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service, investment and labor mobility by harmonizing<br />
rules and regulations among ASEAN members. After 2000,<br />
Vietnam, Laos, Cambodia and Myanmar joined the AFTA.<br />
ASEAN was renamed the ASEAN Economic Community<br />
(AEC) <strong>with</strong> a total of 10 member countries. AEC will have an<br />
aggregate population of 580 million - more than the<br />
population in the European Union - <strong>with</strong> a total GDP of<br />
$US1.5 trillion. Looking at AEC as a product market <strong>with</strong><br />
high potential, in 2007 China, Japan and Korea joined AEC<br />
to form ASEAN+3. By 2018, Australia, New Zealand and<br />
India will also integrate into AEC to become ASEAN+6. This<br />
will make ASEAN a very influential economic zone because<br />
ASEAN+3 will have a population of 2 billion and ASEAN+6<br />
will have a population of over 3 billion. These countries have<br />
very high GDP growth rates. The AEC will result in greater<br />
concentration of production in the region. Trade between<br />
countries in Asia will increase and will counterbalance their<br />
trading between the US and the EU.<br />
The AEC involves the economic integration of 10<br />
countries. It covers the liberalization of capital movement,<br />
115<br />
Banja Junhasavasdikul, Ph.D.