KUALA LUMPUR: The Asean Economic Community or single market will take shape end of 2015 despite recent setbacks said Asean Economic Ministers chairman Datuk Seri Mustapa Mohamed.
The vibrant Asean region, beset by the fall in oil and commodity prices, currency concerns and the external economic development, has been challenged by the dissenting views about its integration targets.
Another challenge we face is in managing perception and reality.
"In this day and age, perception often overrides reality… this is a challenge we in Asean need to address more effectively in this age of social media, where complex issues are often debated on Twitter in 140 characters or less."
The AEC comprises three core pillars: political, security community, economic community and socio-cultural community.
"Transcend National, Embrace Regional" was Malaysia's appeal to its Asean member states to work towards an integrated market.
AEM held their first discussion last night, touching on the declining agriculture production, declining exports, currency volatility, rising inflation and slower growth in the region.
Mustapa admitted that development gaps among member states require a realistic and paced approach towards economic integration.
"And we made considerable progress in this endeavour, to the point that by the end of this year, we will be in a position to formally announce the formation of the AEC."