INTRODUCTION

As ASEAN moves closer to 2015 in its bid to build an economic community as envisioned in its 2007 Blueprint, there will be increasing discussions about the organization's possibilities beyond that crucial year. Should ASEAN have a second regional economic vision that builds on its earlier efforts? The answer is a definitive “yes”. This is because building a community is an ongoing process in which new agreements and declarations will be needed in light of global political and economic changes. Moreover, ASEAN countries are at different developmental stages, meaning that the deepening of economic cooperation will require a judicious but steady approach.

What can a new AEC Vision look like? To start answering this question, we have to focus on ASEAN's strengths and weaknesses. At the same time, opportunities and threats after 2015 need to be recognized.

STRENGTHS AND WEAKNESSES

ASEAN is a growing market of 600 million people with a combined GDP of US$2.1 trillion. The region's robust economic growth is primarily driven by its demographic dividend fuelling domestic consumption, as well as investments in productive sectors. These factors suggest confidence among international investors in ASEAN's economic prospects. The countries’ strengths range from natural resource-based production to highly capitalintensive industries (electronics, textiles, automotive sector).