ASEAN leaders sign declaration for launching ASEAN Economic Community(AEC)

The Association of Southeast Asian Nations (ASEAN) leaders have signed a declaration for launching ASEAN Economic Community (AEC) which would be similar to European Union (EU)-style regional economic bloc. In this regard, Kuala-Lumpur declaration on the establishment of the AEC was signed by the leaders of 10 nation grouping chaired by the Malaysian Prime Minister Najib Razak at its 27th Summit held in Kuala-Lumpur. It was signed in front of the world leaders including Indian Prime Minister Narendra Modi and UN Secretary General Ban Ki moon.
About ASEAN Economic Community:

AEC would make ASEAN a single market with a free flow of goods, capital and skilled labour in the region. Integrate Southeast Asia’s diverse Ten economies which has combine population of 620 million peoples and a combined gross domestic product (GDP) of 2.4 trillion US dollars. Abolish tariffs on imports within the bloc member countries & promote the liberalization of service industries such as retailing & tourism. Calls for more free movement of and skilled labour within the region including of doctors, architects and others with special skills. Focus on creating an integrated and well connected economy of ASEAN member countries which would be business friendly, trade facilitative and market driven. The new economic bloc will be launched in December 2015 and would make ASEAN’s growing GDP, Fourth biggest in the world. ASEAN 2025 declaration Apart from this AEC, ASEAN leaders also adopted the declaration on “ASEAN 2025, forging ahead together”. The ASEAN 2025 document charts the path for building AEC over the next Ten years. The declaration calls for ASEAN members to work towards building a community that is politically cohesive, economically integrated & socially responsible. ASEAN 2025 declaration calls to work with external partners to strengthen co-operation in combating non traditional security challenges like terrorism, human trafficking, drug related crimes and maritime issues through various initiatives and projects.
About Association of South East Asian Nations

• ASEAN is a group of Ten South Asian nations which was brought into existence on August 8, 1967 after ASEAN declaration (also known as Bangkok declaration).


• Motto: “One Vision, One Identity, One Community”


• 10 Members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.


• Founder countries of ASEAN were: Malaysia, Indonesia, Singapore, Philippines or Thailand


• Enlargement: The group was expanded by adding Five more nations which are Brunei Darussalam, Lao PDR, Cambodia, Myanmar and Vietnam. Cambodia was the latest entry in the group in 1999.

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ASEAN leaders sign declaration for launching ASEAN Economic Community(AEC)