ASEAN on target to establish AEC by 2015

BANDAR SERI BEGAWAN - The 9th meeting of the ASEAN Economic Community (AEC) Council meeting opened Wednesday at Brunei's International Convention Center. The top agenda of the meeting is to facilitate the establishment of the AEC by 2015.

The AEC Council is one of the three community councils that was established under Article 9 of the ASEAN Charter to oversee the work plan towards the creation of the ASEAN Community. The AEC Council is primarily to oversee the implementation of the AEC Blueprint, coordinate the sectoral bodies under its purview and submit its report, including any recommendations, to the ASEAN Summit.

The council is expected to discuss the AEC Scorecard which tracks the implementation of the AEC Blueprint, particularly in view of the target to establish the AEC by 2015.

The council will also review progress made in further facilitating and encouraging the flow of services and professionals across borders, developments in the Regional Comprehensive Economic Partnership (RCEP) negotiations since its launch in November last year and the implementation of the Master Plan on ASEAN Connectivity.

The outcome and recommendations from the meeting will be presented to ASEAN leaders during the 22nd ASEAN Summit scheduled to be held from April 24 to 25, 2013.

The four pillars under the AEC Blueprint are single market and production base, competitive region, equitable economic development and integration into the global economy.

The effective realization of the AEC requires cooperation across various policy areas including trade, investment finance matters, agriculture and forestry, energy, transport, tourism, telecommunications and IT.

Brunei is the chair of ASEAN this year and the theme of the ASEAN Summit is "Our People Our Future Together".