Opportunity And Challenges For The Association Of Southeast Asia Nation Essay

The population of the Asia region of the world contributes a massive amount of exporting goods, and global business as a whole. The sheer number of people consuming goods that must be imported to support the large population force the need for trade with other regions. The demand for resources is high and the need to develop strong trade relations with other countries is vital to the continued growth and success of Asian countries.

This triangle would prove to be a good move for the three countries, but with free trade agreements (FTAs) and close economic partnerships (CEPs) coming onto the scene, the growth triangles introduced in the 80’s looked as if they may have competition in the economic realm, but GTs continue to be at the tip of the spear due to the cooperation between the three are still very productive for them all. With all three countries being relatively close together, costs are minimal. Not to mention, this export-oriented cooperation is still attractive to foreign trading (Heng, 2006, pg. 1). The pioneering GT in Southeast Asia is that of the IMS-GT, and its evolution is very much tied to the economic development of the Singapore economy (Toh & Low, 1993, Kakazu, 1997). There are five GT’s in existence and GT’s are highly regarded by the Association of Southeast Asian Nations (ASEAN).

The SEZ in Thailand was affirmed by the administration in 2014 and is required to be a powerful apparatus to make the nation 's economy move in a positive bearing with the forthcoming local economic drivers. In the previous five years, the exchange esteem amongst Thailand and the four nations has become consistently to a normal of 900,000 million Baht, and will keep on growing. At present, broadcasting areas and commercial ventures are starting to take interest in putting resources into these nations. Keep in mind the end goal to get to labor and to disperse products to neighboring nation’s needs to be taken

Many countries look to import and export their goods or services they produce in their country in order to increase gross domestic product (GDP) or to obtain the product at a cheaper price. The Regional Comprehensive Economic Partnership (RCEP) is a partnership agreement that will expand the free trade region in the major Asian countries and increase the benefits. The Association of Southeast Asian Nations (ASEAN) is the sole carrier of the RCEP which plans on integrating the “Plus six”, partners China, Australia, Japan, India, New Zealand and South Korea in order to achieve the expansion of free trade. This free trade agreement plans on bringing together the three largest economies in Asia in hopes to achieve economic

Globalization has become one of the most influential forces in the twentieth century. International integration of world views, products, trade and ideas has caused a variety of states to blur the lines of their borders and be open to an international perspective. The merger of the Europeans Union, the ASEAN group in the Pacific and NAFTA in North America is reflective of the notion of globalized trade. The North American Free Trade Agreement was the largest free trade zone in the world at its conception and set an example for the future of liberalized trade. The North American Free Trade Agreement is coming into it's twentieth anniversary on January 1st, 2014. 1 NAFTA not only sought to enhance the trade of goods and services across

Times have changed now and the countries of this continent are embarking on the era of economic development like never before. Southeastern countries like India, Sri Lanka and China are experiencing amazingly high rates of per capita GDP growth. These countries have also made an effort to preserve communal harmony and unity by following a policy of inter-regional cooperation and forming associations for the above purpose like SAARC.They have also forged important trade alliances with each other to mutual boost economic growth.

-Common Effective Preferential Tariff (CEPT) rates are now virtually zero for the ASEAN-6 and around 2.6% average for Cambodia, Laos, Myanmar and Vietnam. To facilitate trade, National Single Windows are implemented in 5 member states and 2 more in advanced stages. Timing has more to do with when the country became a part of ASEAN and its economic stand. Important agreement signed in relation to this is the ASEAN Free Trade Agreement (AFTA) and the ASEAN Trade in Goods Agreement (ATIGA).

International trade has brought massive gains to a number of countries around the world. It has helped spread technology, enhanced competitiveness, raised productivity, and gave consumers with a number of choices. These potential gains from trade have motivated countries to aggressively negotiate for trade relations and explore new trade opportunities. For instance, a study which was carried out by World Trade Organization (WTO) (2008), for the period 1950-2007 shows that export increased by 2.7 percent faster than gross domestic product (GDP). Obviously, regional economic integrations played a vital role in promoting world trade in terms of both quantity and quality of goods and services traded.

Thailand is a newly industrialized and export dependent country. Although it is developing country its economic growth rate is sustaining over the long period of time. It is middle income country in the south-east Asia. In 1988 the GDP growth rate was 12%.Then there was economic boom in the country. The purpose of paper is to assess is to find out the economic condition of Thailand and its economic performance regarding different policies. The economic growth of Thailand is better than any other developing country. Over the ten years between 1987 and 1996, the average annual GDP growth rate was 9.4 percent; the growth rate of real exports was 14.5 per cent, while inflation was contained at 4.7 per cent. The high level of

The ASEAN agreement to implement the ASEAN Economic Community (AEC) in 2015 is a rational approach in order to be the largest economic development in the developing world (Asian Development Bank (ADB) 2010; Austria 2012). However, it seems likely to have both beneficial and negative aspects. Although a GDP per capita of Thailand is in the fourth rank among ASEAN countries, competitiveness of its workforce may be insufficient to compete with others (Deutsche Bank 2013; Chongphaisal 2011).

Every ASEAN member state pursues its own national interests and is reluctant to delegate sovereignty to ASEAN. There is economic disparity and inequality amongst the countries. Member states like Singapore, Malaysia, and Thailand “dominate intra-ASEAN trade, accounting for about 70%”, while intra-ASEAN trade across all ten member states is at 25%. Some member states have trade agreements with countries outside of the organization, which reduces the efficacy of trade agreements within ASEAN. But ASEAN fails to address this problem due to their main principle of sovereignty. The inequality and lack of intra-ASEAN trade undermines the goal of regional integration, thus removing authority from ASEAN. The lack of commonality makes it difficult for prosperous nations to cooperate with unstable ones, especially since some are bound to benefit more than others.

The European Union (EU) and the Association of Southeast Asian Nations (ASEAN), as two of the most important regional organizations, have been interacting with each other on the economic, political and cultural levels for more than four decades. In the 21st century, Asia has become the most dynamic region in the global economy today. What is more, its regional security and stability has grabbed increasing global attention as well.

Asia Pacific Economic Commission (APEC) was established in 1989, the regional economic forum to take advantage of the growing interdependence of Asia-Pacific region. APEC idea was first brought by former Australian Prime Minister Bob Hawke in Seoul, Korea on 31 January 1989 during delivering a speech. After ten months 12 Asia-Pacific economies met in Canberra, Australia to establish APEC. Initially just 12 countries started APEC and the remaining pacific countries joined in 1991. And continues up to 1998 finally becomes 21 countries in APEC. From 1989 to 1992 , APEC meet as an informal senior officials and ministerial dialogue. In 1993 , former US President Bill Clinton , the establishment the annual APEC Economic Leaders ' Meeting of the cooperation in the region to provide greater strategic goals and direction of approach.Main intention of 21 APEC members to promote balanced, inclusive , sustainable , innovative and secure growth, create greater prosperity of the people of the region by accelerating regional economic integration .

This section contains a summary of project “A roadmap for ASEAN Economic Community (AEC) based on the EU model: Potential scenarios for Vietnam after AEC’s establishment”. Seeing the fast growing pace of ASEAN economy in the past years, AEC is a crucial step for the further economic development in the region. With the use of primary and secondary resources, this research project examines the clear roadmap for the development of ASEAN Economic Community based on the development of European Union model. Moreover, this research examines some possible scenario for Vietnam and specific benefit that the members got from the establishment of the community. By finding the potential scenario for Vietnam’s market position in AEC could help the Vietnamese government to boost the economic development and

ASEAN was officially founded in August 1967 when five founding member states jointly signed the Bangkok declaration. Since then ASEAN experienced number of threats, such as security threat in cold war, economic and financial threat in 1997 East Asia Economic crisis, and now being in the security dilemma between the United States and the People’s Republic of China, prominent major powers attempting to dominate the region, despite all the threat, ASEAN set its goal to become a community in December 2015 which has lot of potential to contribute to the world stage but it also has countless number of challenges, mainly caused by its diversities, nationalism and lack of