ASEAN ECONOMIC INTEGRATION

The Association of Southeast Asian Nation (more commonly known as ASEAN) is political and

economic organization aimed primarily at promoting economic growth and regional stability

among its members. There are currently 10 members states: Indonesia, Malaysia, Philippines,

Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam. ASEAN was founded

half century ago in 1967 by the five South- East Asian nations of Indonesia, Malaysia,

Philippines, Singapore and Thailand. This was during the polarized atmosphere of the Cold

War, and the alliance aimed to promote stability in the region. ASEAN, the only regiona

economic community of its kind outside Europe and North AmeIt is also a global economic and

trade powerhouse ranking sixth worldwide. And it is also the world’s fourth largest trader after

China, US and Germany. China upheld its position as ASEAN’s largest external trade partner. If

ASEAN can maintain its solid growth momentum, the 10 member states will collectively be the

world’s fourth largest economy by 2050.

Economic Integration is an arrangement between different regions that often includes the

reduction or elimination of trade barriers, and the coordination of monetary and fiscal policies.

The pursuit of economic growth and development through regional economic integration must

put the welfare of the people and sustainability at the centre. Shortcomings in the way social and

environmental consideration are addressed will limit the scope for integration.

In 2017 under the chairmanship of the Philippines and the theme of Inclusive,

Innovation-led Growth, priorities have been identified in line with strategic measures of

increasing trade and investment, integrating of MSMEs (micro, small and medium enterprises) in

digital Economy, and developing an innovation-driven economy. Developing an using the

innovation at work skills can help people come up with better ways of doing things such as

developing new products, designing new policies and new technology.