The document introduces the ASEAN Economic Community (AEC), which aims to create a single market by 2015. It discusses ASEAN's structure and key elements of economic integration like the ASEAN Free Trade Area. While progress has been made in reducing tariffs and facilitating the flow of goods, services and investment, ASEAN lacks strong central governance and enforcement mechanisms relative to groups like the EU. The development of the AEC faces tensions between further economic integration and members' reluctance to yield sovereignty.