The ASEAN Economic Community (AEC) by 2025 is envisaged to be a highly integrated and cohesive; a more competitive, innovative and dynamic as well as a resilient, inclusive and people-oriented, people-centred community, which generates prosperity for all stakeholders including consumers and business.
The development of a dynamic economy and a people-oriented, people-centred ASEAN cannot take place without strengthening the consumer protection framework of ASEAN Member States. With a market of over 600 million consumers, increasing purchasing power and a young demographic profile, ASEAN represents a growing marketplace for businesses to sell its products and services. Consumer protection policies and laws are therefore a necessary adjunct to ensure consumers buy with trust and confidence and businesses abide by a code of good conduct that enhance consumers’ trust. Furthermore, consumer policies and laws would also need to respond to new
and emerging challenges and opportunities facing ASEAN. This includes cross-border e-commerce and other new trading and payment methods resulting from globalisation and technological advancement, requiring governments to find innovative ways to protect and promote the interests of consumers.
Download the full Publication here.