1) In
an important development, leaders of 10-nation group ASEAN declared the
establishment of an EU-style regional economic bloc. This decision was taken at
the 2015 ASEAN Summit that concluded in Kuala Lumpur (Malaysia) on 22 November
2015. What is the name chosen for this proposed regional economic bloc? – ASEAN
Economic Community (AEC)
Explanation: The
decision to establish ASEAN Economic Community (AEC) was taken at the 27th ASEAN Summit (for 2015) that
concluded at Malaysian capital Kuala Lumpur on 22 November. The declaration to
establish AEC was signed by the leaders of 10-nation grouping in front of world
leaders including Prime Minister Narendra Modi and UN Secretary General Ban
Ki-moon.
The
AEC envisages a single market with a free flow of goods, capital and skilled
labour across borders in the highly competitive economic region. It will
integrate Southeast Asia’s diverse economies, a region with 620 million people
and a combined gross domestic product of $2.4 trillion.
The
ASEAN leaders also adopted the declaration on
“ASEAN 2025, forging ahead
together”.

