Chapter 3: ASEAN development and economic development
3. ASEAN development and economic cooperation The previous chapter has provided an overview of the economic development experiences of individual ASEAN countries, focussing on its five founding members and highlighting the major sources and factors behind their varied economic performances. This chapter will review the role and progress of ASEAN economic cooperation in four important sectors of ASEAN such as international trade, agriculture, manufacturing or industry and services. As discussed in Chapter 1, one major objective in the formation of ASEAN was to foster regional economic cooperation. Since 1976 this objective has grown in importance as economic development has become their main priority in view of, among other things, the increasing need to maintain their international competitiveness in the midst of growing international competition and sustain their pace of economic development in light of rising expectations. There have been two types of economic cooperation in ASEAN: market sharing and resource pooling. These types of economic cooperation have developed since the Bali Summit of 1976. At this summit the ASEAN5 leaders signed a Declaration of ASEAN Concord which laid out a programme of action for regional cooperation in political, economic, social, cultural and security matters. 3.1 DEVELOPMENT AND COOPERATION IN INTERNATIONAL TRADE The most important form of market-sharing cooperation envisaged in the Bali Summit was the establishment of preferential trading arrangements to promote intra-ASEAN trade. The agreement on ASEAN Preferential Trading Arrangements (PTA), signed in February 1977, was the first attempt by ASEAN member countries to promote a higher level of...
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