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Question
Explain the term 'ASEAN WAY'.
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Solution
The ASEAN Way is a style of informal, non-confrontational, and cooperative interaction shared by the member countries.
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| 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. |
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