Insurance sector update: the ASEAN economic community
The Association of Southeast Asian Nations (ASEAN) was established on 8 August 1967 under the framework of the ‘three pillars’ of regional co-operation: security, socio-cultural integration and economic integration.
At the 12th ASEAN summit in January 2007, the ASEAN leaders affirmed their strong commitment to accelerate the establishment of an ASEAN Economic Community (AEC) to create a legal regime that will unify ASEAN into a single market and economy. On 20 November 2007, the ASEAN leaders adopted the ASEAN Economic Blueprint to serve as a coherent master plan in guiding the implementation of the AEC by 31 December 2015.
The AEC seeks to substantially liberalise trade and services among the 10 ASEAN member countries by working towards the following key goals, the so-called ‘four pillars’ of the AEC…
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