Table of Contents

Introduction.
Economic structure and major exports
Position in global business.
Potential for business growth and development.
Future challenges faced in international business
Suggestions for improving
References

Introduction.

Regional economic integration have been attempted many times in Asia and Africa, however, only few of them make significant impact to international politics or trade. Association of Southeast Asian Nations (ASEAN) is one of significant organization among them not only in the region but also in the world. ASEAN was founded in 1967 includes Cambodia, Indonesia, Malaysia, Brunei, Laos, Myanmar, Singapore, Philippines, Vietnam and Thailand. Laos, Vietnam and Myanmar joined recently to the association. Even though, China remain as a giant in international trade, however, most of the investors and multinational companies are turning into these Southeast Asian nations due to their dynamic markets. The main objective of ASEAN is to increase free trade between members and to achieve cooperation in their industry policies. This report extensively evaluate the impact of ASEAN for international trade.

Economic structure and major exports

In 2017, total population of ASEAN has reached to 642 million and its population has almost doubled up over last four decades. On the other hand, these countries have achieved significant economic development in last few decades. Combined GDP of ASEAN is around US$ 2.8 trillion in 2017 and it is four and half times the value in 2000. ASEAN is ranked as world 5th largest and Asian 3th largest economy (the ASEAN secretarial, 2018).