ASEAN Community: a giant step towards Asian integration

BEIJING - The ASEAN Community, which is set to become a reality by year's end, will mark a milestone in the process of Asian integration.

The community's formation, which is expected to effectively optimize regional economic growth, will also bring huge opportunities for the framework of the ASEAN plus China, Japan and South Korea cooperation mechanism ("10+3") to further promote regional integration by boosting practical cooperation.

HUGE OPPORTUNITIES FOR REGIONAL ECONOMY, INTEGRATION

The ASEAN Community, which is the first sub-regional community in Asia, will officially take shape on Dec 31 this year.

Chinese Ambassador to ASEAN Xu Bu said in a recent interview with Xinhua that the establishment of the ASEAN Community will be a milestone in the history of ASEAN's development.

"As one of the world's youngest and most dynamic economies, the ASEAN Community will provide a bigger and freer market, as well as create a favorable investment environment for China," Xu said.

The launch of the community, which topped the agenda of the ASEAN summits being held in the Malaysian capital of Kuala Lumpur, entails closer integration through the three pillars of political security, economy and socio-culture.

Analysts said it represents a giant step towards Asia's integration as it will eventually kick the region's economy into a higher gear and transform the path on which regional peoples connect, share interests and develop.

Lee Chian Siong, senior adviser to chairman of the China-ASEAN Business Association, said the realization of the ASEAN Community will bring various opportunities for both the countries and foreign investors, while helping enterprises expand foreign markets.

"As for ASEAN members like Indonesia, Thailand and Vietnam, their manufacturing industry can enter into the whole ASEAN market, which means more opportunities," Lee said.

Comprised primarily of the existing bilateral and multilateral free trade agreements among ASEAN members, the ASEAN Economic Community (AEC) is the first step towards an eventual ASEAN Community.