Q&A: How Southeast Asian economic zone could change region
BANGKOK
The Association of Southeast Asian Nations, which on Saturday marks
48 years since its establishment, aims to establish an economic
community known as the AEC by the end of this year. Proponents say the
ultimate goal is to allow free trade, investment and movement of workers
between the 10 nations that make up the grouping. But progress toward a
borderless economy in a region that brings together democracies and
dictatorships along with rich and poor nations is likely to be slow.
Is the AEC the new EU?
From a distance, Southeast Asia’s fledgling economic community
resembles the early stages of the European Union, but at its core it’s a
totally different animal. There are no plans for a common currency,
central bank and regional parliament or to abolish borders within the
region. However, policymakers could learn lessons from the EU experience
where the movement of people from Eastern Europe to countries such as
the U.K. has caused tensions. "To do it successfully, countries need to
know how many people are going to come," said Professor of Business
Chris Wright, an expert in EU labor migration at the University of
Sydney Australia. "That’s one of the lessons of the EU."
