The EU is ASEAN’s third largest trading partner, while ASEAN is the EU’s 5th largest trading partner. Total trade in 2011 in goods and services amounted to $265 billion. ASEAN had a surplus of $25 billion in its trade with the EU. The EU is the biggest provider of Foreign Direct Investment into ASEAN, 24% of the total.
Can ASEAN be like EU?
The economic integration of 2015, dubbed the ASEAN Economic Community, brought phenomenal wealth to the region. … The fundamental difference between the two is that ASEAN was purposely designed as a intergovernmental organization while the EU is structured as a supranational organization.
How does the EU compare to Nafta?
Main Differences Between NAFTA and EU
NAFTA aims at an economic relationship only, whereas the EU aims at creating freedom at political socials as well as trade restrictions between the members. NAFTA does not have a common external tariff as such, while, on the other hand, the EU does have a common external tariff.
Why would a country want to join a trade bloc such as the European Union?
Why would a country want to join a trade bloc such as the European Union? … To better protect its citizens with trade barriers.
Does ASEAN cooperate with EU?
The EU participates in ASEAN meetings held open to ASEAN dialogue partners. These are the Post-Ministerial meeting and the ASEAN Regional Forum. Both are held immediately after the annual ASEAN Ministerial Meeting. The first reviews the general and economic situation of ASEAN and of EU-ASEAN relations.
What major reasons would define the development of EU?
The European Union is set up with the aim of ending the frequent and bloody wars between neighbours, which culminated in the Second World War. As of 1950, the European Coal and Steel Community begins to unite European countries economically and politically in order to secure lasting peace.