Another way the ASEAN Economic Community is looking to standardize their patent documentation, is by adopting English as a common language. In effect, the AEC hopes this will facilitate cooperation, shorten the examination period and reduce patent translation costs.
Why English language is important in Asean nations?
In East and Southeast Asia English plays a major role in the region as a lingua franca of the political elite and the Association of Southast Asian Nations. … It is also used as a lingua franca between professionals and the business community.
How does Asean promote economic growth?
Facilitate the movement of goods, services, investments, capital, and skills. Increase trade (goods and services) and investment among Member States. Promote and expand regional production sharing and network.
How is Asean an economic community?
The AEC is an economic integration whose goals are free movement of goods, services, investment, and skilled workers, and freer movement of capital. Following the establishment of the ASEAN Free Trade Area (AFTA), ASEAN deepened its economic integration through the AEC.
What are the challenges of Asean Economic Community?
Here are seven challenges the bloc faces in promoting sustainable economic growth, and suggested steps to solve them.
- Geopolitical stability and regional relationships. …
- Governance challenges for businesses. …
- New business models. …
- Changing demographics. …
- Inclusive growth and sustainable development. …
- Regional digital economy.
What is the important role of English in the Philippines?
English has always been one of the official languages of the Philippines and is spoken by more than 14 million Filipinos. It is the language of commerce and law, as well as the primary medium of instruction in education.
What is the role of English language in global communication?
English, being the first world language, is said to be the first global lingua franca and it is the most widely used language in the world in international trade, diplomacy, mass entertainment, international telecommunications and scientific publications as well as publishing newspapers and other books.
Is ASEAN successful in bringing economic growth in the ASEAN region?
Having successfully weathered economic headwinds like the 1997 Asian financial crisis and the 2008 global economic meltdown, ASEAN’s gross domestic product (GDP) has more than quadrupled since 1999, from US$577 billion in 1999 to US$2.5 trillion in 2016, making it the sixth-largest economy in the world.
What are the main objectives of Asean Economic Community?
ASEAN ECONOMIC COMMUNITY
Its goal is to create a stable, prosperous and highly competitive ASEAN economic region in which there is a free flow of goods, services, investment and a freer flow of capital, equitable economic development and reduced poverty and socio-economic disparities in year 2020.
The ASEAN Declaration states that the aims and purposes of the Association are: (1) to accelerate the economic growth, social progress and cultural development in the region through joint endeavors in the spirit of equality and partnership in order to strengthen the foundation for a prosperous and peaceful community of …
What are the 4 pillars of ASEAN Economic Community?
The AEC is characterised by four pillars: single market and production base, highly competitive economic region, a region of equitable economic development, and a region that is fully integrated with the global economy.
Does Asean Economic Community Benefit for Cambodia Why?
The Kingdom will benefit from the market access as well as the investment from the RCEP countries. Furthermore, Asean membership helps Cambodia enhance physical connectivity within the region. … Cambodia has now been able to physically connect with Thailand, thus contributing to the improvement of economic efficiency.
Who among the ASEAN members has the richest economy?
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