question_answer

Describe the four major objectives of ASEAN Economic Community.

Answer:

ASEAN is Association of South East Asian Nations. Four main objectives are:

(i) Where ASEAN as a whole is smaller than US, EU, Japan but yet its economy is growing faster than US, EU and Japan, ASEAN is also showing the growth in these regions.

(ii) The objective is to create a common market and production base within ASEAN states and to aid social and economic development in the region.

(iii) This community would also like to improve the existing ASEAN dispute settlement mechanism to resolve economic disputes.

(iv) ASEAN has focused on creating a Free Trade Area (FTA) for investment, labour and services.