ASEAN integration and its effects on the region
An article in today’s Sydney Morning Herald examines the impact of an integrated ASEAN economy, mostly from an Australian and trade perspective. Were the dreams of ASEAN’s planners to come true by 2015 or sometime soon after, it would have a dramatic effect on other regional economies as Southeast Asia build massive transportation infrastructures, harmonized customs and immigration regulations, and opened up the energy and telecommunications markets:
It is the kind of seismic change in regional economic development that, if implemented, will force all sorts of changes in local laws, regulations and procedures.
Moves towards an EU-like integration are driven and influenced by the rapid growth of China and India, increasing competition as well as new investment opportunities in both directions. Smaller countries are finding it harder to get headlines and export industries in Australia may also need a cultural adjustment to transact more effectively with the region.
source & article: Sydney Morning Herald
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