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What is the ASEAN Economic Community?

What_is_ASEAN_Economic_Community_AEC(5)I am sure you have heard about discussions regarding the ASEAN Economic Community (AEC) including the positive and negative side about it but do you really know what it is.  Here are some key points and 6 Things You Should Know About the AEC:

What is the Purpose of ASEAN Economic Community?

It aims to reduce trade barriers and make businesses across ASEAN easier and more cost-efficient.

What are the Opportunity for the Philippines in the AEC?

The gates to 10 additional economies will be fully opened to the Philippines and the Philippines will be opened to other country. This will provide more opportunities for trade. Since ASEAN economies only account for less than a percent of global economic output, the 2015 ASEAN Economic Community (AEC) is geared to boost the Philippine’s ranking, which would then compete with countries like Korea, Italy, and Russia.

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What are the Opportunities for SMEs?

It will simplify customs procedures, allowing free movement of goods and products from one economy to another. It will also create the capacity for certified exporters to self-certify the origin of their respective products and to enjoy preferential taxes under the ASEAN Free Trade Area.

What are the Dangers for SMEs?

Although there are a lot o opportunities there is also a danger for SMEs.  The AEC means that the competition will be harder as more foreign products will be allowed inside the country.  This means that your product may have a competitor that is both lower in price and higher in quality.  What do you need to do then?  Simple, you should be prepared for the AEC and make your business stronger.

Are there Opportunity for Consumers?

With the increase influx of goods from neighboring countries, the local market will now have more products and services to choose from.

How can you Engage with the upcoming AEC?

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Entrepreneurs and Businesses have to embrace the growing market. Utilizing the networking opportunities at the 3rd Philippine SME Business Expo will give them a chance to meet new business partners and suppliers, promote their products and services to a highly targeted audience thus, to become competitive in an open global market.

Join the 3rd Philippine SME Business Expo the only trade show dedicated to promote Small and Medium Enterprises (SMEs) in the Philippines. PHILSME is the perfect venue to showcase your products and services to company owners, senior level executives, regional directors and build new business relationships amongst SMEs and its supporting organizations

Reference and Source:  3rd Philippine SME Business Expo

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A blogger and social media user since 2007 back when it was not yet a mainstream. Graduate of BS Accountancy, a social media buff, Wattpad writer, entrepreneur, cosplayer, social activist and counselor.

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