US firms doubt AEC single market goal

asia_asean_flag_reuters

Two leading American business groups Tuesday said US firms operating in Asean countries are sceptical the regional bloc can meet a 2015 deadline to establish a single market.

The 10-member Association of Southeast Asian Nations (Asean) has set 2015 as the target for creating a single regional economic market known as the Asean Economic Community (AEC).

In a survey of 475 senior US business executives from the region – jointly conducted by the American Chamber of Commerce in Singapore and the US Chamber of Commerce – 52% said they “do not think that the AEC’s goals will be realised by 2015”.

Of those who doubt Asean will reach its deadline, nearly 60% “think that Asean will not reach AEC’s goals until 2020 or later”.

Only 23% of all executives questioned believe that Asean will meet its 2015 goal, the poll showed.

Despite their scepticism, the survey showed that US companies are optimistic about overall business prospects in the region.

US firms said their level of trade and investment in Asean rose over the past two years and expect this figure to climb over the next five years.

Indonesia was named the most attractive country for new business expansion, followed by Vietnam, Thailand and Myanmar.

Meanwhile the Philippines showed the biggest improvement in its business environment between 2008 and 2013, the survey said.

Asean, a region of 600 million people, wants to establish a common market and manufacturing base so that it can better compete as a group with giant neighbours such as China and India in terms of trade and investments.

While it has made strides in bringing down tariff barriers to trade in goods, services and investments, analysts have said the problem of creating a single market lies in removing non-tariff hurdles.

 

 

 

Source : Bangkok Post | August 20, 2013

Advertisements

About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
This entry was posted in Business, Economy and tagged , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s