A major partner of Shanghai Cooperation Organisation , ASEAN maintains a global network of alliances and dialogue partners and is considered by many as a global powerhouse,   the central union for cooperation in Asia-Pacific , and a prominent and influential organization. It is involved in numerous international affairs, and hosts diplomatic missions throughout the world. As set out in the Declaration, the aims and purposes of ASEAN are to accelerate economic growth, social progress, and cultural development in the region, to promote regional peace, collaboration and mutual assistance on matters of common interest, to provide assistance to each other in the form of training and research facilities, to collaborate for better utilisation of agriculture and industry to raise the living standards of the people, to promote Southeast Asian studies and to maintain close, beneficial co-operation with existing international organisations with similar aims and purposes. The region's dynamic economic growth during the s strengthened the organisation, enabling ASEAN to adopt a unified response to Vietnam's invasion of Cambodia in ASEAN's first summit meeting, held in Bali, Indonesia in , resulted in an agreement on several industrial projects and the signing of a Treaty of Amity and Cooperation , and a Declaration of Concord.
Central Asian Regional Integration and Cooperation: Reality or Mirage?
Asian Economic Integration Report (AEIR )
The purpose of establishing an integrated economic community is to accelerate economic growth, enhance trade development in the region, and allow the freer movement of goods, services, skilled labor, and capital. Thus, it is critical to highlight some high level opportunities as well as challenges surrounding the impending economic integration. The Asian financial crisis generated substantial macroeconomic fundamental effects, including a collapse of Asian stock markets, devaluations of domestic currencies, and a reduction in asset prices throughout Asian countries. Many businesses collapsed which in turn condensed per capita income for millions of people in the region. Others argue that moral hazard, asymmetric information, short-sighted government policies, weak institutions, and ineffective regulation also made the region vulnerable to the crisis.
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Regional Integration is a process in which neighboring states enter into an agreement in order to upgrade cooperation through common institutions and rules. The objectives of the agreement could range from economic to political to environmental, although it has typically taken the form of a political economy initiative where commercial interests are the focus for achieving broader socio-political and security objectives, as defined by national governments. Regional integration has been organized either via supranational institutional structures or through intergovernmental decision-making , or a combination of both. Past efforts at regional integration have often focused on removing barriers to free trade in the region, increasing the free movement of people, labour , goods , and capital across national borders , reducing the possibility of regional armed conflict for example, through Confidence and Security-Building Measures , and adopting cohesive regional stances on policy issues, such as the environment, climate change and migration. Intra-regional trade refers to trade which focuses on economic exchange primarily between countries of the same region or economic zone.