Assess the role of ASEAN as an economic association.

1.	Assess the role of ASEAN as an economic association.
Answer» Role of ASEAN as an economic association — • The economy of ASEAN regions is growing much faster than that of the US, EU and Japan. • This accounts for the growth in its influence both in the region and beyond. • ASEAN is trying to create a common market and production base within the ASEAN states. • A mechanism is being evolved to settle and resolve the economic disputes. • ASEAN has focused on creating a free trade Asia for investment, labour and services. • Its vision 2020 defined an outward looking role for ASEAN in the international community. • The current economic strength of ASEAN is being trading and investment partner to the growing Asian economies such as India and China, Singapore and Thailand. • Two ASEAN members signed FTA with India.

Answer»

Role of ASEAN as an economic association —

• The economy of ASEAN regions is growing much faster than that of the US, EU and Japan.

• This accounts for the growth in its influence both in the region and beyond.

• ASEAN is trying to create a common market and production base within the ASEAN states.

• A mechanism is being evolved to settle and resolve the economic disputes.

• ASEAN has focused on creating a free trade Asia for investment, labour and services.

• Its vision 2020 defined an outward looking role for ASEAN in the international community.

• The current economic strength of ASEAN is being trading and investment partner to the growing Asian economies such as India and China, Singapore and Thailand.

• Two ASEAN members signed FTA with India.

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