The 10-nation bloc with a GDP of $2.7 trillion is expecting the AEC to create a single market with a free flow of goods, services and investments within the regional grouping.

With a total population of more than 600 million, the potential AEC market would eclipse both the EU and North America.

"The opportunities associated with AEC are wide-ranging," said Oh Ei Sun, senior fellow at the S. Rajaratnam School of International Studies of Singapore Nanyang Technological University, during a recent interview with Xinhua.

"The removal or reduction of tariffs among ASEAN countries over goods will almost certainly improve trade among ASEAN members, at a time when internal ASEAN trade is only one-third of external ASEAN trade volume," he said.

He added that a single ASEAN market and production base will also become an even more attractive foreign direct investment destination, and help better integrate the ASEAN economy into the global economy.

Chheang Vannarith, chairman of the Cambodian Institute for Strategic Studies, said the community will boost the 10-nation bloc's influence and prestige on the global stage.

"ASEAN will play a more critical role in maintaining regional peace and stability, and promoting regional community in East Asia," said Vannarith. "It will have more diplomatic leverage on the international stage."

He added that ASEAN member states will benefit from the realization of the community at different levels.