Contemporary World
Contemporary World
Contemporary World
Dela Cruz
CBEA 1-D
ASEAN (Association Of Southeast Asia Nation)
ASEAN was established on August 8, 1967 in Bangkok, Thailand, with the signing of what
became known as the ASEAN Declaration or the Bangkok Declaration, signed by the 5 founding
fathers of the regional organization: Indonesia, Malaysia, Philippines, Singapore, and Thailand.
ASEAN replaced the Association of South East Asia (ASA), which was formed in 1961 by the
Philippines, Thailand, and Malaysia.
Aim and purpose
To accelerate the economic growth, social progress and cultural development in the region,
promote regional peace and stability, promote active collaboration and mutual assistance on
matters of common interest, provide assistance to each other in the form of training and
research facilities, collaborate more effectively for the greater utilization of agriculture and
industries, expansion of their trade, improvement of transportation and communications
facilities, and raising the living standards of their peoples promote Southeast Asian studies,
maintain close cooperation with existing international and regional organizations with similar
aims and purposes, and explore all avenues for even closer cooperation
Downside
The disadvantages of ASEAN are the risk of an influx of cheap imports flooding local markets
and the existence of poor governance structures in some member countries. As a free trade
area, member countries expect ASEAN to ease the flow of goods and services in the region by
liberalizing services such as air transport within the region.
APEC (Asia Pacific Economic Cooperation)
Asia Pacific Economic Cooperation, or APEC, was formed in 1989 in Australia as an informal
forum in which member nations could discuss free trade and economic cooperation along the
Pacific Rim. From the perspective of the United States, it has been a crucial institution for
economic engagement within the region.
Aims and Purpose
APEC was established in 1989 to further enhance economic growth and prosperity for the
region and to strengthen the Asia-Pacific community.Since its inception, APEC has worked to
reduce tariffs and other trade barriers across the Asia-Pacific region, creating efficient domestic
economies and dramatically increasing exports. Free and open trade and investment helps
economies to grow, creates jobs and provides greater opportunities for international trade and
investment.
Downside
At present, APEC is confronted with a series of problems and in its implementation of the many
commitments in advancing free and open trade and investment, reduces trade barrier, and
building one economic community in the Asia Pacific region.
References
National Libraty Board (2019). Formation of ASEAN - Singapore History. [online] Available at:
http://eresources.nlb.gov.sg/history/events/65bc5474-afba-4fcc-afc1-345457fa41a9
History.state.gov. (2019). Milestones: 1989–1992 - Office of the Historian. [online] Available at:
https://history.state.gov/milestones/1989-1992/apec
Onlinegk.com. (2018-2019). Asia Pacific Economic Cooperation (APEC) - Purpose and Goals.
[online] Available at: https://www.onlinegk.com/worlds-organizations/asia-pacific-economic-
cooperation-(apec)
Francisco, K. (2017). LOOK BACK: How ASEAN was formed. [online] Available at:
https://www.rappler.com/newsbreak/iq/166132-look-back-asean-history
Schönfisch, K. and Seliger, B. (2004). ASEAN plus three (China, Japan, Korea) – towards an
economic union in East Asia?. [online] East Asia Integration Studies. Available at:
https://asianintegration.org/asean-plus-three-china-japan-korea-towards-an-economic-union-
in-east-asia/
Teacher, Law. (November 2013). Major Problems Faced By APEC Since Formation. Retrieved
from https://www.lawteacher.net/free-law-essays/international-law/major-problems-faced-by-
apec-since-formation-international-law-essay.php?vref=1
Reference. (2019). What Are the Advantages and Disadvantages of ASEAN?. [online] Available
at: https://www.reference.com/world-view/advantages-disadvantages-asean-
2f1988e3253dd6a1