1 January 2016: ASEAN declares common market
On 1 January 2016, members of ASEAN have agreed to establish a common market. The member countries have a combined population of 625 million people, 8.8% of the world population. In the last decade, the organisation’s combined nominal GDP grew by 13.5% annually. Although ASEAN looks similar to the European Union on the surface, it has 20% more population and will thus become the largest integrated economic market in the world. Nevertheless, the process of achieving “unity” will continue for a long time.
