KUALA LUMPUR: Southeast Asian leaders on Sunday formally created a unified economic community in a diverse region far larger than the European Union or North America, with hopes of competing with China and India. The 10 leaders in the Association of Southeast Asian Nations signed a declaration on Sunday during their summit establishing the ASEAN Economic Community, originally envisioned in 2002.
The community, known by its acronym AEC, is already a reality and many of its fundamentals have been applied in the region, such as the removal of tariff barriers and visa restrictions among others. It has also led to greater political and cultural cooperation.
The community, known by its acronym AEC, is already a reality and many of its fundamentals have been applied in the region, such as the removal of tariff barriers and visa restrictions among others. It has also led to greater political and cultural cooperation.
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