Impact of Thailand export of ASEAN Economic Community
ASEAN or the famous Association of Southeast Asian nations was formed in 1967 with a primary objective of creating mutual beneficial relationship amongst the members. It also aims to create stable political and economic environment within the region. ASEAN paves a way for Asian Economic Community. In many ways, it is very much similar to the European Union just with a difference that under ASEAN the member countries retain their sovereignty and economic independence.
The primary objective of ASEAN is to promote and enable the growth in social, cultural and economic areas that provide equal and mutual prosperity for all the member countries. A Strong focus is being laid on social and political harmony amongst countries, making the region safe and peaceful. Other areas covered in the section are:
- Promotion of Southeast Asian Studies
- Assistance in training and research for ASEAN jobs
- Collaboration of social, technical, cultural, scientific, administrative, B2B fields
- Ensuring cooperation with the regional and international organization with similar purposes and aim
- Collaboration in utilization of industry and agriculture to expand trade
The ASEAN economic community was ratified in 2008. Specific initiatives include the move to integrate new members in Asian Economic Community and to work on reducing the development gap between the participating nations. Thailand has been a member of the community since inception, however, it is currently falling behind others with regards to the members while implementing some of the initiatives laid by ASEAN. The political and civil unrest had led to waylaid in several missions.
There are several reasons why Thailand can be seen as an emerging nation in the ASEAN-EC. The first is that it is aiming to make its population adequately proficient in the English language. The second one is that small to large sized businesses on board, B2B companies need to play an integrating role with the ASEAN community.
The third and one of the most important areas is to combat the resistance to expanding foreign ownership of properties and business. The concept of ASEAN free trade is fundamental of the charter and also a key member of the implementation of the initiative.
Thailand is touted to fulfill the AEC measures to as high as 86% overall, which is much higher than the usual ASEAN countries average of about 80%. It is, in many aspects, better than its counterparts. This is a positive sign that indicates the potential of Thailand and Thailand trades in manifesting a beneficiary and successful role in the ASEAN community.
Only time can tell how and what a big success Thailand can make in overcoming the obstacles it is currently facing to achieve full implementation of the AEC blueprints. It is difficult to ensure instability minimization and making the general public on board but it certainly worthwhile. Enormous economic benefits for all levels in social and business communities will be the payoff for any hard work involved.