Asean's dream of a single market comes true, but challenges remain

THE final day of 2015 is arguably the most significant for the Association of Southeast Asian Nations (Asean). Dec 31 marks the start of an integrated community that formally brings the region and its combined population of 625 million closer together.

It's a historic moment in Asean's 48-year history, and is the reward after 13 years of tough negotiations and preparation. Finally, after a delay of almost a year, the organisation will proclaim the establishment of the Asean Economic Community (AEC).

This obliges Singapore and nine other member states - Thailand, Malaysia, Indonesia, the Philippines, Myanmar, Laos, Cambodia, Brunei and Vietnam - to forge a single market and production base that would enable a freer flow of services, investment, skilled labour and capital.