To strengthen economic cooperation among ASEAN countries, the leaders of ASEAN has just launched a new series of economies policies and initiatives as mentioned in Bali Concord II during their ninth ASEAN Summit, three days ago. One of the concept in Bali Concord II is the establishment of ASEAN Economic Community.
That community envision "a stable, prosperous and highly competitive ASEAN economic region in which there is a free flow of goods, services, investment, labour and a freer flow of capital." The goal is to create a single market and production base by 2020; emulating other regional trade arrangements, particularly of the European Economic Community in the 1960s-1970s.