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The economic integration of ASEAN can only be achieved through concerted efforts of the Asean Member States (AMS).
To this end, there is a need to increase stakeholder awareness of the measures taken by the ASEAN Economic Community, to strengthen domestic industries to enable them to participate in the global value chain, to put the importance of improving regional infrastructure and to allocate additional human and financial resources to the region. l & # 39; integration.
Therefore, it is critical that stakeholders strengthen their collaboration in order to overcome the challenges that make AEC 2025 successful, said Economic Outlook 2019.
The ACS 2025 Master Plan outlines the economic integration landscape for the region over the next decade, while maintaining the core vision of ECA 2015. It focuses on the use of science and technology. technology, human resources development, good governance and the promotion of connectivity.
In the realization of ACS 2025 through the integration of the financial sector, the AMS must continue to collaborate by strengthening the role of Asean's indigenous banks, as well as in creating a more integrated insurance sector and connected capital markets.
The integration will support a more connected, cost-effective and secure financial market infrastructure.
In addition, financial inclusion accelerates financial integration and supports inclusive growth by targeting poor and non-bank households, as well as micro, small and medium-sized enterprises (MSMEs) to enable them to better access the country's economy. funding.
MSMEs may also move from informal financial services to formal financial services and further develop their activities.
The report noted that financial stability could be maintained through the continued strengthening of regional infrastructure to combat external economic volatilities.
Given today's global challenges, as Asean moves towards deeper and more consistent economic integration, the interdependence of financial markets increases the risk of contagion.
This is why AMS must take the measures that are required, including by building capacity building and pursuing sound and consistent macroeconomic policies. Other factors that could weaken Asia's economic integration include global trade tensions, slowing Chinese economic growth, and normalization of interest rates.
Trade protectionism through border measures to protect the domestic market of an economy can hinder regional economic integration and disrupt trade.
Despite the difficulties encountered by ASEAN, the CEA offers immense possibilities to the region.
The AEC Blueprint 2025 guides the transformation of Asean into a high-performing business region and an attractive investment destination, focused on the benefits of financial sector integration, such as the free movement of services, free movement of capital, integrated capital markets and payments and harmonized regulations systems.
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