On November 22nd 2015, the ASEAN leaders have agreed on the “Kuala Lumpur Declaration on ASEAN 2025: Forging Ahead Together” during the 27th ASEAN Summit held in Kuala Lumpur, Malaysia. As part of this Declaration, the new ASEAN Economic Community (AEC) Blueprint 2025 has also been adopted.
The AEC Blueprint 2025 addresses the topics below:
- Measures to straighten ASEAN Trade In Good Agreement (ATIGA), IPR, Tax cooperation, ICT
- Commitment to tackle remaining measures from the AEC 2015 Blueprint (including NTB Elimination)
- Acceleration on the harmonization of standards and of E-Commerce regimes
- Straightening of services and financial integration
- Encouragement for deeper insurance penetration (but with “improved and strengthened” oversight)
- Development of ASEAN wide payment and settlement systems
- Moves to strengthen Global Value Chains in ASEAN, capital markets and bond markets
- Enhancement of competition laws in ASEAN and creation of mechanism for cross-border policy
- Creation of a common ASEAN Consumer Protection framework
- Healthcare and Agri-Food issues
ASEAN has recognized the role of private sector as a key stakeholder in ASEAN Integration. Therefore, in its strategic measure, ASEAN suggests “relevant ASEAN bodies to institutionalize within each body a consultative process with lead private sector entities (business associations and business councils) as well as ASEAN-BAC representatives to support the implementation of initiatives under the sectoral work plans”. Private sector groups are also encouraged to create groups to engage in specific issues and hold partnership events on key issues.
For more information about the Kuala Lumpur Declaration on ASEAN 2025 as well as AEC Blueprint 2025, please refer to ASEAN 2025: Forging Ahead Together.
