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Association of Southeast Asian Nations (ASEAN)

Area of Cooperation

Regional Economy, Regional Security, Cooperation, Environmental Agreements, Trade and Investments

Summary

Association of Southeast Asian Nations, commonly referred to as ASEAN, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Its aims include the acceleration of economic growth, social progress, cultural development among its members, and the promotion of regional peace.

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Headquarters:

Seat of Secretariet: Jakarta, Indonesia

Meetings:

The meetings are held annually with the last formal summit in Singapore in 2007.

Goals, Targets, Objectives:

The goals of ASEAN are to accelerate economic growth and promote regional stability and peace.  It is compromised of three areas: security community, econommic community and socio-cultural community.  The objectiveof the economic community is to establish an ASEAN Free Trade Area and ASEAN Investment Area.

Website:

http://www.aseansec.org


AFTA

AFTA

The ASEAN Free Trade Area (AFTA) is an agreement by the member nations of ASEAN concerning local manufacturing in all ASEAN countries. The AFTA agreement was signed on January 28, 2008 in Singapore. When the AFTA agreement was originally signed, ASEAN had six members, namely, Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand. Vietnam joined in 1995, Laos and Myanmar in 1997, and Cambodia in 1999. The latecomers have not fully met the AFTA's obligations, but they are officially considered part of the AFTA as they were required to sign the agreement upon entry into ASEAN, and were given longer time frames in which to meet AFTA's tariff reduction obligations. On summit held in November 2007 decision was made to start creating an internal market with four liberties of transfers as the internal market in the EU, where trade, services, capital and labor can freely be transferred from one economy of the member state to another one. The plan is to span this process over the period till 2015.

 


Open Sky

OPEN SKY

The ASEAN Open Sky policy aims to liberalize air travel between member cities. The agreement was proposed by the ASEAN Air Transport Working Group and endorsed by the ASEAN Transport Ministers during a meeting in Myanmar in October 2003. The agreement will be implemented beginning January 1, 2009, with the air routes between capital cities of member countries to be liberalized within that year, and would then expand to cover other cities by 2015. Singapore and Malaysia have had separate talks to open the Singapore/Kuala Lumpur route before 2009. The Singapore/Kuala Lumpur route will be open to other Malaysian and Singaporean airlines from February 2008.