate and enforce laws that address racial and religious discrimination issues in business and non-business sectors. Communications and infra-structural deficiencies are daily headache for our people. The ASEAN Economic Ministers have recently recommended that the target year be sped up to 2015. Governance challenges ⦠Understanding the ASEAN Economic Community. ASEAN has stood firm to the test of time and challenges, surviving the Asian Financial Crisis in 1997 and the Global Financial Crisis in 2008; developing the ASEAN Economic Community (AEC): a single ASEAN market which is both stable and competitive, and where the free flow of skilled labour, goods, services and investment flourished. If the AEC has to rise to the challenge, it needs the ASEAN decision making institution to reform desperately. China and India have altered the global economic landscape through huge market openings and greater competition, too. This Community shall weld together 10 separate entities as a single market and production base by 2020. Without conquering the socio-psychological factors of ASEAN local residents, it would still be a hard task to request them to accept and welcome the migrants with open arms. https://asean.org/storage/2018/02/AEIB_3rd-Issue_v3-Ready-Print-Single-Page.pdf. https://ec.europa.eu/home-affairs/sites/homeaffairs/files/e-library/documents/policies/legal-migration/pdf/general/benchmarking_final_en.pdf, https://www.migrationpolicy.org/article/challenges-integration-eu/, https://www.straitstimes.com/opinion/asean-and-the-eu-differences-and-challenges, https://www.todayonline.com/world/asia/eight-challenges-asean-must-overcome, SUKMA, R. (2014). The first major challenge is the public’s resistance to migrants within ASEAN countries.
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