Quick Answer: What Asean Economic Community?

Philippines

What were the objectives of the Asean Economic Community?

ASEAN ECONOMIC COMMUNITY

Its goal is to create a stable, prosperous and highly competitive ASEAN economic region in which there is a free flow of goods, services, investment and a freer flow of capital, equitable economic development and reduced poverty and socio-economic disparities in year 2020.

What are the 4 pillars of Asean Economic Community?

Four Pillars of the AEC

  • Single Market and Production Base. …
  • Competitive Economic Region. …
  • Equitable Economic Development. …
  • Integration into the Global Economy.

Is ASEAN a regional economic integration?

Introduction. ASEAN is a front-runner in East Asia’s economic integration and also plays a central role in the area’s regional cooperation. … At the time of ASEAN’s founding, Southeast Asia was in the midst of the Vietnam War, and political cooperation and security in Southeast Asia were central issues.

How does ASEAN influence global economic activity?

It is emerging as a services hub in the region and is the chosen destination for investments. … With its strategic location, abundant natural resources, quality human resources and growing economies, ASEAN has engaged economically, by way of trade and investments, with all the large economies of the world.

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What is the objective of the ASEAN Mcq?

The full form of ASEAN is “Association of South East Asian Nations”. The motive of ASEAN is to promote economic cooperation in South East Asia and ensure economic stability in the region.

What does ASEAN stand for what are the main objective of ASEAN Class 12?

ASEAN, in full Association of Southeast Asian Nations, international organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in 1967 to accelerate economic growth, social progress, and cultural development and to promote peace and security in Southeast Asia.

What are economic communities?

Nations that frequently trade with each other may decide to formalize their relationship. The governments meet and work out agreements for a common economic policy. The result is an economic community or, in other cases, a bilateral trade agreement (an agreement between two countries to lower trade barriers).

What are the 11 ASEAN countries?

Southeast Asia is composed of eleven countries of impressive diversity in religion, culture and history: Brunei, Burma (Myanmar), Cambodia, Timor-Leste, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.