Hafsa Anjum
The current global environment is characterized by rapid geopolitical, economic, and social transformations, both locally and globally. The escalating competition between large nations is jeopardizing unity and progress in the world. The Climate Crisis, the pandemic of COVID-19, and cross-border criminal activities, which
necessitate international collaboration, pose immense difficulties for the world, leading to a decrease in faith and respect for regional and multilateral structures.
Ever since the formation of ASEAN in 1967, its main purpose was accelerating the economic growth, social progress, and cultural development in the region, and promoting regional peace and stability. But Southeast Asia as a whole have always faced so many problems in the history that has affected the progress of ASEAN.
ASEAN is a leader in East Asia’s economic integration, and it is also a fundamental player in regional cooperation in the area. It has been encouraging economic collaboration in trade, services, and investment, and has been taking steps towards forming a single market and production base to enhance the region’s
competitiveness. This organization has not only integrated internally but with the world economy as well. ASEAN has also set up Free Trade Agreements (FTA) with some partners. The Regional Comprehensive Economic Partnership (RCEP) that was concluded in 2020, initiated by 10 ASEAN Member States and 5 Dialogue Partners (China, Japan, Republic of Korea, Australia, and New Zealand) has had a remarkable
effect on the global economy, particularly in the time after COVID-19 when trade lanes have started to come back with the possibility of new economic growth.
ASEAN has been successful in ensuring peace and stability in the region by means of various frameworks and regulations. The Treaty of Amity and Cooperation in Southeast Asia (TAC), which was established in 1976, has been widened and accepted by more than 40 signatories from Southeast Asia and beyond. In 1994, ASEAN set up the ASEAN Regional Forum, with 27 nations, including the major players in the region, taking part. It serves as a platform for discussion and consultation to encourage trust and preventive diplomacy in the region. In 2019, ASEAN, as a key player in the region, introduced the ASEAN Outlook on the IndoPacific in reaction to the Indo-Pacific strategies declared by the Quad. ASEAN’s aim is not to confront, but to engage constructively in the area of the Indian and Pacific Oceans.
ASEAN has been able to keep its GDP growth rate steady at 5.3 percent since 2006, and its GDP has grown from US$1.8 trillion in 2010 to US$2.2 trillion in 2011, making up 30 percent of China’s GDP and 15 percent of the United States’ GDP. The cumulative GDP of the ten ASEAN countries was estimated to be US$3.2 trillion in
2019, making it the fifth biggest economy in the world. As per HSBC’s predictions, the Philippines and Indonesia will be the 16th and 17th largest economies in the world by 2050, based on factors such as per ca-pita income, rule of law, educational attainment, and population changes. Additionally, Malaysia, Thailand, Viet Nam, and Singapore are expected to be among the top fifty leading economies of the
world.
The above statistics and achievements have clearly shown that ASEAN has expeditiously progressed through the years and has been a huge success for the Southeast Asian nations and will grow more politically and economically in the near future and has a long way to go.