Korea's Readiness for the ASEAN Economic Community

6 Pages Posted: 1 Nov 2016

See all articles by Sungil Kwak

Sungil Kwak

Korea Institute for International Economic Policy

Jegook Kim

Korea Institute for International Economic Policy

Date Written: October 15, 2016

Abstract

In December 2015, ASEAN Member States (AMS; 10 countries in Southeast Asia) announced launching ASEAN Community, including ASEAN Economic Community (AEC).

- The AEC's establishment in 2015, in fact, was progress toward, rather than a completion of, economic integration.

- Complete integration will not be an easy task to achieve in the short term, given the fact that AMS are greatly diverse in terms of economic structure and development levels.

However, their aspiration to reach the completion of AEC will push them to realize their goals soon. Therefore, Korean firms and the government must be ready to cooperate with the new economic bloc representing a population of 600 million, and $ 1.7 trillion in GDP.

- There exist disparities among firms in terms of their awareness of or information on the AEC.

- Although the Korean government's response to the AEC launch should be more strategic, the action it took last January was tentative.

The Korean government should prepare more concrete strategies in response to the changes in the ASEAN region.

Keywords: AEC, Korea, Public and Private Sector

Suggested Citation

Kwak, Sungil and Kim, Jegook, Korea's Readiness for the ASEAN Economic Community (October 15, 2016). KIEP Research Paper World Economy Brief No.16-24. Available at SSRN: https://ssrn.com/abstract=2862282

Sungil Kwak (Contact Author)

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

Jegook Kim

Korea Institute for International Economic Policy ( email )

[30147] Building C, Sejong National Research Compl
Seoul, 370
Korea, Republic of (South Korea)

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