ASEAN signs AEC blueprint to create single market by 2015

ASEAN countries have a combined population of 580 million with a gross domestic product of US$1.1 trillion.

In 2006, the bloc`s trade with the rest of the world reached US$742,657 million compared to US$383,854 million in 2002. Meanwhile, trade among ASEAN countries rose to US$188,788 million in 2006 from US$86,367 million in 2002.

The key to the successful implementation of the EAC blueprint includes liberalized trade in goods and services and investment in the region.

In the goods sector, trade system will follow the ASEAN Free Trade Area Common Effective Tariff Scheme (AFTA CEPT) where ASEAN members have reduced tariffs on a number of goods.

The blueprint also contains 12 priority sectors designed to speed up the creation of AEC, including agroindustrial goods, flight services, healthcare, E-ASEAN, electronics, automotive, textiles and garments, and tourism.