Signing just a start
But analysts say much work remains for the most important pillar - the ASEAN Economic Community (AEC) - to achieve its primary goal of allowing freer movement of skilled workers, trade and capital for the region’s more than 600 million people – more populous than North America or the European Union.
Integrating ASEAN economies, intended to help the region compete with giants China and India, would create the world’s seventh-largest single market.
Compared to the European Union, the AEC is culturally and politically more diverse with various systems of government including communism (Laos and Vietnam), a military junta (Thailand), authoritarian (Cambodia), quasi-civilian (Myanmar) and a monarchy (Brunei).
Corruption
In a number of the ASEAN states corruption is considered endemic, a problem seen as hampering the economic integration process.
“I did raise with Prime Minister Najib – as I have with many of the leaders here in Southeast Asia, but and also many of the leaders in Africa, in Latin American and everywhere we go - the importance of transparency, accountability, the importance of rooting out corruption - all of which are impediments to development, all of which hold countries back,†President Barack Obama told reporters in Kuala Lumpur Sunday.
A new ASEAN-U.S. Strategic Partnership announced during the summits in Malaysia outlines five priority areas of engagement including expanding economic cooperation.
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