August 17, 2014

Association of South East Asian Nations (ASEAN)

Head Quarters: Jakarta, Indonesia
Secretary General: &nbsp;Lê Lương Minh
Established on: 8th August 1967
Members &nbsp;:

Sunday, August 17, 2014 Banking Awareness 1 comment

Objectives of ASEAN

The main objectives are to accelerate economic growth, social progress and cultural development, to promote active collaboration and mutual assistance in matters of common interest, to ensure the political and economic stability of the South East Asian region, and to maintain close co-operation with existing international and regional organization with similar aims.

India and ASEAN

India after a conscious adaptation of 'Look East' policy has sought to establish cfloser ties with ASEAN. Currently, India is closely collaborating with the ASEAN countries in various fields such as trade and investment, science and technology, terrorism, human resource and infrastructure development. India became a full dialogue partner of ASEAN in the year 2000.

Trade between India and ASEAN countries has increased considerably during past few years. India has already signed an ASEAN Framework agreement on Comprehensive Economic Cooperation in 2003.

ASEAN Free Trade Area (AFTA)

The decision to set up an ASEAN Free Trade Area (AFTA) was taken at the fourth summit meeting in Singapore in 1992, with the aim of creating a common market on 15 years, subsequently brought forward to 2002. AFTA applies to its first six signatories, namely Brunei, Indonesia, Malaysia, Philipines, Singapore and Thailand. In 2003 ASEAN leaders signed a declaration to establish a free trade area by 2020.