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Question
Assess the role of ASEAN as an economic association.
Solution
Association of South-East Asian Nations (ASEAN) is much smaller than United States, European Union and Japan. However, its economy sees an increased growth in these regions and beyond.
Objectives of ASEAN as an economic community:-
- To create common market and production base within ASEAN states and to aid social and economic development in the region
- To improve the exiting ASEAN dispute settlement mechanism to resolve economic disputes
- To create a free-trade area (FTA) for investment, labour and service (The US and China have already moved fast to negotiate FTAs with ASEAN.)
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