ASEAN leaders have declared the establishment of a European Union-style regional economic bloc, the ASEAN Economic Community (AEC). The declaration, signed by all ten members during the ongoing ASEAN summit in Kuala Lumpur will create a community of a single market with a free flow of goods, capital and skilled labour in the ASEAN region. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of USD 2.4 trillion. Prime Minister Narendra Modi was one among the East Asia Summit leaders who witnessed the historic moment.

The ASEAN members termed emergence of the Community an important milestone ever since it was founded in 1967. In another development, the ASEAN members endorsed the ASEAN 2025-Forging ahead Together that chalks out a plan of action for next ten years. Malaysian PM Najib Razak addressed the gathering at the signing ceremony of the 2015 Kuala Lumpur Declaration ASEAN community.

PM Razak said ASEAN countries have been able to strengthen their economy by eliminating tariff barriers between them, thereby making their manufacturing industry competitive and reduction of costs for all partner countries.

Prime Minister Narendra Modi stood with other ASEAN dialogue partner leaders as well as leaders of ASEAN member nations in a photo op in a show of solidarity signalling India’s support for regional economic integration of ASEAN.

Did You Know???

• The ASEAN Community includes a political, security and socio-cultural dimension in a region with governments ranging from the communist in Vietnam and quasi-military in Myanmar to the kingdom of Brunei and the boisterous democracy of the Philippines.
• It is the economic community that offers the most concrete opportunities for integration in a region whose combined gross domestic product (GDP) would make it the world’s seventh-largest economy.