The Association of Southeast Asian Nations (ASEAN): Regional economic integration as a strategy for national development

ASEAN (Association of Southeast Asian Nations) is an intergovernmental organization created in 1967 with the signing of the Bangkok Declaration. It has become one of the most successful economic and political integration projects in the world, comprising 10 nations of the region, based on the "ASEAN Way", which prioritizes consensus, non-interference in internal affairs and the peaceful resolution of conflicts. It is structured on three main pillars: 1) Political and Security Community; 2) Economic Community (AEC); 3) Socio-Cultural Community. It is currently the world's fifth largest economic power (and projected to be the fourth by 2045). Through the ASEAN Economic Community (AEC), tariffs have been drastically reduced, facilitating the movement of goods, services and skilled workers among members. ASEAN led the creation of the RCEP, the world's largest free trade agreement, which includes such powers as China, Japan and South Korea. Integration has lifted millions of people out of extreme poverty through industrial growth and tourism (which accounts for a vital part of its GDP).

Pagina's: 84, Paperback, Our Knowledge Publishing