International Economic Organisations — Economics STD 12 — Question

Functions of the ASEAN:
1. It facilitates free movement of goods, services and investments within ASEAN by creating a single regional market like the European Union.
2. It provides free access to the marketers of one member country to the markets of all other member countries, thus fostering growth in the region.
3. It improves business competitiveness between businesses from different countries and also narrow developmental gaps between member countries.
4. It paves way for market and investment opportunities for the member nations.
5. It fosters co – operations in many areas including industry and trade.
All the ASEAN economies experienced a great economic crisis in the year 1997.