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ASEAN was and still remains principally an economic association. While the ASEAN region as a whole is a much smaller What is the objective of the ASEAN Economic Community? -

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Question

Read the following passage carefully and answer the question.

ASEAN was and still remains principally an economic association. While the ASEAN region as a whole is a much smaller economy compared to the US the EU, and Japan, its economy is growing much faster than all these. This accounts for the growth in its influence both in the region and beyond. The objectives of the ASEAN Economic Community are to create a common market and production base within the ASEAN States and to aid social and economic development in the region. The Economic Community would also like to improve the existing ASEAN Dispute Settlement Mechanism to resolve economic disputes. ASEAN has focused on creating a Free Trade Area (FTA) for investment, labour, and services. The US and China have already moved fast to negotiate FTAs with ASEAN.

What is the objective of the ASEAN Economic Community?

Options

  • To create a common market and production-based activities within ASEAN states.

  • Say no to social development.

  • To create a common market and production-based activities with all countries of the world.

  • None of the above

MCQ

Solution

To create a common market and production-based activities within ASEAN states.

Explanation:

To foster social and economic development by establishing a common market and production-based activities among ASEAN members.

shaalaa.com
Association of South East Asian Nations (ASEAN)
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