Feature | Beating the Odds : The Creation of ASEAN
Yet Another Battle
The region was battered by yet another financial crisis in 2008 , once again testing ASEAN countries and their resilience . Oddly enough , the behaviour of the Southeast Asian region following the 2008 crisis was opposite to what it was in 1997 and 2000 . ( During the early 2000s , there was a decline in economic activity that mainly occurred and affected the more developed countries such as the European Union and the United States .)
Having been through the previous financial crisis , the region was clearly more prepared for the crisis ahead and one of the most important lessons learnt was that fostering closer and sustainable international trade matters a lot in developing greater robustness against shocks . Instead of erecting barriers to trade , Southeast Asian countries pushed ahead and established an even greater number of direct international trade relationships with other countries during the turbulent 1990s , and this continued well into the 2000s .
In so doing , ASEAN became more resilient to economic shocks and less vulnerable to economic risk . Furthermore , there has been an increased participation in international trade amongst countries in that region .
With the creation of the ASEAN Economic Community was the realisation of the region ’ s goal of creating a single market , by breaking down the barriers to the free movement of goods , services , capital , and people , as well as further fostering international business growth both within the region and the rest of the world . With the full support and implementation of the mission of the AEC , the region can preserve its economic gains and chart a path for itself towards further growth .
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2004 A group photograph of all heads of states and governments at the 10th ASEAN Summit in Vientiane , Laos on November 29 , 2004
Image : Wikipedia
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2009 Opening ceremony of the 14th ASEAN Summit in Hua Hin , Thailand , on February 28 , 2009
Image : Wikipedia
Tale of the
Underdog
Fifty years ago , many failed to see the enormous potential of the Southeast Asian region . With almost every country in the region having its own story of conflicts with its neighbours , and as a region of tremendous diversity , with differences in economic progress , political systems , ideology , culture , geographical size , and beliefs , outsiders saw ASEAN as an idea that would never materialise . In fact , many predicted that because of its diversity , Southeast Asia would become the “ Balkans of Asia ”. Yet many years on , ASEAN has become an engine of peace and stability in the region .
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