Role of ASEAN as an economic association :
• The economy of ASEAN regions is growing much faster than that of the US, EU and Japan.
• This accounts for the growth in its influence both in the region and beyond.
• ASEAN is trying to create a common market and production base within the ASEAN states.
• A mechanism is being evolved to settle and resolve the economic disputes.
• ASEAN has focused on creating a free trade Asia for investment, labour and services.
• Its vision 2020 defined an outward-looking role for ASEAN in the international community.
• The current economic strength of ASEAN is being trading and investment partner to the growing Asian economise such as India and China, Singapore and Thailand.
• Two ASEAN members signed FTA with India.