Asean launches economic bloc but analysts sceptical Southeast Asian nations officially launched an EU-inspired economic bloc aimed at boosting the region’s trading clout and attracting more investment. The ten-member Association of Southeast Asian Nations (ASEAN) hailed the project as a “milestone” in combining the economic force of a resource-rich and growing market of more than 600 million people. What is ASEAN Economic Community? The ASEAN Economic Community (AEC) is one of the three pillars of the ASEAN. It aims to “implement economic integration initiatives” to create a single market across ASEAN nations. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined gross domestic product of USD 2.4 trillion. On 20 November 2007, during the 13th ASEAN Summit in Singapore, its blueprint was adopted. What are its objectives ? a single market and production base, a highly competitive ec...
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