ASEAN GROUP: A group of south-east countries

ASEAN GROUP

How Asean works

The Association of Southeast Asian Nations (ASEAN) is a regional group with ten members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Promotes economic, political and security cooperation between. ASEAN's countries have a total population of 650 million and a combined gross domestic product (GDP) of $2.8 trillion. The group has played a central role in Asian economic integration, signing six free-trade agreements with other regional economies and could help in negotiations for the world's largest free trade agreement.

Asean history

Asean was founded in Bangkok on 8 August 1967 by five parent member countries, Indonesia, Malaysia, the Philippines, Singapore, and Thailand.

Formed in 1967, ASEAN united Indonesia, Malaysia, the Philippines, Singapore, and Thailand, creating a common front against the spread of communism and growing political, economic and social tensions in the Asia-Pacific Sought to promote stability. In 1976, members signed the Treaty of Amity and Cooperation in Southeast Asia.

The motto of ASEAN is “One Vision, One Identity, One Community”.

By the late 1990s its membership doubled. Cambodia's civil war in 1991, the end of the Cold War, and the normalization of relations between the United States and Vietnam in 1995 brought peace to Southeast Asia, paving the way for more states to join ASEAN.

With the addition of Brunei (1984), Vietnam (1995), Laos and Myanmar (1997), and Cambodia (1999), the group launched initiatives to promote regionalism. Members signed the treaty in 1995, for example, to avoid developing, acquiring or possessing nuclear weapons.

 

Economic progress

ASEAN Economic Community was established in 2015.

The purpose of ASEAN is to create a common market similar to the European Union, ASEAN has made significant progress towards economic integration and free trade in the region. In 1992, members created the ASEAN Free Trade Zone with the goals of creating a single market, increasing intra-ASEAN trade trade and investment, and attracting foreign investment. More than 90 percent of goods are traded without tariffs. Eleven sectors have been prioritized for integration, including electronics, automotives, rubber-based products, textiles and apparels, agro-based products and tourism.

 

• Third largest market in the world - Larger than European Union (EU) and North American markets.

• 6th largest economy in the world, third in Asia.

• Free Trade Agreements (FTA) with China, Japan, South Korea, India, Australia and New Zealand.

• is the fourth most popular investment destination globally.

• ASEAN's share of global exports has also increased from only 2 percent in 1967 to 7 percent in 2016, reflecting the increasing importance of trade to ASEAN's economic prospects.

• ASEAN Single Aviation Market and Open Skies policies have enhanced its transport and connectivity capabilities.

 

Asean +3

ASEAN + 3 is the term ASEAN + refers to the countries of China, Japan and South Korea. It was formed after the 1997 Asian Financial Crisis. The East Asia Vision Group was formed to create a vision for cooperation among all 13 countries to prevent another crisis from occurring again.

ASEAN Summit

Each year, ASEAN hosts a summit organized by one of its members. On 23 June 2019, Bangkok hosted the 34th Summit.

 

 

Institution Mechanism

Based on the alphabetical order of the English names of the member countries, the ASEAN chairmanship is met annually.

 

ASEAN Summit: The supreme policy making body sets the direction for ASEAN policies and objectives at the ASEAN Summit. Under the charter, the summit is held twice a year.

 

ASEAN Ministerial Council (ASEAN Ministerial Councils): Four important new ministerial bodies have been established to support the summit.

1. ASEAN Coordinating Council (ACC), ASEAN Coordinating Council (ACC)

2. ASEAN Political-Security Community Council, ASEAN Political-Security Community Council

3. ASEAN Economic Community Council, ASEAN Economic Community Council

4. ASEAN Sociocultural Community Council, ASEAN Sociocultural Community Council

 

 

We sincerely hope that you have liked this article of ours. If you find any flaws in it or you want to give any suggestion, then you must comment below. Apart from this, do not forget to share any of your thoughts through a comment from us.

 Share this blog post as much as possible.