The Association of Southeast Asian Nations (ASEAN) is a community of 10 member states (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam).
It was formed in the late 1960s following the Bangkok Declaration of August 8, 1967. The ASEAN Charter was signed in Singapore on November 20, 2007 and became effective on December 15, 2008. It formally establishes ASEAN as an entity.
At the 8th ASEAN Summit in Cambodia on November 4, 2002, ASEAN members agreed to establish the ASEAN Economic Community (AEC) as a unified market with full-scale trade liberalisation. The AEC has adopted four main objectives in its AEC Blueprint, consisting of: (1) a single market and production base; (2) a highly competitive economic region; (3) equitable economic development; and (4) full integration into the global economy. ASEAN aims at achieving these by 2015.
“At the 8th ASEAN Summit in Cambodia, ASEAN members agreed to establish the ASEAN Economic Community (AEC) as a unified market with full-scale trade liberalisation.”