ASEAN leaders sign declaration for launching ASEAN Economic Community

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Association of Southeast Asian Nations (ASEAN) have signed a declaration formally establishing an EU-style regional economic bloc, ASEAN Economic Community (AEC), a single market with a free flow of goods, capital and skilled labour in the region. The Kuala Lumpur declaration on the establishment of the AEC was signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.The AEC envisages a single market with a free flow of goods, capital and skilled labour across borders in the highly competitive economic region. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of $2.4 trillion.

ASEAN 2025 declaration

The ASEAN 2025 document charts the path for the AEC building over the next ten years. ASEAN 2025 means a community committed to working with external partners to strengthen cooperation in combating non-traditional security challenges like terrorism, drug related crimes, human trafficking and maritime issues through various initiatives and projects.

 ASEAN Economic Community (AEC) :-

The AEC aims to facilitate the free flow of goods, services, capital and labor across the region, with some observers comparing it to the European Union. The goal is for investors to tap easier logistics to enter the regional market.Integrating ASEAN economies, intended to help the region compete with giants China and India, would create the world’s seventh-largest single market.

Compared to the European Union, the AEC is culturally and politically more diverse with various systems of government including communism (Laos and Vietnam), a military junta (Thailand), authoritarian (Cambodia), quasi-civilian (Myanmar) and a monarchy (Brunei).Integrating ASEAN economies, intended to help the region compete with giants China and India, would create the world’s seventh-largest single market. Compared to the European Union, the AEC is culturally and politically more diverse with various systems of government including communism (Laos and Vietnam), a military junta (Thailand), authoritarian (Cambodia), quasi-civilian (Myanmar) and a monarchy (Brunei).

Association of South East Asian Nations (ASEAN) :-

Motto:- "One Vision, One Identity, One Community"

The Association of Southeast Asian Nations (ASEA)  is a political and economic organization of ten Southeast Asian countries.  It was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand.Since then, membership has expanded to include Brunei, Cambodia, Laos, Myanmar (Burma), and Vietnam. Its aims include accelerating economic growth, social progress, and sociocultural evolution among its members, protection of regional peace and stability, and opportunities for member countries to resolve differences peacefully.ASEAN countries  have a combined population of approximately 625 million people, 8.8% of the world's population. In 2015, the organisation's combined nominal GDP had grown to more than US$2.6 trillion. If ASEAN were a single entity, it would rank as the seventh largest economy in the world, behind the US, China, Japan, Germany, France and the United Kingdom.

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