DID YOU KNOW
ASEAN countries have a total population of about 675 million people and a combined gross domestic product ( GDP ) of USD3.08 trillion . The bloc has played a central role in Asian economic integration and has spearheaded negotiations amongst Asia-Pacific nations , to create one of the world ’ s largest free trade blocs . ASEAN has also succeeded in signing six free trade agreements with other regional economies
1971
ASEAN signs the Declaration on the Zone of Peace , Freedom and Neutrality ( ZOPFAN ), reiterating its resolve to maintain neutrality and non-alignment in the Southeast Asian region , and to ensure peace and stability
SEPTEMBER 1978
First ASEAN-European Economic Community ministerial meeting is held in Brussels fact box WHAT WAS THE 1997 ASIAN FINANCIAL CRISIS ?
The Asian financial crisis was caused by the collapse of the currency exchange rate and “ hot money bubble ”. Starting in Thailand in July 1997 and sweeping over East and Southeast Asia , the financial crisis severely damaged currency values , stock markets , and other asset prices in many East and Southeast Asian countries .
On July 2 , 1997 , the Thai government ran out of foreign currency . This meant that the country was no longer able to support its exchange rate and the government was forced to float the Thai baht , which was pegged to the US dollar . Having a floating exchange rate meant that the country ’ s currency rate was allowed to fluctuate in a response to foreign exchange market events . This caused the currency exchange rate of the baht to collapse immediately .
Two weeks later , the Philippine peso and Indonesian rupiah also underwent major devaluations and as the crisis spread internationally , the Asian stock markets plunged to multi-year lows
▴ The ZOPFAN Declaration is signed in 1971 by the foreign ministers of ASEAN stating their intention to keep the region free from any form or manner of interference by outside powers and to broaden their areas of cooperation Image : www . twitter . com / asean
FEBRUARY 23 – 24 , 1976
First ASEAN Summit convenes in Bali , Indonesia
1977
The US becomes a Dialogue Partner country of ASEAN . Dialogue Partners meet regularly with ASEAN at the working and senior levels to guide the development of our regional relations
AUGUST 4 – 5 , 1977
Second ASEAN Summit is held in Kuala Lumpur , Malaysia
JANUARY 1984
Brunei joins ASEAN
DECEMBER 14 – 15 , 1987
Third ASEAN Summit held in Manila , Philippines
1992
ASEAN members create the ASEAN Free Trade Area which reduces intraregional tariffs and ease restrictions on foreign investment
ASEAN approves the ASEAN Declaration on the South China Sea , following a spat between China and future member Vietnam over oil exploration in the Spratly Islands . The declaration urged concerned parties to exercise self-restraint
Fourth ASEAN Summit is held in Singapore from January 27 to February 2
The countries most affected by the 1997 Asian financial crisis
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