Kuala Lumpur declaration: Establishment of AEC
Q. The Kuala Lumpur declaration is related to -- Published on 24 Nov 15a. Establishment of ASEAN
b. Establishment of AEC
c. Joining of India in ASEAN
d. Signing of Regional Comprehensive Economic Partnership
ANSWER: Establishment of AEC
- ASEAN Economic Community (AEC) will be EU-style regional economic bloc
- It will allow a single market with a free flow of goods, capital and skilled labour in the region.
- AEC will help less developed economies link up with more developed ones, bringing about more equitable economic development across the region.
- Asean as a single economy is forecast to become the fourth-largest economy in the world by 2030, behind only the European Union, the United States and China.
- ASEAN itself was inaugurated on 8 August 1967, when foreign ministers of five countries; Indonesia, Malaysia, the Philippines, Singapore, and Thailand, signed the ASEAN Declaration, more commonly known as the Bangkok Declaration.
