EU
ASEAN
Sources
Integration merchandise
Integration services
Integration capital
Integration labour
Instances
The European Union (EU) has
The EU has made significant strides in
There is free movement of capital
The EU permits free movement of labor, European Commission, European
achieved a high degree of economic integrating service trade, with the
within the EU, enabling investment
enabling EU citizens to work in any
Parliament, European Council, ECB
integration in merchandise trade
removal of barriers and the establishment without restrictions across member
member state without the need for work
through the establishment of a
of a single market for services. This
states.
permits.
single market without barriers
includes harmonization of regulations and
It includes the elimination of tariffs the mutual recognition of professional
and quotas among member states, qualifications.
as well as the implementation of
common external tariffs.
ASEAN has made progress in
ASEAN has made efforts to liberalize
Restrictions and controls still exist in Labour mobility in ASEAN is limited
ASEAN Summit, ASEAN
reducing tariffs through initiatives service trade, but progress has been
some member countries although
with agreements primarily focusing on
Coordinating Council, ASEAN
like the ASEAN Free Trade Area
slower compared to the EU, and barriers there are efforts to enhance financial skilled labor, and there are significant
Secretariat
(AFTA), which reduces tariff
still exist in many sectors.
integration
barriers for broader workforce mobility.
barriers significantly among
members.
But many trade barriers still exits,
and the degree of integration is
lower compared to the EU.
https://single-market-economy.ec. https://single-market-economy.ec.europa. https://finance.ec.europa.
https://ec.europa.eu/social/main.jsp?
europa.eu/single-market/goods_en eu/single-market/services_en (EU)
eu/regulation-and-supervision/capital- catId=470 (EU)
(EU)
https://asean.org/ourmovements_en (EU)
https://investasean.asean.org/asean-freehttps://www.aseanbriefing.
communities/economic-community/
https://asean.org/wptrade-areacom/news/aseans-free-trade(ASEAN)
content/uploads/2020/12/Framework- agreements/view/757/newsid/869/aseanagreements-an-overview/ (ASEAN)
Agreement-on-the-ASEANagreement-on-the-movement-of-naturalInvestment-Area.pdf (ASEAN)
persons.html#:~:text=The%20ASEAN%
20Agreement%20on%20the,of%20stay%
20of%20natural%20persons.(ASEAN)
Processes
Complex legislative process
involving the Commission,
Parliament, and Council.
Directives and regulations must be
transposed into national law
Other
Currency: Uses a common
Cultural and Social:The EU
currency (Euro) in 19 of 27
promotes cultural and social
countries, governed by the ECB
cohesion through various
(European central bank)
programs
Consensus-based decision making;
resolutions require unanimous
agreement among members
Currency: No common currency
or central bank
Cultural and Social: ASEAN's
efforts are more oriented towards
cultural exchange and solidarity
without binding social policies.
https://european-union.europa.
https://european-union.europa.
https://www.consilium.europa.
eu/institutions-law-budget/euro_en eu/priorities-and-actions/actionseu/en/council-eu/decision(EU)
topic/culture_en (EU)
making/ordinary-legislativehttps://asean.org/ourprocedure/ (EU)
communities/asean-sociohttps://www.internationalaffairs.org.
cultural-community/ (ASEAN)
au/australianoutlook/aseanscommitment-to-consensus/ (ASEAN)