Asean's regional integration: Look beyond the South China Sea
SMEs in Singapore have reason to stay the course on the Asean Economic Community despite simmering South China Sea tensions.
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RECENT developments have not been too kind to Asean's efforts towards regional economic integration, but small and medium enterprises (SMEs) in Singapore should not lose faith in the region and the vision of the Asean Economic Community (AEC).
The Brexit vote in the United Kingdom and anti-globalisation rhetoric from the United States may have indirectly affected Asean's integration efforts by making the political conditions for integration more challenging. Asean's recent struggle to find common ground in the South China Sea dispute has raised questions about the unity and political will of Asean leadership.
Despite the challenges, there is a silver lining in these developments. We must understand that Asean is a unique regional grouping unlike the European Union (EU). Asean member states retain national sovereignty. Asean does things the "Asean Way", with consultation and consensus as its central pillars. Without unanimous agreement, no decision or action will be made or taken by Asean.
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