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ASEAN is the third largest free trade agreement in the world after the EU and NAFTA and above MERCOSUR. The Asia Pacific Economic Cooperation (APEC), founded in 1989, was to promote multilateral economic cooperation in trade and investment in the Pacific Rim. [ 3 ]
Launched on March 24, 1994 in Davao City, [5] BIMP-EAGA was formed by Brunei Darussalam, Indonesia, Malaysia and the Philippines to generate balanced and inclusive growth. As a sub-region of the Association of Southeast Asian Nations, it aims to contribute to regional economic integration in the ASEAN Economic Community.
This aligns with Australia's aid investment plan strategies. Part of AADCI's post-2015 agenda is to ensure effective implementation of AANZFTA and raise trading opportunities. [3] By maximising real commercial benefits and increasing ASEAN's capacity, AADCI supports AANZFTA, aligning with the major workstreams of AADCI Stage II. [22]
Trade between the U.S. and ASEAN continues to grow steadily, and two-way goods trade totaled $177 billion in 2008. With robust economies and a total population of about 550 million, the 10-member countries of the ASEAN market provide significant potential opportunities for U.S. companies.
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.
Logo of the RCEP. The Regional Comprehensive Economic Partnership (RCEP / ˈ ɑː r s ɛ p / AR-sep) is a free trade agreement among the Asia-Pacific countries of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. [2]
This process began with ASEAN's five original members, who founded the association through the signing of the Bangkok Declaration in 1967. Since then, the ASEAN's membership has grown to ten with the accession of Cambodia in 1999. Currently, three states are seeking accession to ASEAN: Bangladesh, [1] [2] [3] Papua New Guinea [4] [5] and East ...
The Association of Southeast Asian Nations, [c] commonly abbreviated as ASEAN, [d] is a political and economic union of 10 states in Southeast Asia.Together, its member states represent a population of more than 600 million people and land area of over 4.5 million km 2 (1.7 million sq mi). [13]