The road towards the ASEAN Economic Community

The decision of the ASEAN Cosmetic Association to host the inaugural Cosmetic Leaders Forum with the theme “Towards the ASEAN Economic Community” is indeed timely given the critical role of the private sector in driving ASEAN economic integration.

ASEAN’s influence in the region and the world is gaining much traction due to its resilience during the recent financial crisis, concerted community building efforts in a rules-based setting and the central role it is playing and will play in the dynamic and evolving regional architecture comprising major players of the world. It is encouraging to see the leadership shown by the ASEAN Cosmetics Association in holding the event and its role in forging and promoting integration of the cosmetic sector contributing towards the realisation of the ASEAN Economic Community (AEC) by the year 2015. In fact, there should be no hesitation in saying that the cosmetic industry is the most engaged with the public sector in ASEAN and serves as a model for other industries in ASEAN. The ASEAN Leaders envisioned the AEC to be a dynamic and highly competitive single market and production base which will be characterised by free flow of goods, services, investment, skilled labour, and a freer flow of capital. The AEC aims to increase the prosperity of the region, create equitable economic development, and promote sustainable development thereby reducing poverty and socio-economic disparities within and across ASEAN Member States.

Achievements and progress

There are several areas that highlight the achievements and progress we are making towards the AEC which are relevant to the cosmetic industry in the region. The AEC has completed its first phase of implementation of measures for the period 2008-2009, and progressed to the second phase of implementation covering the period 2010-2011 under the AEC Blueprint. Two more phases are scheduled for implementation until the targeted realisation of the ASEAN Economic Community (AEC) in 2015.

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