ASEAN Economic Cooperation

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In preparation for the upcoming Fourth Summit in Singapore, the secretary-General of the ASEAN Secretariat has been requested by the ASEAN Standing Committee to organize a study that would yield dynamic and vital ideas for economic cooperation for the future. The present study is the result of the combined efforts of the ASEAN Secretariat, an Advisory Committee and a group of ASEAN experts. The main result of these endeavors are found in the present report, including a summary of recommendations and an overview of the study’s findings, as well as the background papers prepared by the research team, which has served as a basis for the findings and recommendations of the study. In sum, the report stresses the need for ASEAN to enhance its regional cooperation efforts in a rapidly changing international economic environment. To accomplish this, the study recommends that ASEAN move forward in its ASEAN economic cooperation programs by eventually creating an “ASEAN Free Trade Area Plus” arrangement, which will include not only intraregional free trade but also other areas of cooperation, such as non-tariff barriers, product and technical harmonization and macroeconomic cooperation and consultation. It also urges ASEAN to maximize its clout in international fora by strengthening cooperation and working together. An ASEAN Framework Agreement would enhance the effectiveness of these programs and would be an important catalyst for economic cooperation in the future. By moving in this direction, ASEAN will be able to achieve goals of its Founding Fathers to promote regional harmony and welfare to the general satisfaction of all. This study is intended to be the first step in looking for alternative ways to improve regional integration efforts. In the next few years, it will be necessary to undertake further studies in choosing the precise means and characteristics of an “ASEAN Free Trade Area Plus” and an ASEAN Framework Agreement.