ASEAN
ASEAN is a regional grouping that promotes economic, political, and security cooperation among its ten members:
It was established in 1967 on August 8 by five countries Indonesia, Malaysia, Philippines, Singapore, and Thailand.
It was formed to create a common front against the spread of communism and promote political, and economic stability amid rising tensions in the Asia Pacific.
Then Cambodia, Myanmar, Brunei, Vietnam, and Laos joined this group. There six dialogue partners joined the ASEAN, China, Japan, India, New Zealand, Australia, and India.
The ASEAN Countries expect to gain from FTA, as it reduces tariff and non-tariff barriers. Foreign trade is vital for these Countries following Globalisation.
This group meeting is held once in three years. The Heads of Government of members are the highest forum for cooperation. The ministerial meeting of Foreign ministers is the next highest decision-making body.
India’s relationship with this grouping started in 1992. India became the “Sectoral Dialogue Partner” of ASEAN. The geographic structure of these countries with India helps faster exports and low-cost freights.
ASEAN was formed to accelerate economic growth. For social progress and cultural development in the region. These can be done through joint endeavours in the spirit of equality and partnership.
Purpose and Aim of its Declarations
- To make faster economic growth and social and cultural development in this region.
- For region peace and security.
- Adherence to United Nations Charter principles.
- Exchange of knowledge and experience in public sector auditing.
- Research, Training and education facilities among members
- Exchange of information between members with International organizations.
Functions
- To promote the free movement of goods, services, and investment like the European Union.
- Improving business competitiveness between businesses from different countries.
- Narrow development gaps between member countries.
- Make opportunities for market and investments for member nations.
Economics
This community envision ASEAN as a single market and production base. By adoption of ASEAN vision 2020 by the leader of this group in 1997, has further envisaged these countries as highly competitive regions with a free flow of goods, investments, and equitable economic development.
Also to reduce poverty and socio-economic disparities.
Hanoi Plan of Action (HPA)
In the year 1998 Leaders of ASEAN adopted the Hanoi Plan of Action (HPA). According to this plan, it chartered a set of initiatives for economic integration to realize ASEAN vision 2020.
ASEAN Concord II
Then the leaders declared, the Declaration of ASEAN Concord II in 2003, which sets out to establish of community that was earlier targeted for 2020, and was accelerated to be formed in 2022.
This declaration consists of three pillars
India Relations
India became a sectoral dialogue partner in the year 1992 and also became a member of the ARF ( ASEAN Regional Forum) in the year 1996.
This group in India holding meetings at the summit level since 2002 on an annual basis. Also, India signed FTA( Free trade Agreement) with Thailand, which is also a member of this group.
Japan’s Relation with ASEAN
Japan and this group have had to build a cooperative partnership for the peace and development of both parties for more than 30 years. Also, there was a joint declaration signed between the both for the Cooperation to combat terrorism and Transnational Crime in the year 2014.
FAQ
Who are the 10 ASEAN countries?
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
What is the term ASEAN way used for?
“ASEAN has sought to manage the diverse needs of its members by a process known as ‘the ASEAN way’. This means seeking to make a consensus on several problems and adhering to principles of non-interference in the internal affairs of its members.
References
Also, Check International Monetary Fund
