Regional economic integration is a complex process. It requires not only the ability to implement initiatives to support the markets, but also a high level of commitment by countries to ensure that policies are supportive of integration. Effective and sustainable regional integration process can only be reached with sufficient levels of participation by relevant stakeholders and systematic monitoring of the various initiatives and measures.

It is within this context that the monitoring of the ASEAN Economic Community (AEC) should be viewed. Ever since ASEAN has envisioned building an integrated region by 2015, efforts have been strengthened to ensure that this objective can be achieved. Obviously, building an economic community is not easy, given the diversity of the region and the challenges facing the countries in the implementation of various measures. Hence, monitoring the progress of AEC implementation is crucial.

I. Monitoring the AEC: Some Fundamentals

One approach towards monitoring ASEAN economic integration is the AEC Scorecard. Developed in 2008 to support the AEC Blueprint, the Scorecard is designed to measure the implementation of the various measures under the AEC Blueprint, as well as to track the extent to which countries comply with their commitments in the Blueprint. It covers the four elements under the AEC Blueprint, namely: a single market and production base; a highly competitive economic region; a region of equitable economic development; and a region fully integrated into the global economy.

The AEC Scorecard at this juncture is only a compliance tool to ensure ASEAN and its member states are on track with the implementation of their commitments. It is not a tool to evaluate the impact of these measures. Nonetheless, the AEC Scorecard should be an evolving document that could be improved or revised and could be used in tandem with other instruments for evaluation purposes.