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  Asean sets up EU-style free-flow market

Asean sets up EU-style free-flow market

PTI
Published : Nov 23, 2015, 1:05 am IST
Updated : Nov 23, 2015, 1:05 am IST

Asean leaders on Sunday declared the establishment of an EU-style regional economic bloc, the Asean Economic Community (AEC), a single market with free flow of goods, capital and skilled labour in the

World leaders attend the signing ceremony of the 2015 Kuala Lumpur Declaration on the Establishment. (Photo: PTI)
 World leaders attend the signing ceremony of the 2015 Kuala Lumpur Declaration on the Establishment. (Photo: PTI)

Asean leaders on Sunday declared the establishment of an EU-style regional economic bloc, the Asean Economic Community (AEC), a single market with free flow of goods, capital and skilled labour in the region.

The Kuala Lumpur declaration on the establishment of the AEC was on Sunday signed by the leaders of the 10-nation grouping in front of world leaders, including Prime Minister Narendra Modi and UN Secretary-General Ban Ki-moon.

The AEC envisages a single market with a free flow of goods, capital and skilled labour across borders in the highly competitive economic region. It will integrate Southeast Asia’s diverse economies, a region with 620 million people and a combined GDP of $2.4 trillion. Asean comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Location: Malaysia, Wilayah Persekutuan, Kuala Lumpur