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ASEAN Today – Regional Legal and Business News for August 2017

50 Years of ASEAN
The Association of Southeast Asian Nations (ASEAN) turned 50 this month. In the last half century, the region has become the world’s sixth-largest economy with intra-regional trade totaling US$550 billion in 2015. To date, ASEAN’s greatest economic achievement is tariff reduction. The average percentage of tariff elimination for all ASEAN member countries was 96% in 2016 and is expected to be 98.7% in 2017. However, the growth of non-tariff measures has tripled in the last 15 years. To address the challenges in completing the implementation of the ASEAN Economic Community (AEC), ASEAN will pursue trade liberalization and behind-the-border reforms, policy harmonization, and integration of national single windows for cargo clearance into the ASEAN Single Window.

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