Best answer: What is the objective of Asean Economic Community 12?

What does ASEAN stand for what are the main objective of ASEAN Class 12?

ASEAN, in full Association of Southeast Asian Nations, international organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in 1967 to accelerate economic growth, social progress, and cultural development and to promote peace and security in Southeast Asia.

Why is Asean economic community important?

By establishing the AEC, ASEAN deepened economic integration by transforming to a region with free movement of goods, services, investment, and skilled labor, and freer movement of capital.

What were the objectives behind the formation of the ASEAN in 1967?

Its major objectives were the following: (i) Primarily for accelerating economic growth as well as via cultural development and social progress. (ii) For promoting peace as well as stability within the region on the basis of the principles as well as rules of law of the United Nations Charter.

What are the main objectives of ASEAN?

The ASEAN Declaration states that the aims and purposes of the Association are: (1) to accelerate economic growth, social progress and cultural development in the region and (2) to promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the …

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What are the features of ASEAN?

Fundamental Principles

  • Mutual respect for the independence, sovereignty, equality, territorial integrity, and national identity of all nations;
  • The right of every State to lead its national existence free from external interference, subversion, or coercion;
  • Non-interference in the internal affairs of one another;

What is the most important part of ASEAN community?

The three pillars of the ASEAN Community, namely the ASEAN Political-Security Community (APSC), the ASEAN Economic Community (AEC) and the ASEAN Socio-Cultural Community (ASCC), are the most crucial areas deemed necessary for the progress and evolution of ASEAN and its peoples.

What are the characteristics of the Asean Economic Community?

ASEAN is characterized by great internal diversity, generally high economic growth, and a reluctance to establish a strong supranational structure. Beginning in 1976—with its five original members—ASEAN began to move toward economic cooperation and integration, initially with a focus on merchandise trade.

How can English improve Asean Economic Community?

ASEAN Economic Community | Adopting One Language

Another way the ASEAN Economic Community is looking to standardize their patent documentation, is by adopting English as a common language. In effect, the AEC hopes this will facilitate cooperation, shorten the examination period and reduce patent translation costs.

What are the challenges of Asean Economic Community?

Here are seven challenges the bloc faces in promoting sustainable economic growth, and suggested steps to solve them.

  • Geopolitical stability and regional relationships. …
  • Governance challenges for businesses. …
  • New business models. …
  • Changing demographics. …
  • Inclusive growth and sustainable development. …
  • Regional digital economy.
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