By 2025 half world’s consumers will be from ASEAN countries

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FORDAQ
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The coming into effect of the ASEAN Economic Community (AEC) at the end of 2015 is believed to be an opportunity for the Indonesian furniture industry because Indonesian furniture can readily penetrate ASEAN markets and increase market share in the region according to Indonesia's Minister of Industry, Saleh Husin.

He also said this new economic pact will present new opportunities for local companies as they will have access to the ASEAN consumer market of 620 million.

Currently the intra-ASEAN trade represents only about 25% of total exports but with almost all tariffs being abolished all ASEAN countries stand to benefit immediately and long into the future as it is forecast that by 2025, more than half of the world‟s consumers would live within a five to six hour flight from ASEAN.

According to the Asian Economic Journal the AEC could generate trade of between US$280 and US$615 billion by 2030, equivalent to 5- 12% of projected ASEAN GDP.

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