The ASEAN Economic Community Is Currently the 3rd Largest Economy in Asia and the 5th Largest in the World
The ASEAN Economic Community (AEC) has a combined GDP of $2.4 trillion, and is the 3rd fastest growing major Asian economy after China and India. The AEC seeks to reduce or remove many trade barriers within the region with the goal to facilitate the free movement of goods, services, capital, and skilled labor within the bloc. A single customs window has already been created, with support from the US, while regional agreements to facilitate the movement of ASEAN nationals are also being developed.
ASEAN has five regional free trade agreements (FTAs) with: Australia/New Zealand; China; Japan; South Korea; and India. Singapore is the only member state to conclude FTAs with both the US and European Union (EU).