Creation of ASEAN Economic Community (AEC) For Future Automotive Industry

Abstract

ASEAN Economic Community (AEC) shall be the goal of regional economic integration by 2015. AEC envisages the following key characteristics: (a) a single market and production base, (b) a highly competitive economic region, (c) a region of equitable economic development, and (d) a region fully integrated into the global economy. The AEC areas of cooperation include human resources development and capacity building; recognition of professional qualifications; closer consultation on macroeconomic and financial policies; trade financing measures; enhanced infrastructure and communications connectivity; development of electronic transactions through e-ASEAN; integrating industries across the region to promote regional sourcing; and enhancing private sector involvement for the building of the AEC. The study is prepared based on primary data and secondary data. The primary data has collected through oral interview from stalwarts of automotive industry. The secondary data is collected from the reports of international conference of automotive industry and all existing literature has collected also from internet automotive websites, auto business magazines, e-auto journals etc. Findings of the research reveal that, ASEAN motor vehicles is going to be expanded further in future years. Finally suggestions have been framed and conclusions have been drawn for the study.