Similar to the European Union, the Association of South East Asian Nations (ASEAN) is all set to form a unified market by the end of 2015. Efforts are being made to reduce trade barriers and pave the way for easy investments as well as the free flow of goods, services, products and skilled labour across nations.
Some of the issues related to form a Unified Market are,
- The member countries are on different stages of progress as per the GDP
- Distinct cultures and values
- Different Languages
- Currencies and a History of political mistrust.
The formation of ASEAN Economic Community will definitely open up new opportunities for trade and business in these countries.
Knowledge is Wealth
- ASEAN was established on August 8, 1967 in Bangkok under the pact known as the Bangkok declaration.
- ASEAN has ten member states and two observers. The Member states are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Phillippines, Singapore, Thailand and Vietnam. The Observers are Timor- Leste and Papua New Guinea.
- ASEAN’s Headquarters is in Manila, Philippiness. The motto of ASEAN Community is “One Vision, One Identity, One Community.”
- If ASEAN were a single entity, it would rank as the VII Largest Economy in the world.