ASEAN leaders launch EU-style economic bloc

Highlights

ASEAN leaders on Sunday declared the establishment of an EU-style regional economic bloc, ASEAN Economic Community (AEC), a single market with a free flow of goods, capital and skilled labour in the region.

Kuala Lumpur : ASEAN leaders on Sunday declared the establishment of an EU-style regional economic bloc, ASEAN Economic Community (AEC), a single market with a free flow of goods, capital and skilled labour in the region.

The Kuala Lumpur declaration on the establishment of the AEC was today signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.

The AEC envisages a single market with a free flow of goods, capital and skilled labour across borders in the highly competitive economic region. It will integrate Southeast Asia's diverse economies, a region with 620 million people and a combined gross domestic product of $2.4 trillion.

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