Regional Trading Blocs : The Eu And Asean ( Association Of Southeast Asian Nations )

The Association of Southeast Asian Nation is an organisation of political and economic integration of the ten Southeast Asian Countries. ASEAN was formed on 8th August 1967, by Indonesia, Malaysia, Philippines, Vietnam and Thailand. Since then, the membership of ASEAN has extended to embrace within Brunei, Cambodia, Laos, BURMA, AND Vietnam too. The aims of ASEAN are accelerating the economic growth, increase social progress and sociocultural evolution among its members. Apart from this, maintain regional peace and security, widen the opportunities for counter member to resolve differences peacefully may also know as main purposed of ASEAN organisation.

The European Union (EU) is a unique economic and political partnership between 28 different countries. It consists of about half a billion citizens, and its combined economy represents about 20 percent of the world’s total economy (Briney, 2015). Today The European Union works as a single market, with free movement of people, goods and services from one country to another. There is a standard system of laws to be followed, and since 1999 many countries share a single currency called the Euro (Europa.eu, 2015). This essay will explore the background history of the European Union and the benefits and drawbacks of the European Union.

The European Union consists of 28 member states and has a population of 503 million inhabitants, and a total surface area of over 4 million square miles. The EU has its own currency, the Euro, and the largest single market in the world. It is a global community and power and has a huge influence on our world today in many aspects, and has been slowly built up to what it is today through humanistic ideology , common interests, new structures, treaties, economic policy and the attempt of equality throughout.

The European Union (EU) is a political economic union of 28 members. The founders are France, Belgium, Luxemburg, Italy, Netherlands, and Germany. The Maastricht treaty established the European Union in 1993. The EU aims to ensure the free movement of people, goods, services and capital and regional development. These 28 member states have successfully integrated because of their similar cultural lifestyles.

Due to success of the ECSC, the six member countries decided to extend their unity and as a result, two new treaties were signed in 1957. The first treaty was signed in Rome and it established the European Economic Community (EEC) aiming to form a custom economy within the countries (Wild, 2017). The second treaty was European Atomic Energy Community and it was aimed for developing nuclear energy as a corporation.

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

The European Union started in the year 1957; it is an international and inter-governmental organization which represents a major step towards the integration of the economies under the European Union. Where states come together based on common cause to increase the economic and political ability. European Union has been changing rapidly in the globalized world with 30 trillion Euros. The EU now represents the largest economy in the world. In 2012, European Union was awarded the Nobel Peace prize for its contribution for over 6 decades in the area of peace, advancing democracy, and unionizing Europe.

As GDP has more than tripled to 772 billion U.S. dollars in 2011 against 231 billion in 2002, GDP per capita has soared over the same period, from 3 500 to 10 444 U.S. dollars.

“One Vision, One Identity, One Community” is the motto of ASEAN community. ASEAN stands for “The Association of Southeast Asian Nations” which is one of the most powerful international community in the world. The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967, in Bangkok, Thailand with the signing of Bangkok declaration. The Bangkok declaration or the ASEAN declaration was signed by the five foundation countries, namely Indonesia, Malaysia, Philippines, Singapore, and Thailand. Today, ASEAN is comprised of the ten Member States which are Thailand, Indonesia, Malaysia, Philippines, Singapore, Vietnam, Myanmar, Cambodia, Laos, and Brunei and have citizens more than 600 million people.

The Gross Domestic Product (GDP) average in Romania was 84.94 USD billion from 1987-2014 and reached its maximum point in 2008 at 204.34 USD Billion( Tradingeconomics.com,2015).

ASEAN (Association of Southeast Asian Nations), the most successful intergovernmental organization in the developing world today. It was preceded by an organization called the Association of Southeast Asia (ASA), which is founded by the Philippines, Thailand and the Federation of Malaya (now part of Malaysia) on July 31, 1961.ASA was replaced by ASEAN later on. According ASEAN’s report, ASEAN was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand（ASEAN，n.d.）. ASEAN achieved a new cohesion in the mid-1970s in Southeast Asia after the end of the Vietnam

The European Union (EU) is a distinctive economic and political union. It was established on the first of January 1958 with 27 member countries. The EU is located primarily in Europe (European Union, 2013). France, Germany, Italy, Netherlands, Belgium and Luxembourg founded the Treaty of Rome in the year 1957 and established The European Economic Community. (The European Union, 2012)

In India they have a growing economic system. Global Edge states that in 2011, “India’s estimated GDP was $1.843 trillion with 7.8% growth (Global Edge). Then another measurement was taken in 2013; according to the CIA, India’s GDP is about $4.99

The purpose of this report is to analyze opportunity and challenges for the association of Southeast Asia Nation (ASEAN) to promote trade and economic integration in the region.

Creating a single market with about 600 million people is an enormous step for ASEAN (The ASEAN Secretariat, 2015). Nine years after AEC was declared, the organization has achieved a lot if the Four Pillars shall be considered as the assessing factors.