The future Asean Economic Community

This year, the Association of Southeast Asian Nations (Asean) has launched the bloc’s new goal — New Asean 2045: Our Shared Future and its Strategic Plans.

- Satvinder Singh

This Oct 22, 2014 photo shows tourists watching the sunset over the Mekong River in Luang Prabang, Laos. An integrated Asean community has helped member states develop tourism.

(NYT)

Under this, it is worth reflecting on the words of Vincent Van Gogh: Great things are done by a series of small things brought together.

This sentiment aptly captures Asean’s approach to laying a robust foundation to establish an Asean Community.

The aspiration to march as one community for Asean is not new. Ten years ago, leaders across the bloc set a strategic course for the next phase of Asean’s economic integration agenda: an integrated, resilient, and inclusive Asean economy that drives sustainable growth, fuels innovation, and strengthens the region’s global economic standing.

In 2015, the Asean Economic Community (AEC) Blueprint 2025, was adopted alongside the Asean Political-Security Community (APSC) and Asean Socio-Cultural Community (ASCC) Blueprints 2025 during the 27th Asean Summit that year.

The first blueprint has served as a crucial instrument for the bloc to create a regional community.

The past decade has shown positive results in Asean trade and investment.

Between 2015 and 2024, Asean’s gross domestic product (GDP) soared from US$2.5 trillion to $3.9 trillion, reflecting an impressive average annual growth rate of 5.1%.

Total merchandise trade in the bloc also climbed from $2.3 trillion in 2015 to $3.8 trillion in 2024.

Foreign Direct Investment (FDI) nearly doubled from $115.4 billion in 2015 to $226 billion in 2024.

Even the services trade reached a record $1.3 trillion, underscoring competitiveness in digital services, logistics, finance, and tourism.

Notably, intra-Asean flows underscored the region’s resilience. Intra-regional trade has consistently anchored Asean’s economic dynamism, averaging 22.1% of total merchandise trade between 2016 and 2024.