Getting ready for the Asean single market | Bangkok Post: business

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Getting ready for the Asean single market

Singapore should take bold steps in budget to help businesses capitalise on the AEC.

  • Published: | Viewed: 4,335 | Comments: 1
  • Newspaper section: Asia focus
  • Writer: Harvey Koenig and Ho Kah Chuan
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At the end of 2015, the 10 states of Asean will form a common market — the Asean Economic Community (AEC). The idea of an Asean single market and production base is based on the free flow of goods, services, investment and skilled labour and the freer flow of capital. This is expected to bring about a number of benefits for participating countries. 

Economically, the AEC is intended to drive growth for the countries involved, making it cheaper and easier to do business in the region and, possibly, globally.

Under the AEC, Asean-based businesses are likely to find greater ease operating in a more integrated production base. Besides lower trade barriers and increased trade flows, they can access larger markets and enjoy the same incentives as local businesses.

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