Economic Relationship among ASEAN Nations

By: EconomyWatch   Date: 30 June 2010

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The economic relationship among the ASEAN nations is outlined by the ASEAN Economic Community, which is a result of the ASEAN Vision 2020 that contains all the various measures that have been taken by the ASEAN for the purpose of economic integration. The basic economic purpose of the ASEAN nations is to create some sort of stability and prosperity in the overall economic scenario. They also wish to create an economic zone where the supply of goods, investment and services is unhindered. The ASEAN nations want to make sure that the levels of economic inequalities and poverty are brought down. There is also a desire for the rate of economic progress in these countries to be reasonable.

The ASEAN economic community aims at unifying the various member countries into one base for production and market. The basic aim behind the unification is to get the regional diversities of these countries complement each other and create increased business opportunities. The policy makers of the ASEAN also wish to place the region as one of the major names in the supply chain of the world. In the recent times the ASEAN has decided to take some steps that would help in promoting ASEAN as a business destination.


The ASEAN has decided to establish mechanisms and economic measures that would add strength to the execution of the various economic initiatives it has taken in the recent years. Factors like ASEAN Free Trade Area (AFTA), ASEAN Investment Area (AIA) and ASEAN Framework Agreement on Services (AFAS) are also going to be important in this context. There are certain areas were the economic policy makers of ASEAN are looking to quicken up the regional integration process. Those areas are air travel, rubber goods, agricultural goods, cloths and textiles, automotives, tourism, e-commerce, goods made from wood, fisheries and healthcare.

Also on the anvil is the creation and promotion of a business environment where the businessmen can thrive and take their organizations to the next levels of success. The skilled laborers and other talented people are also being promoted within the ASEAN economic community. The various institutional arms of the ASEAN are also being improved for better functioning of the entire region. The ASIAN Free Trade Area (AFTA) is one of the major steps in the direction of economic integration of the ASEAN members. It is being believed that the measures, along with the removal of the trade barriers, would lead to increased efficiency, competitiveness and productivity of the member countries of the ASEAN.


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