Insurance Sector Update: The ASEAN Economic Community


The Association of Southeast Asian Nations ("ASEAN") was established on 8 August 1967 under the framework of the "3 pillars" of regional cooperation: security, socio-cultural integration and economic integration. The 10 member countries of ASEAN are (SEE CHART BELOW).

America commits a third of its investments in Asia to Asean nations - more than US investment in China, India, South Korea, Hong Kong, Taiwan and New Zealand combined1.

At the 12th ASEAN summit in January 2007, the ASEAN leaders affirmed their strong commitment to accelerate the establishment of an ASEAN Economic Community (the "AEC") to create a legal regime that will unify ASEAN into a single market and economy. On 20 November 2007, the ASEAN leaders adopted the ASEAN Economic Blueprint (the "AEC Blueprint ") to serve as a coherent master plan in guiding the implementation of the AEC by 31 December 2015.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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