8  7  Another explanation that has been put forward for much of the decline in world trade relative to world GDP is an increased weight of EMEs in the contribution to global growth together with the property that EMEs have lower income elasticities of trade than advanced economies do. (See European Central Bank, 2016.)
ASEAN is the center of regional economic integration in South East Asia, and the scope of its cooperation has widened with the involvement of other countries to form ASEAN+3 and ASEAN+6, and even beyond Asia through arrangements such as APEC. Many Asian countries are members of G20 and their contribution to global policy making is increasing.