And its 10 member economies 31 size of the economy us

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and Its 10 Member Economies 31 Size of the economy (US$ billions) Population (millions) GDP per capita (US$) Trend rate of annual economic growth (real GDP) 2013 to 2018 (%) ASEAN 2,397.54 625.31 3,770 5.64 Brunei 16.18 0.42 38,760 3.10 Cambodia 16.20 15.14 1,070 7.44 Indonesia 868.35 250.80 3,460 6.18 Laos 11.00 6.78 1,620 7.35 Malaysia 313.16 29.72 10,538 5.64 Myanmar 44.85 61.95 724 7.06 Philippines 272.07 98.39 2,770 5.94 Singapore 297.94 5.40 55,183 4.76 Thailand 387.25 67.01 5,780 4.49 Vietnam 170.55 89.71 1,901 6.38 Source:
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2.3.3 Its formation and recent development (pls also watch the video clip) ¡ in 1994, economic ministers form the member nations agreed to implement an ASEAN Free Trade Area (AFTA) by 2003 . Under the agreement, tariffs ( in 2000 around 20%+) will be reduced to 0 to 5% . In 2003, the average tariffs among themselves is around 3.5%. ¡ In 2003 Oct, the 10 ASEAN members agreed to form a common market in 2020. ¡ Video Clip : 7 things that you need to know about ASEAN (2 min+) (by Mckinsey & Company -- 2014) 32
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ASENA as one country 33 Snippet: Why ASEAN is getting important in the region?
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2.4 Success Indicators for regional economic integration ¡ a. no. of members ¡ b. no. of enlargement: it reflects the attractiveness to non-members ¡ c. provisions of the agreement: the less the trade barriers the better ¡ d. the level of economic integration: the higher the better ¡ e. the duration: the longer the better, as it shows the cohesiveness among members 34
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Food for thoughts ¡ Why Brexit happened -- and what to do next | Alexander Betts (Ted Talks) ¡ E0 ¡ ( The video also gives some insights on “Why Trump is being elected?” “Why we find immigrants are not in our favour?” Pls take a look!) 35
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