Who is Juan in the ASEAN Economic Community?Sunday, May 15, 2016
Most of you have heard the term "ASEAN Economic Community (AEC)," which is the attempt of the Association of South East Asian Nations to build an single market which has the potential to be one of the largest in the world. You will probably be confused with the technical matters included in it, so we'll help you imagine what the AEC aims to be.
Let's start with a story. There's this one village by the name of ASEAN, and in that village we have Juan, Ahmad, Kong, Kevin, Singh, Farah, Thant, Ryan, Natcha and Minh. All of them have their own businesses - in the case of Juan, he has his own sari-sari store.
While they are successful in their own businesses, Juan and his fellow businessmen seek to expand their businesses and their customer base, but there are two things that they need to consider:
- They are not the only ones who want to expand, as they've heard from their customers that other businesses are expanding their business nearby the ASEAN Village.
- They need a place to start growing, but they don't know where to do so.
The story is far from over, as countries are preparing for this transition. This ASEAN Economic community does not just involves governments from its member-states, but also the people doing businesses in those states. Because of that, we are being educated to prepare for the incoming tweaks that will take effect in the next few years.
If you would like to read further, the Asian Development Bank has listed 12 things that everyone needs to take note of about the AEC, including:
- The center of global economic gravity is shifting toward Asia
- The ASEAN Economic Community will allow the free flow of goods, services, investments, and skilled labor, and the freer movement of capital across the region.
- ASEAN's potential market is larger than the European Union or North America
- ASEAN is one of the most open economic regions in the world
As local businesses get a larger audience, they need to globalize it in order to not get left behind. This is why the Philippine Business & Entrepreneurs' Expo is all about, as we will gather resource persons to discuss how can business grasp the idea of going global.
The 7th Philippine Business & Entrepreneurs' Expo will happen at the Megatrade Hall 2, 5th Level, Building B of SM Megamall in Mandaluyong City this August 26 to 28.
This event is organized by Ex-link Management and Marketing Services Corp, a Business Events Organizer in the Philippines. For partnerships, call tel. no. 633-0153, 643-3887, or email firstname.lastname@example.org. Ex-Link Events is also on Facebook and Twitter.