Ten nations are members of ASEAN, a regional organization that promotes economic integration and intergovernmental cooperation. The primary objectives for the formation of ASEAN in 1967, the year of its foundation, were to accelerate economic growth, improve social progress and promote peace and security in Southeast Asia. The region covers 1.7 million square miles and a population of around 500 million people. The organization’s main projects are economic cooperation, trade promotion between ASEAN member states and the global economy, and technical and research cooperation among members.
What is ASEAN?
ASEAN is the Association of Southeast Asian Nations and is a political and economic union of Asian countries 10 which aims to promote economic growth, political stability of individual countries and regional stability among its members. Formed in August 8, 1967, from Thailand, Singapore, the Philippines, Malaysia and Indonesia, membership extended to Vietnam, Burma, Laos, Cambodia and Brunei. In addition to economic and political growth, it also focuses on social progress, socio-cultural evolution among member countries and the provision of mechanisms and strategies to resolve differences peacefully.
The history of ASEAN formation
Before the formation of ASEAN, there was a 1961 organization called the Association of South East Asia (ASA), composed of Thailand, Malaysia and the Philippines. In August 8, 1967, ASEAN was formed when the foreign ministers of Thailand, Singapore, the Philippines, Malaysia and Indonesia signed the Bangkok Declaration of what is now known as the ASEAN declaration. The driving force behind the formation of the organization was the thirst for economic development and fear of communism. Brunei joined the organization in 1984, Vietnam 1995, Laos and Myanmar 1997, and in Cambodia, 1999. In the 1970s, with the change of power in Asian countries and after the end of the wars in Vietnam, ASEAN has experienced dynamic economic growth and a stronger unification such that the
The first summit of the Organization held in Bali, Indonesia, in 1976, agreed on several industrial projects and signed the Declaration of Concord and the Treaty of friendship and cooperation. In the 1980s after the end of the Cold War, the organization exercised greater political stability and by 1990, ASEAN had emerged as the main voice on security measures and local trade. In 1992, the predecessor of the ASEAN free trade area (AFTA), the effective common preferential tariff (CEPT) was adopted. Under this policy, the gradual abandonment of tariffs to increase regional competitive advantage on the world market was agreed and ratified in January 28, 1992, in Singapore. December 15, 2008, Members have adopted a charter established in November 2007 that would see the organization become a legal entity and also a free trade area of over 500 million people. The promulgation of the Charter brought ASEAN closer to the European Community.
The purpose of ASEAN training
The ASEAN declaration aims to accelerate economic growth, social cohesion and cultural development in the region. The organization also promotes political stability in individual countries and encourages collaboration on issues of mutual interest. Furthermore, ASEAN focuses on using better agricultural and industrial processes for the well-being of its citizens. ASEAN promotes studies in Southeast Asia by helping each other in training and research facilities. Finally, the organization maintains and promotes cooperation with international organizations that have similar aims and purposes.
The current economic status of the ASEAN countries
APSC, the ASEAN political security community is the constituent element of the body. ASEAN established a free trade area on January 28, 1992, which promotes the free flow of goods within member states. Vietnam, Laos, Burma and Cambodia have had their time to exercise this extended policy. Subsequently, the organization created a single market and a productive base that gave them a competitive advantage in the world market and also promoted fair regional development and integrated member states in the global economy. Countries such as Thailand, Singapore, the Philippines, Malaysia, Indonesia and Brunei have eliminated the 99.65% tariffs and the rest have reduced taxes by 98.86% starting in 2010.
If ASEAN were a single country, it would create the largest 7th economy in the world and 3rd largest in Asia with a GDP of $ 2.4 trillion starting in 2013. In addition, 4 is expected to be the largest economy of 2050. Singapore with a human development index (HDI) of 0.912 is the ASEAN destination of migration for skilled labor. Brunei also has a very high HDI with 0.856. On average, ASEAN has a 0.673 HDI which makes Malaysia 0.779, Thailand 0.726 and Indonesia 0.684 HDI slightly higher than ASEA support. The Philippines, Vietnam, Laos and Cambodia have 0.668, 0.666, 0.575 and 0.555 HDI respectively. The lowest HDI is 0.536 found in Maynmar.