ASEAN Abandons Customs Union and Single Market, Embraces Open Regionalism
The ASEAN Economic Community blueprint 2025 has shifted its focus away from creating a single market and customs union within ASEAN. Instead, it now aims for an "integrated and cohesive economy" and a "unified market." This change means that ASEAN will not be moving towards a customs union and single market but will stay at the level of a free trade area. The new approach suggests that ASEAN will be more open to interactions with countries outside of ASEAN, rather than forming a closed trading block.