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The ASEAN Free Trade Area (AFTA) [1] is a trade bloc agreement by the Association of Southeast Asian Nations supporting local trade and manufacturing in all ASEAN countries, and facilitating economic integration with regional and international allies.
The ASEAN nations are also central to the Regional Comprehensive Economic Partnership, or RCEP, a free trade agreement that was signed in 2020, creating the largest trade bloc in history. The 10 nations plus China, Japan, South Korea, Australia and New Zealand account for more than 30% of the world's population and about 30% of global GDP.
Substantial intra-ASEAN trade (which is growing, partly as a result of the ASEAN Free Trade Area (AFTA) and the ASEAN Economic Community.) and economic integration is an incentive for a monetary union. Member states currently trade more with other countries (80%) than among themselves (20%).
41. We reaffirmed the importance of ASEAN’s cooperation with external partners in maintaining peace and stability in the region, enhancing ASEAN’s internal regional integration, narrowing the development gap, enhancing intra-ASEAN connectivity and expanding ASEAN’s connectivity to the wider region. 42.
The IMT-GT is a strategic framework of international economic co-operation by the approval of leaders from the 3 countries to develop the area in the southern part of Thailand, some areas of Malaysia (Kedah, Perlis, Perak, Penang, Selangor, Kelantan, Melaka, Negeri Sembilan) and some areas of Indonesia (Aceh, North Sumatera, West Sumatera, Riau ...
One common concern that must be addressed through negotiations is the ability of a prospective member to participate in ASEAN Free Trade Area and all other economic co-operation arrangements. One important means of orientation for a prospective member is its attendance at ASEAN meetings and participation in co-operation projects. [9]
We reiterated our support for ASEAN's role as the driving force for economic integration in this region. To deepen integration, we agreed to launch a Track To study on a Comprehensive Economic Partnership for East Asia (CEPEA) among EAS participants. We tasked the ASEAN Secretariat to prepare a time frame for the study and to invite all our ...
The Economic Research Institute for ASEAN and East Asia or ERIA is an international organization established in Jakarta, Indonesia in 2008 by a formal agreement among Leaders of 16 countries in the East Asian region to conduct research activities and make policy recommendations for further economic integration in the East Asia. [1]