Assess the role of ASEAN as …

ASEAN was established primarily for accelerating the economic growth through 'social progress and cultural development,' It still remains principally an economic community. Though ASEAN region as a whole is a much smaller economy compared to the US, the EU, and Japan, however, its economy is growing much faster than all these. This accounts for the growth in its influence both in the region and beyond. The objectives of the ASEAN are to:

• Create a common market and production base within ASEAN states and to aid social and economic development in the region.
• ASEAN as an economic community also committed to improve the existing ASEAN.
• Dispute Settlement Mechanism to resolve economic disputes.
• ASEAN has focused in creating a Free Trade Areas (FTAs) for investment, labour, and services. The US and China have already negotiated FTAs with ASEAN.
• The current economic strength of ASEAN, particularly its economic relevance as a trading and investment partner to the growing Asian economies such as India and China makes this an attractive proposition.