Leaders of ASEAN and their dialogue partners witnessed the signing of the Kuala Lumpur Declaration on the establishment of the ASEAN Community on November 22. One of the pillars of this is the ASEAN Economic Community (AEC), which has been eight years in the making.

Background:-

• Beginning Jan 1 next year, ASEAN’s 10 member states will be a single market and production base, further opening up the market that has a combined population of 630 million.
• In July, Malaysia’s Trade Ministry conducted a survey of some 1,000 small and medium scale industries.
• The Trade Ministry then embarked on a series of roadshows to raise awareness of the opportunities of a single market and production base in the ASEAN region. 
• More than 70 percent of products made in ASEAN will have zero tariffs.
• This free movement of goods and services is expected to bring down prices of raw materials and cost of production.

Who will work under this establishment??

• Eight professions including doctors, nurses and accountants will be able to work in any ASEAN member country. Above all, the AEC can tap on a huge consumer MARKET of more than 630 million people, with half below the age of 30.
• With growing awareness of its benefits, more businesses are anticipating the rollout of the Community.
• Last year, foreign direct investment into ASEAN nations totalled over US$136 billion, higher than that of the US and China. 
• With a single set of rules in doing business, ASEAN – which has the world’s third largest workforce – looks set to draw in more foreign direct investment to power growth between five and six percent annually.

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Where is the headquarters of ASEAN located?