ASEAN Economic Community Overview

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Questions and Answers

What type of free trade agreements has ASEAN entered into with several major economies?

ASEAN +7

ASEAN +8

ASEAN +2

ASEAN +5 (correct)

Which partnership status can an external party be conferred by the ASEAN Foreign Ministers Meeting?

Observer

Special Observer (correct)

Full Member

Trade Partner

Which countries are part of the Regional Comprehensive Economic Partnership (RCEP)?

ASEAN, China, Japan, South Korea, New Zealand (correct)

ASEAN, China, Japan, New Zealand

ASEAN, Japan, South Korea, Australia

ASEAN, Australia, China, India

Which of the following is NOT a status an external party can be given in ASEAN's external relations?

Trade Observer Signup and view all the answers

What is the abbreviation for the Southeast Asia Nuclear-Weapon-Free Zone?

SEANWFZ Signup and view all the answers

Which region has ASEAN integrated into the global economy through free trade agreements?

Southeast Asia Signup and view all the answers

Which policy is also known as the ASEAN Single Aviation Market (ASEAN-SAM)?

ASEAN Open Skies Policy Signup and view all the answers

What is the significance of the ASEAN Economic Community (AEC)?

It provides a huge market and opportunities for regional economic integration Signup and view all the answers

What was the capacity of ASEAN airlines in terms of international arrivals in 2013 compared to 2003?

Tripled Signup and view all the answers

When was the AEC Blueprint 2025 adopted by the ASEAN Leaders?

2015 Signup and view all the answers

What does the Southeast Asia Nuclear-Weapon-Free Zone (SEANWFZ) aim to achieve?

To protect the region from nuclear weapons testing and deployment Signup and view all the answers

Which country is not a member of the East Asia Summit (EAS)?

Pakistan Signup and view all the answers

When was the first meeting of the East Asia Summit held?

2005 Signup and view all the answers

Who proposed the formation of the East Asia Summit (EAS)?

Abdullah Badawi Signup and view all the answers

What is the goal of the Asia Development Bank (ADB)?

Fostering regional cooperation and integration in ASEAN Signup and view all the answers

What does the ASEAN Infrastructure Fund aim to address?

Economic development needs by mobilizing savings for infrastructure Signup and view all the answers

Which two countries are both members of ASEAN and the East Asia Summit?

Singapore and China Signup and view all the answers

Study Notes

ASEAN Integration and Global Economy

ASEAN has integrated into the global economy through "ASEAN +1" free trade agreements with China, Japan, South Korea, Australia, New Zealand, and India.
ASEAN is well-positioned at the center of global supply chains and has developed strong trade links with major regional economies.

External Relations

ASEAN Foreign Ministers Meeting confers formal status of Dialogue Partner, Sectoral Dialogue Partner, Development Partner, Special Observer, Guest, or other status to external parties.
ASEAN has external relations with 27 member states, including 10 Dialogue Partners, Bangladesh, DPRK, Mongolia, Pakistan, Papua New Guinea, Sri Lanka, and Timor Leste.

ASEAN Regional Forum (ARF)

ARF has 27 member states, including ASEAN + 10 Dialogue Partners (Australia, Canada, China, EU, India, Japan, New Zealand, ROK, Russia, and US).
East Asia Summit (EAS) has 18 members, including ASEAN + 8 (Australia, China, India, Japan, New Zealand, ROK, Russia, and US).

International Organizations

ASEAN has cooperation with the United Nations, starting with the UN Development Programme (UNDP) in the early 1970s.
ASEAN also has a partnership with the Asia Development Bank (ADB) to promote regional cooperation and integration.

ASEAN Infrastructure Fund

The ASEAN Infrastructure Fund is a dedicated fund established by ADB and ASEAN member nations to address the region's infrastructure development needs.

ASEAN Economic Community (AEC)

AEC was established in 2015, offering a huge market of US$2.6 trillion and over 622 million people.
AEC is the third largest economy in Asia and the seventh largest in the world.
AEC-related mechanisms include the Open Skies policy, also known as the ASEAN Single Aviation Market (ASEAN-SAM).

ASEAN Open Skies Policy

The Open Skies policy aims to increase regional and domestic connectivity, integrate production networks, and enhance regional trade.
Capacity of ASEAN airlines almost tripled from 94 million seats in 2003 to 268 million seats in 2013.
Capacity to absorb international arrivals also tripled, from 33 million to 99 million in the same period.

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Description

Learn about the establishment of the ASEAN Economic Community (AEC) in 2015 and its significance in the regional economic integration agenda in ASEAN. Explore the opportunities it offers with a huge market and a large population base.