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Semestral Output in Contempo

Published by torresrejean3, 2021-12-05 15:56:37

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Torres, Rejean Rei V. FINMGT 2103 ASEAN MAGAZINE SOUVENIR A One Vision, S One Identity, E A One N Community IN DEPTH ASEAN Regionalism ASEAN Diversity

\"One Vision, One Identity, One Community\" ABOUT ASEANThe Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam then joined on 7 January 1984, Viet Nam on 28 July 1995, Lao PDR and Myanmar on 23 July 1997, and Cambodia on 30 April 1999, making up what is today the ten Member States of ASEAN. On 8 August 1967, five leaders – THE ASEAN the Foreign Ministers of Indonesia, JOURNEY Malaysia, the Philippines, Singapore and Thailand – sat down together in the main hall of the Department of Foreign Affairs building in Bangkok, Thailand and signed a document. By virtue of that document, the Association of Southeast Asian Nations (ASEAN) was born. The five Foreign Ministers who signed it – Adam Malik of Indonesia, Narciso R. Ramos of the Philippines, Tun Abdul Razak of Malaysia, S. Rajaratnam of Singapore, and Thanat Khoman of Thailand – would subsequently be hailed as the Founding Fathers of probably the most successful inter- governmental organization in the developing world today. And the document that they signed would be known as the ASEAN Declaration. THE ASEAN CHARTER The ASEAN Charter serves as a firm foundation in achieving the ASEAN Community by providing legal status and institutional framework for ASEAN. It also codifies ASEAN norms, rules and values; sets clear targets for ASEAN; and presents accountability and compliance. The ASEAN Charter entered into force on 15 December 2008 at the presence of ASEAN Foreign Ministers at the ASEAN Secretariat in Jakarta. With the entry into force of the ASEAN Charter, ASEAN will henceforth operate under a new legal framework and establish a number of new organs to boost its community-building process. In effect, the ASEAN Charter is the legally binding agreement among the 10 ASEAN Member States. It will also be registered with the Secretariat of the United Nations, pursuant to Article 102, Paragraph 1 of the Charter of the United Nations. The importance of the ASEAN Charter can be seen in the following contexts: New political commitment at the top level New and enhanced commitments New legal framework, legal personality New ASEAN bodies Two new openly-recruited DSGs More ASEAN meetings More roles of ASEAN Foreign Ministers New and enhanced role of the Secretary-General of ASEAN Other new initiatives and changes

\"One Vision, One Identity, One Community\" WHY ASEAN REGIONALISM? The center of gravity of the global economy is shifting to Asia. The region’s economy is already similar in size to those of Europe and North America, and its influence in the world continues to increase. In many Asian countries, the cycle of poverty has been broken; in others, this historic aim is within sight. Asia’s extraordinary success has brought new challenges—while rapid economic growth remains a priority, citizens demand that it also be sustainable and more inclusive. And Asia is now so important to the world economy that it must also play a larger role in global economic leadership. Regional economic cooperation is essential for addressing these challenges. Asia’s economic rise is unprecedented. The region is home to over half the world’s population, produces three tenths of global output (in terms of purchasing power), and consistently records the world’s highest economic growth rates. The Asian “miracle” (World Bank 1993) did not end with the 1997/98 financial crisis a decade ago; for some countries, it marked the beginning of renewed acceleration. The question is no longer whether Asia will be central to the 21st century economy, but rather how it will exercise its prominent role and how its dependence on the rest of the world has decreased. Asian economies are principally connected through markets— but where markets lead, governments are following. Asian leaders have committed to work together more closely and have already taken concrete steps in some areas. The 1997/98 financial crisis, in particular, was an important catalyst for this new regionalism and gave rise to a range of new initiatives. These have not sought to replicate the institutions of the European Union (EU), but have rather focused on finding new and flexible forms of cooperation that reflect the region’s diversity and pragmatism. Nor are Asia’s regional initiatives intended to replace global relationships, but rather to complement them. It is not a matter of pulling up the drawbridge, but of building bridges that connect Asian economies together as well as to the rest of the world. BE Link the competitive strengths of its diverse economies in order to boost their NE productivity and sustain the region’s exceptional growth; FI connect the region’s capital markets to enhance financial stability, reduce the cost TS of capital, and improve opportunities for sharing risks; cooperate in setting exchange rate and macroeconomic policies in order to minimize the effects of global and regional shocks and to facilitate the resolution of global imbalances; pool the region’s foreign exchange reserves to make more resources available for investment and development; exercise leadership in global decision making to sustain the open global trade and financial systems that have supported a half century of unparalleled economic development; build connected infrastructure and collaborate on inclusive development to reduce inequalities within and across economies and thus to strengthen support for pro- growth policies; and create regional mechanisms to manage cross-border health, safety, and environmental issues better

WHY ASEAN? ASEAN Diversity at its Finest D ASEAN is a region of different markets, varying economic developments, and diverse cultures, making it one of the most competitive regions in the world today. Diversity leads investors to a wide range of opportunities and an expansive list of possibilities. In ASEAN, investors find complementarity among ASEAN’s mix of markets. There is room for small, medium, or large enterprises. There i is a long list of possible industries to go into depending on the country’s strengths and needs. Land Area. v e ASEAN countries vary in sizes. The largest is Indonesia which at 1.86 million square r kilometers is 2,605 times the size of Singapore (714 square kilometers). s Population. While the Sultanate of Brunei is home to only 423,000 people, ASEAN’s archipelagos such as Indonesia and the Philippines are inhabited by 238 million and 96 million people, respectively. Viet Nam is also highly populated with 87.8 million people. Urbanization. Singapore is most urbanized with 100 percent urban population. In contrast, Cambodia is primarily rural with less than a quarter of its population (21%) found in urban areas. Myanmar is the second least urbanized having an urban population rate of 30.8 percent. GDP. Growth across ASEAN is strong although developments still widely vary. Singapore, Thailand, and Malaysia continue to perform well while Indonesia and the Philippines are dubbed as emerging economies. Combined GDP growth rate of ASEAN’s newer members – the BCMLV (Brunei, Cambodia, Myanmar, Lao, and Vietnam) is at 6.7 percent, higher than the ASEAN’s mean rate. Myanmar has shown substantial growth as a result of political reforms beginning 2010. e Advantages. ASEAN’s more developed economies are proud of their technologies, research, and innovation while the rest leverages on the abundance of their natural resources and competitive labor cost.

\"ASEAN’s ASEAN people are greatly influenced diversity is by the region’s rich history, diverse reflected in customs and traditions, religious the colorful beliefs, economic progress, lives of its innovation, and technological sophistication. Their cultures have people.\" been molded by time into a gigantic melting pot of Indian, Chinese, ASEAN is powered by Portuguese, Spanish, American, and 600 million people, indigenous Malay influences, making most of whom are it one of the most interesting places young. More than a in the world. quarter belong to the Islam and Buddhism are widely 15-29 years age bracket, practiced in the mainland Southeast around 10 percent are Asia while ASEAN peoples at the children aged 5 years maritime eastern side, especially the and below, while only 6 Philippines, are largely Roman percent are seniors or Catholic. Hinduism and Christianity 65 years old and above. are also practiced region-wide. Various languages are spoken in ASEAN, with each ASEAN country having their own official languages and wide ranging list of dialects. English, however, is the official business language of majority of ASEAN countries.

\"One Vision, One Identity, One Community\" The ASEAN The Association of Southeast Asian Nations (ASEAN) is comprised of the ten countries of Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam.


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