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The economies of developing countries in ASEAN are growing rapidly. Investment projects are starting up one after another in areas of infrastructure, transportation, tourism, industry, communication and mining. Business opportunities are everywhere.
ASEAN members
Association of South Ease Asia Nations established in 1965 (held annually, Ministerial Meeting) consist of ASEAN Membership from: 10 States

Page 6/11 Trading Blocks, common tariff barrier &  European Economic Community

The ASEAN Economic Community (AEC) shall be the goal of regional economic integration by 2015. AEC envisages the following key characteristics:

• (1) Creating a single market and production base
   
• (2) increasing competitiveness
   
• (3) a region of equitable economic development
   
• (4) a region fully integrated into the global economy which aims to integrate Southeast Asia’s diverse economies, and
   
• (5) synergize the region’s markets and production hubs that would entail the free flow of goods, services, investments, capital, and skilled labor into a region with 600 million people with a combined gross domestic product of $2.4 trillion and the seventh largest single economy in the world which is larger than the European Union or North America
  
  The ASEAN Leaders adopted the ASEAN Economic Blueprint at the 13th ASEAN Summit on 20 November 2007 in Singapore to serve as a coherent master plan guiding the establishment of the ASEAN Economic Community 2015.
  
  By 2015, ten countries in Southeast Asia plan to launch a single market for goods, services, capital and labor, which has the potential to be one of the largest economies and markets in the world. Here are 12 things to know about the ASEAN Economic Community.

<<This Page 11/11 The ASEAN Economic Community represents a huge market with a combined population of one 600 million people.

AFTA - ASEAN Free Trade Agreement or ASEAN Free Trade Area, by year 2003 called EVSL (Early Voluntary Sectoral Liberalization). ASEAN Member Countries have made significant progress in the lowering of intra-regional tariffs through the Common Effective Preferential Tariff (CEPT) Scheme for AFTA. More than 99 percent of the products have been brought down to the 0-5 percent tariff range.

Following the signing of the Protocol to Amend the CEPT-AFTA Agreement for the Elimination of Import Duties, ASEAN has as of this date, tariffs on 64.12 percent of the products in ASEAN have been eliminated. The average tariff for ASEAN under the CEPT Scheme is now down to 1.51 percent from 12.76 percent when the tariff cutting exercise started in 1993.
 

ARF (Asean Regional Forum), held annually. A region wide Asia-Pacific multilateral forum for official consultations on peace and security issues of East Asia - with members consisting of Australia, Canada, China, The European Union, India, Japan, South Korea, North Korea, Mongolia, New Zealand, Papua New Guinea, Russia and U.S.A.

ARF provides a setting for discussion and diplomacy and the development of cooperative responses to regional problems. The inaugural ARF meeting was held in July 1994 in Bangkok, Thailand.

Quote:  Source
www.cfr.org/asia-and-pacific/asean-association-southeast-asian-nations/p18616

"The Association of Southeast Asian Nations (ASEAN) is an alliance promoting economic and political cooperation by fostering dialogue among its ten members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

ASEAN is becoming a major economic powerhouse in the region, having signed free-trade agreements (FTA) with China, Australia, New Zealand, India, Japan, and Korea.

In 2012, ASEAN was the United States' fifth-largest trading partner, with goods trade totaling $198 billion. A stronger China, freedom of navigation in Southeast Asian sea lanes, and U.S.-China currency disputes have all given the United States an impetus to secure tighter diplomatic and trade ties with ASEAN.

ASEAN has proved a vital and welcoming partner in Asia for the United States as Washington makes its strategic pivot toward Asia. Anxiety over Chinese economic and military expansion has also motivated the United States to deepen engagement with ASEAN and other multilateral institutions to secure U.S. influence in the region.

In recent years, Washington has strengthened economic and security ties with ASEAN by joining the Treaty of Amity and Cooperation, attending ASEAN summits, and formally establishing a U.S.-ASEAN annual summit." Unquote source:
www.cfr.org/asia-and-pacific/asean-association-southeast-asian-nations/p18616
 

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