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90-516: The bank is a policy bank and along with other Chinese policy institutions like China Development Bank and Sinosure implement the economic policies of the government. The focus of the bank is facilitate Chinese companies' exports. Commercial lending forms the backbone of the bank. Commercial activity includes export credits mainly in the infrastructure fields (roads, power plants, oil and gas pipelines, telecom , and water projects) and investment loans for Chinese businesses to establish overseas in

180-595: A Declaration of Concord. The end of the Cold War allowed ASEAN countries to exercise greater political independence in the region, and in the 1990s, ASEAN emerged as a leading voice on regional trade and security issues. On 15 December 1995, the Southeast Asian Nuclear-Weapon-Free Zone Treaty was signed to turn Southeast Asia into a nuclear-weapon-free zone . The treaty took effect on 28 March 1997 after all but one of

270-689: A comprehensive guide for the establishment of the community was adopted on 20 November 2007 at the 13th ASEAN Summit in Singapore. Its characteristics include a single market and production base, a highly competitive economic region, a region of fair economic development, and a region fully integrated into the global economy. The areas of cooperation include human resources development, recognition of professional qualifications, closer consultation economic policies, enhanced infrastructure and communications connectivity, integrating industries for regional sourcing, and strengthening private sector involvement. Through

360-693: A cultural crossroads between East Asia and South Asia , located at critical junctions of the South China Sea as well as the Indian Ocean , and as a result received much influence from Islamic and Persian influences prior to the European colonial ages. Since around 100 BCE, the Southeast Asian archipelago occupied a central position at the crossroads of the Indian Ocean and the South China Sea trading routes, which stimulated

450-539: A drug-free region, environment among others. The vision also aimed to "see an outward-looking ASEAN playing a pivotal role in the international fora, and advancing ASEAN's common interests". ASEAN Vision 2020 was formalized and made comprehensive through the Bali Concord II in 2003. Three major pillars of a single ASEAN community were established: Political-Security Community (APSC), Economic Community (AEC) and Socio-Cultural Community (ASCC). To fully embody

540-486: A foreign borrower to purchase Chinese goods or services (e.g. construction contractor building the project). Concessional loans are a form of foreign aid and subsidized by the Chinese government revenues. They are denominated in renminbi . Preferential buyers' credits are denominated in U.S. dollars. Although their conditions are concessional, they are not subsidized by tax revenues. The preferential export buyer's credit

630-457: A major part of the financing support for the BRI. For concessional loans the bank advances a no interest or very low interest rate loan to a developing country government or agency to build a project (e.g. power plant, road, water treatment facility). The term of the concession loan is up to 20 years and a maximum grace period of 7 years is given. The preferential export buyer's credit is provided to

720-707: A member state has performed the AEC task or not. The more "yes" answers, the higher the score. Part of the work towards the ASEAN Economic Community is the integration of the energy systems of the ASEAN member states. The blueprint for this integration is provided by the ASEAN Plan of Action for Energy Cooperation (APAEC). APAEC is managed by the ASEAN Center for Energy. As trade is liberalized with

810-460: A methodology or approach to solving issues that respect Southeast Asia's cultural norms. Masilamani and Peterson summarise it as "a working process or style that is informal and personal. Policymakers constantly utilise compromise, consensus, and consultation in the informal decision-making process... it above all prioritises a consensus-based, non-conflictual way of addressing problems. Quiet diplomacy allows ASEAN leaders to communicate without bringing

900-572: A population of more than 600 million people and land area of over 4.5 million km (1.7 million sq mi). The bloc generated a purchasing power parity (PPP) gross domestic product (GDP) of around US$ 10.2   trillion in 2022, constituting approximately 6.5% of global GDP (PPP) . ASEAN member states include some of the fastest growing economies in the world, and the institution plays an integral role in East Asian regionalism. The primary objectives of ASEAN, as stated by

990-590: A prior European colony. Siam served as a convenient buffer state, sandwiched between British Burma and French Indochina, but its kings had to contend with unequal treaties as well as British and French political interference and territorial losses after the Franco-Siamese conflict of 1893 and the Anglo-Siamese Treaty of 1909 . Under European colonization, Southeast Asian nations were introduced to European religions and technologies, as well as

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1080-490: A quarter of the country's yuan bonds and is the biggest foreign-currency lender. CDB debt is owned by local banks and treated as a risk-free asset under the proposed People's Republic of China capital adequacy rules (i.e. the same treatment as PRC government bonds). The China Development Bank (CDB) was established in 1994 to provide development-oriented financing for high-priority government projects, particularly major infrastructure and projects that raise quality of life. It

1170-414: A region that is fully integrated into the global economy. Since 2007, ASEAN countries have gradually lowered their import duties to member states, with a target of zero import duties by 2016. ASEAN countries have many economic zones (industrial parks, eco-industrial parks, special economic zones, technology parks, and innovation districts) (see reference for comprehensive list from 2015). In 2018, eight of

1260-631: A twelve-member board of directors. Two are the executives in charge of managing Exim Bank. Six are directors from the agencies that hold shares of Exim Bank. The four "government-ministry directors" come from the National Development and Reform Commission , the Ministry of Finance , the Ministry of Commerce , and the State Administration of Foreign Exchange . China Development Bank China Development Bank ( CDB )

1350-440: Is 0.996 males per female, with 326.4 million males and 327.8 million females. An urban area, built-up area or urban agglomeration is a human settlement with a high population density and an infrastructure of built environment. Urban areas originate through urbanization, and researchers categorize them as cities, towns, conurbations or suburbs. The 20 largest metropolitan areas within ASEAN are as follows. The "ASEAN Way" refers to

1440-784: Is a policy bank of China under the State Council . Established in 1994, it has been described as the engine that powers the national government's economic development policies. It has raised funds for numerous large-scale infrastructure projects, including the Three Gorges Dam and the Shanghai Pudong International Airport . The bank is the second-largest bond issuer in China after the Ministry of Finance. In 2009, it accounted for about

1530-488: Is a rotating position, currently held by Laos . Recent ASEAN chairs are as follows: In response to pandemics, ASEAN has coordinated with ASEAN+3 and other actors to create a regional public health response. During the SARS outbreak , ASEAN and ASEAN+3 worked together to devise a response to the outbreak. Immediate and short-to-medium term measures were devised. The parties agreed to enhance sharing of best practices against

1620-984: Is among the state entities which contribute to the China Integrated Circuit Industry Investment Fund , which was established in an effort to decrease China's reliance on foreign semiconductor companies. The fund was established in 2014. In 2014, CDB was one of the funders of the Silk Road Fund , along with the State Administration of Foreign Exchange , China Investment Corporation , and Export-Import Bank of China . In 2015, China used its foreign exchange reserves to recapitalize CDB, which in turn empowered it to make significant foreign loans. In 2017, CDB provided RMB 130 billion to fund infrastructure and environmental upgrading in Xiong'an . As of December 2018, outstanding loans to 11 provincial-level regions along

1710-542: Is appropriate in a given situation. Beginning in 1997, heads of each member state adopted the ASEAN Vision 2020 during the group's 30th anniversary meeting held in Kuala Lumpur . As a means for the realization of a single ASEAN community, this vision provides provisions on peace and stability, a nuclear-free region, closer economic integration, human development, sustainable development, cultural heritage, being

1800-707: Is based on the ASEAN Charter, the ASEAN Security Community Plan of Action, and the Vientiane Action Program. The APSC aims to create a sense of responsibility toward comprehensive security and a dynamic, outward-looking region in an increasingly integrated and interdependent world. The ASEAN Defense Industry Collaboration (ADIC) was proposed at the 4th ASEAN Defense Ministers' Meeting (ADMM) on 11 May 2010 in Hanoi . It has

1890-481: Is consolidating, integrating, and transforming itself into a community. It is achieved while ASEAN seeks a more vigorous role in Asian and global affairs at a time when the international system is experiencing a seismic shift". Referring to climate change and economic upheaval, he concluded: "Southeast Asia is no longer the bitterly divided, war-torn region it was in the 1960s and 1970s". The financial crisis of 2007–2008

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1980-514: Is generally classified as a commercial loan rather than foreign aid even if the interest rate is very low because the purpose is to promote Chinese exports. During the Covid pandemic , the bank granted the government of Angola an undisclosed amount of debt relief. In 2022, the bank signed an agreement with Hong Kong realtor group ESR Group and to invest in ASEAN infrastructure projects. In 2023,

2070-511: Is quite small, something that integration could address. The MARKET project would provide flexible and demand-driven support to the ASEAN Secretariat while bringing more private-sector and civil-society input into regional agriculture policy dialogue. By building an environment that reduces barriers to trade, ASEAN trade would increase, thereby decreasing the risk of food price crisis. The group sought economic integration by creating

2160-403: Is to achieve food security collectively via trade in rice and maize. Trade facilitation measures and the harmonization/equivalency of food regulation and control standards would reduce the cost of trade in food products. While specialization and revealed comparative and competitive indices point to complementarities between trade patterns among the member states, intra-ASEAN trade in agriculture

2250-667: Is under the direct jurisdiction of the State Council and the People's Central Government. At present, it has 35 branches across the country and one representative office. The main objective as a state financial institution is to support the macroeconomic policies of the central government and to support national economic development and strategic structural changes in the economy. The bank provides financing for national projects such as infrastructure development, basic industries, energy, and transportation. Most of CDB's loans are for domestic projects, and it began lending for projects abroad in

2340-567: Is wholly state-owned through multiple state bodies. As of 2019, the owners were Central Huijin Investment Ltd. (one of China's sovereign funds ), Buttonwood Investment Holding Company Ltd. (owned by the State Administration of Foreign Exchange ), and the National Council for Social Security Fund . CDB has a thirteen member board of directors. Three are the executives in charge of managing CDB. Six are directors from

2430-577: The Asia-Pacific region and other parts of the world. It is a major partner of the UN , SCO , PA , GCC , MERCOSUR , CELAC , and ECO , It also hosts diplomatic missions throughout the world, maintaining a global network of relationships that is widely regarded as the central forum for cooperation in the region. Its success has become the driving force of some of the largest trade blocs in history, including APEC and RCEP . The predecessor of ASEAN

2520-564: The Group of Seven industrialized nations combined. The Financial Times estimates that in 2009 and 2010, Exim Bank and China Development Bank (CDB) together signed loans of at least $ 110 billion to other developing country governments and companies, more than the World Bank over a similar period. In 2014, CIC contributed some of the initial capital for the Silk Road Fund . Along the CDB and

2610-762: The Latin alphabet . The Japanese Empire , in the vein of the Greater East Asia Co-Prosperity Sphere concept, sought to unite and create a pan-Asian identity against Western colonial occupation , but Japan's alliance with the Axis powers in World War II soured relations between many colonies of Europe and the United States. Defeat of Imperial Japan eventuated in decolonization movements throughout Southeast Asia, resulting in

2700-565: The Malay Archipelago . European colonialism influenced most ASEAN countries, including French Indochina (present-day Vietnam , Laos & Cambodia ), British Burma , Malaya and Borneo (present-day Myanmar , Malaysia & Singapore , and Brunei ), Dutch East Indies (present day Indonesia ), Spanish East Indies (present-day Philippines and various other colonies), and Portuguese Timor (present-day Timor-Leste ), with only Thailand (then Siam ) not formed from

2790-557: The Ministry of Finance is a minority owner. The bank is a part of the Chinese foreign aid system and administers the Two Preferential Loan Program ( 两优贷款业务 ; liangyou ). The concessional loan ( 优惠贷款 ) and preferential buyer's credit ( 优惠买方信贷 ) are the two main loan products under the preferential loan program. Exim Bank's Sovereign Business Loan Department manages these loans. These two types of loans are

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2880-495: The 2020 banking integration. The reports point out that overcrowded banking sector in the Philippines is expected to feel the most pressure as the integration welcomes tighter competition with bigger and more established foreign banks. As a result, there needs to be a regional expansion by countries with a small banking sector to lessen the impact of the post-integration environment. In a follow-up report, S&P recently cited

2970-433: The AEC by the end of 2015 that established a single market . The average economic growth of member states from 1989 to 2009 was between 3.8% and 7%. This was greater than the average growth of APEC, which was 2.8%. The ASEAN Free Trade Area (AFTA), established on 28 January 1992, includes a Common Effective Preferential Tariff (CEPT) to promote the free flow of goods between member states. ASEAN had only six members when it

3060-677: The ASEAN Way's emphasis on consultation, consensus, and non-interference forces the organization to adopt only those policies which satisfy the lowest common denominator. Decision-making by consensus requires members to see eye-to-eye before ASEAN can move forward on an issue. Members may not have a common conception of the meaning of the ASEAN Way. Myanmar, Cambodia, and Laos emphasize non-interference while older member countries focus on co-operation and co-ordination. These differences hinder efforts to find common solutions to particular issues, but also make it difficult to determine when collective action

3150-669: The ASEAN identity, and narrowing the development gap. To track the progress of the AEC, a compliance tool called the AEC Scorecard was developed based on the EU Internal Market Scorecard. It is the only one in effect and is expected to serve as an unbiased assessment tool to measure the extent of integration and the economic health of the region. It is expected to provide relevant information about regional priorities, and thus foster productive, inclusive, and sustainable growth. It makes it possible to monitor

3240-490: The ASEAN members are among the world's outperforming economies, with positive long-term prospect for the region. ASEAN's Secretariat projects that the regional body will grow to become the world's fourth largest economy by 2030. The ASEAN Centre for Energy publishes the ASEAN Energy Outlook every five years, analysing and promoting the integration of national energy systems across the region. The sixth edition

3330-582: The Chinese economy. In 2003, CDB made loan arrangements for, or evaluated and underwrote, a total of 460 national debt projects and issued 246.8 billion yuan in loans. This accounted for 41% of its total investment. CDB's loans to the "bottleneck" investments that the government prioritizes amounted to 91% of its total loan count. It also issued a total of 357.5 billion yuan in loans to western areas and more than 174.2 billion yuan to old industrial bases in Northeast China. These loans substantially increased

3420-511: The Exim Bank has agreed to support Sri Lanka's debt restructuring efforts. The news follow's India's promise to also support Sri Lanka through the debt restructuring program. The bank has provided more than $ 1 billion in loans to the Maldives for upgrading infrastructure, including upgrading an airport, bridge construction, and relocating the country's port. Beginning in the early 2000s,

3510-450: The Philippines for "shoring up its network bases and building up capital ahead of the banking integration – playing defense and strengthening their domestic networks". The roadmap for financial integration is the latest regional initiative that aims to strengthen local self-help and support mechanisms. The roadmap's implementation would contribute to the realization of the AEC. Adoption of a common currency, when conditions are ripe, could be

3600-602: The Silk Road Fund, Exim Bank is one of the primary financing sources for Belt and Road Initiative (BRI) development projects in Africa. Rival export financing institutions that have seen a decline in influence, such as the U.S. Export–Import Bank through Chairman Fred Hochberg , have complained that Exim Bank doesn't follow the export financing guidelines promulgated by the OECD and so has an unfair advantage. Exim Bank

3690-689: The Sri Lankan government sought to obtain funding from international creditors to develop Hambantota. The Sri Lankan government sought funding for the Hambantota Port project form both the United States and India, which both declined. After India declined to fund development of the port, Sri Lanka next sought funding from China. In July 2006, Sri Lankan foreign minister Mangala Samaraweera met in China with Exim Bank president Li Ruogu . After this visit, Sri Lanka and China agreed that both countries would encourage Chinese companies to participate in

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3780-658: The US, Germany, Russia, France, Italy, UK, China, South Korea, Israel, and the Netherlands are among the major suppliers to ASEAN. ASEAN defense budget rose by 147% from 2004 to 2013 and is expected to rise further in the future. Factors affecting the increase include economic growth, ageing equipment, and the plan to strengthen the establishment of the defense industry. ASEANAPOL is also established to enhance cooperation on law enforcement and crime control among police forces of member states. The ASEAN Socio-Cultural Community (ASCC)

3870-602: The Yangtze River in 2019, said CDB Chairman Zhao Huan. China issued a development plan for the Yangtze River Economic Belt in September 2016 and a guideline for green development of the belt in 2017. The Yangtze River Economic Belt consists of nine provinces and two municipalities that cover roughly one-fifth of China's land. It has a population of 600 million and generates more than 40 percent of

3960-559: The agencies that hold shares of CDB. The four "government-ministry directors" come from the National Development and Reform Commission , the Ministry of Finance , the Ministry of Commerce , and the People's Bank of China . ASEAN The Association of Southeast Asian Nations , commonly abbreviated as ASEAN , is a political and economic union of 10 states in Southeast Asia . Together, its member states represent

4050-486: The apportioned bonds to be sold on the secondary market. In February 1996, CDB began its first overseas bond issuance in Japan, followed a year later by an issuance in the United States. Overseas issuance helped CDB diversify its funding sources. Ultimately, the issuance of bonds allowed CDB to become a financially independent bank without the state's tax revenues. In April 1998, former PBOC deputy governor Chen Yuan ,

4140-545: The association, are "to accelerate economic growth, social progress and cultural development in the region", and "to promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries in the region and adherence to the principles of the United Nations Charter ." In recent years, the bloc has broadened its objectives beyond economic and social spheres. ASEAN engages with other supranational entities in

4230-477: The belt amounted to 3.85 trillion yuan (about 575 billion U.S. dollars), according to the CDB. New yuan loans to these regions reached 304.5 billion yuan last year, accounting for 48 percent of the bank's total new yuan loans. The funds mainly went to major projects in the fields of ecological protection and restoration, infrastructure connectivity, and industrial transformation and upgrading. The CDB will continue to support ecological protection and green development of

4320-739: The central government. There are four vice governors and two assistant governors. At the end of 2004, CDB had about 3,500 employees. About 1,000 of CDB's employees work at the Beijing Headquarters, with the rest in 35 mainland branches; including a representative office in Tibet and a branch in Hong Kong . As of 2021, the CDB has more than 9,000 employees. CDB does not accept deposits from individuals. Its depositors are other financial agencies that are collaborating with CDB or entities which are repaying loans borrowed from CDB. CDB

4410-633: The civilian-military coalition government of Myanmar, which had long discriminated against the Rohingya, and had launched the 2017 attacks upon them. On 1 February 2021, the day before a newly elected slate of civilian leaders was to take office in Myanmar, a military junta overthrew Myanmar's civilian government in a coup d'etat , declaring a national state of emergency , imposing martial law , arresting elected civilian leaders, violently clamping down on dissent, and replacing civilian government with

4500-728: The commission adopted the ASEAN Human Rights Declaration . However, their human rights declaration has been critiqued widely by the international community, with the United Nations High Commissioner for Human Rights stating that the declaration was worded in problematic ways that do not easily align with international norms. Likewise, the Human Rights Watch in the United States noted several important fundamental rights were omitted or not clearly established. The ASEAN chair

4590-450: The country's GDP. As of at least 2018, CDB was the world's largest development bank, with total assets exceeding 16 trillion RMB. In 2020, China joined the G20 -led Debt Service Suspension Initiative, through which official bilateral creditors suspended debt repayments of 73 of the poorest debtor countries. China did not include CDB loans as part of the initiative under the logic that CDB

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4680-448: The discussions into the public view. Members avoid the embarrassment that may lead to further conflict." It has been said that the merits of the ASEAN Way might "be usefully applied to global conflict management". However, critics have argued that such an approach can be only applied to Asian countries, to specific cultural norms and understandings notably, due to a difference in mindset and level of tension. Critics object, claiming that

4770-458: The disease while also agreeing to bolster collaboration between their respective health authorities and harmonize travel procedures to ensure that proper health screening would occur. In addition, China offered to contribute $ 1.2 million to the ASEAN SARS fund, made both to show that it was willing to cooperate with the rest of the region and make amends for its withholding of information during

4860-468: The early 2000s. From 1994 to 1998, CDB's fundraising was subject to a higher degree of state control than in later periods. In the 1990s, CDB facilitated the creation of China's interbank bond market . Initially, the People's Bank of China (PBOC) required domestic financial institutions such as commercial banks to buy policy bank bonds. At this stage, the PBOC usually set high yields and did not permit

4950-516: The economic growth and structural readjustments of the Chinese economy. In 2005 and 2006, CDB successfully issued two pilot Asset-Backed Securities (ABS) products in the domestic China market. Along with other ABS products issued by China Construction Bank, CDB has created a foundation for a promising debt capital and structured finance market. China and Venezuela established the China-Venezuela Joint Fund in 2007, with

5040-503: The economy and the influx of ideas. This included the introduction of abugida scripts to Southeast Asia as well as the Chinese script to Vietnam . Besides various indigenous scripts, various abugida Brahmic scripts were widespread in both continental and insular Southeast Asia. Historically, scripts such as Pallava , Kawi (from ancient Tamil script) and Rencong or Surat Ulu were used to write Old Malay , until they were replaced by Jawi during Islamic missionary missions in

5130-462: The eldest son of Chen Yun , was appointed CDB's governor. Chen implemented reforms designed to increase CDB's autonomy by reducing state involvement in CDB's fundraising and lending. From 1998 to 2008, CDB increased its fundraising autonomy and used an auction-based bond issuance mechanism to raise its funds. In 1999, CDB offered China's first floating rate bond . CDB plays a major role in alleviating infrastructure and energy bottlenecks in

5220-414: The energy, mining and industrial sectors. Another function is to administer concessional loans which are no interest or very low interest loans provided as foreign aid by the Chinese government. Exim is the sole provider of Chinese government concessional loans . Exim Bank does not publish figures for overseas loans. However, U.S. officials estimate that it finances more than the total export financing of

5310-515: The final stage of the AEC. The roadmap identifies approaches and milestones in capital market development, capital account and financial services liberalization, and ASEAN currency cooperation. Capital market development entails promoting institutional capacity as well as the facilitation of greater cross-border collaboration, linkages, and harmonization between capital markets. Orderly capital account liberalization would be promoted with adequate safeguards against volatility and systemic risks. To expedite

5400-527: The free movement of skilled labor, goods, services and investment, ASEAN would rise globally as one market, thus increasing its competitiveness and opportunities for development. During the 14th ASEAN Summit, the group adopted the APSC Blueprint. This document is aimed at creating a robust political-security environment within ASEAN, with programs and activities outlined to establish the APSC by 2016. It

5490-549: The goal of offering capital funding for infrastructure projects in Venezuela which can be performed by Chinese companies. CDB lent $ 4 billion to the fund and the Venezuelan Economic and Social Development Bank (BANDES) contributed $ 2 billion. As part of China's response to the 2008 global financial crisis , emphasis on CDB's policy aspects increased and the state formalized its credit guarantee for CDB. CDB

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5580-598: The governorship of CDB in 2013, the bank's institutional power decreased. The next CDB governor, Hu Huaibang , removed CDB personnel to staff the bank with personnel loyal to himself. Hu then leveraged his personal influence to approve large amounts of industrial loans which ultimately failed. Hu was removed from office in 2018 on suspicion of corruption and he was sentenced to life in prison in 2021 for accepting bribes to approve projects that should not have passed CDB criteria. Following these events, CDB became significantly more cautious in its financing decisions. CDB

5670-478: The implementation of ASEAN agreements, and the achievement of milestones indicated in the AEC Strategic Schedule. The scorecard outlines specific actions that must be undertaken collectively and individually to establish AEC by 2015. To date, two official scorecards have been published, one in 2010, and the other in 2012. However, the scorecard is purely quantitative, as it only examines whether

5760-427: The importance of strengthening food security to maintain stability and prosperity in the region. As ASEAN moves towards AEC and beyond, food security would be an integral part of the community-building agenda. Strengthened food security is even more relevant in light of potentially severe risks from climate change with agriculture and fisheries being the most affected industries. Part of the aim of ASEAN integration

5850-540: The independent ASEAN states of today. On 15 December 2008, the member states met in Jakarta to launch the charter signed in November 2007, to move closer to "an EU -style community". The charter formally established ASEAN as a legal entity, aiming to create a single trade bloc for a region encompassing 500 million people. Indonesian president Susilo Bambang Yudhoyono stated: "This is a momentous development when ASEAN

5940-618: The initial stages of the outbreak. ASEAN held a special meeting between ASEAN and ASEAN+3 health ministers on 8 May 2009, on responding to the H1N1 pandemic . At this meeting, it was agreed that hotlines would be established between public health authorities, joint response teams would be formed, and ongoing research efforts would be bolstered. Since 2017, political, military and ethnic affairs in Myanmar have posed unusual challenges for ASEAN, creating precedent-breaking situations and threatening

6030-426: The integration in 2015, the need arises for ASEAN banking institutions to accommodate and expand their services to an intra-ASEAN market. Experts, however, have already forecast a shaky economic transition, especially for smaller players in the banking and financial services industry. Two separate reports by Standard & Poor's (S&P) outline the challenges that ASEAN financial institutions face as they prepare for

6120-571: The local member states of ASEAN group achieved greater cohesion in the mid-1970s following a change in the balance of power after the fall of Saigon and the end of the Vietnam War in April 1975 and the decline of SEATO. ASEAN's first summit meeting, held in Bali , Indonesia , in 1976, resulted in an agreement on several industrial projects and the signing of a Treaty of Amity and Cooperation , and

6210-414: The member states had ratified it. It became fully effective on 21 June 2001 after the Philippines ratified it, effectively banning all nuclear weapons in the region. On 7 January 1984, Brunei became ASEAN's sixth member and on 28 July 1995, following the end of the Cold War , Vietnam joined as the seventh member. Laos and Myanmar (formerly Burma) joined two years later on 23 July 1997. Cambodia

6300-542: The member states. The concept revolves around education and capability-building programs to develop the skills and capabilities of the workforce, production of capital for defense products, and the provision of numerous services to address the security needs of each member state. It also aims to develop an intra-ASEAN defense trade. ADIC aims to establish a strong defense industry relying on the local capabilities of each member state and limit annual procurement from external original equipment manufacturers (OEMs). Countries like

6390-409: The military's appointees. Widespread protests and resistance erupted, and elements of the civilian leadership formed an underground " National Unity Government " (NUG). Global opposition to the coup emerged, and global pressure was brought on ASEAN to take action. There are currently two states seeking accession to ASEAN: East Timor and Papua New Guinea . As of 1 July 2019 ,

6480-416: The population of the ASEAN was about 655 million people (8.5% of the world population). In ASEAN in 2019, 55.2 million children were age 0–4 and 46.3 million people were older than 65. This corresponds to 8.4% and 7.1% of the total ASEAN population. The region's population growth is 1.1% per year. Thailand is the lowest at 0.2% per year, and Cambodia is the highest at 1.9% per year. ASEAN's sex ratio

6570-758: The port project and encourage the use of concessional loans from China to finance the project. Sri Lankan President Rajapaksa visited China in February 2007 and the visit resulted in China's decision to fund the port development. In 2023, Exim Bank provided Sri Lanka with an extension on Sri Lankan debt due in 2022 and 2023. There are a total of 21 branches of the bank, in Anhui , Beijing , Chengdu , Chongqing , Dalian , Fujian , Guangdong , Heilongjiang , Hubei , Hunan , Jiangsu , Nanjing , Ningbo , Qingdao , Shanghai , Shanxi , Shenzhen , Tianjin , Xiamen , Xi'an , Xinjiang , Yunnan , and Zhejiang . Exim Bank has

6660-481: The process of financial services liberalization, ASEAN has agreed on a positive list modality and adopted milestones to facilitate negotiations. Currency cooperation would involve the exploration of possible currency arrangements, including an ASEAN currency payment system for trade in local goods to reduce the demand for US dollars and to help promote stability of regional currencies, such as by settling intra-ASEAN trade using regional currencies. Member states recognize

6750-473: The purpose, among others, to reduce defense imports from non-ASEAN countries by half and to further develop the defense industry in the region. It was formally adopted on the next ADMM on 19 May 2011, in Jakarta, Indonesia. The main focus is to industrially and technologically boost the security capability of ASEAN, consistent with the principles of flexibility and non-binding and voluntary participation among

6840-523: The region, as well as promoting regional peace, to collaborate on matters of shared interest, and to promote Southeast Asian studies and maintain close cooperation with existing international organisations. The creation of ASEAN was initially motivated by the desire to contain communism , which had taken a foothold in mainland Asia after World War II , with the formation of communist governments in North Korea , China, and Vietnam , accompanied by

6930-641: The so-called communist "emergency" in British Malaya , and unrest in the recently decolonized Philippines . These events also encouraged the earlier formation of the South East Asia Treaty Organization (SEATO), led by the United States , United Kingdom , and Australia , with several Southeast Asian partners in 1954 as an extension of "containment" policy, seeking to create an Eastern version of NATO . However,

7020-549: The three pillars as part of the 2015 integration, blueprints for APSC and ASCC were subsequently adopted in 2009 in Cha-am , Thailand. The ASEAN Community, initially planned to commence by 2020, was accelerated to begin by 31 December 2015. It was decided during the 12th ASEAN Summit in Cebu in 2007. The AEC aims to "implement economic integration initiatives" to create a single market for member states. The blueprint that serves as

7110-471: The traditions and unity of the group, and its global standing —with ASEAN responses indicating possible fundamental change in the nature of the organization. The Rohingya genocide erupting in Myanmar in August 2017—killing thousands of Rohingya people in Myanmar, driving most into neighboring Bangladesh , and continuing for months —created a global outcry demanding ASEAN take action against

7200-429: The western and northwestern provinces in China. This could help reduce the growing economic disparity in the western provinces, and it has the potential to revitalize the old industrial bases of northeast China. In 2010, CDB provided $ 30 billion in financing to Chinese solar power manufacturers. At the end of 2010, CDB held US$ 687.8 billion in loans, more than twice the amount of the World Bank . After Chen left

7290-547: Was a commercial lender rather than an official bilateral creditor. Along with the Silk Road Fund and the Export-Import Bank of China, the China Development Bank is one of the primary financing sources for Belt and Road Initiative projects in Africa, and is an important funder of BRI projects more generally. The Governors of the bank report to a Board of Supervisors, who are accountable to

7380-552: Was also adopted during the 14th ASEAN Summit. It envisions an "ASEAN Community that is people-centered and socially responsible with a view to achieving enduring solidarity and unity among the countries and peoples of ASEAN by forging a common identity and building a caring and sharing society which is inclusive and harmonious where the well-being, livelihood, and welfare of the peoples are enhanced". Among its focus areas include human development, social welfare and protection, social justice and rights, environmental sustainability, building

7470-412: Was established in 1994. Exim Bank implemented a bond auction in 1999. In 2015, China used its foreign exchange reserves to recapitalize Exim Bank, which in turn empowered it to make significant foreign loans. Exim Bank is entirely state-owned . As of 2019, its majority owner is Buttonwood Investment Holding Company Ltd. (which is in turn owned by the State Administration of Foreign Exchange ) and

7560-590: Was one of the financial agencies implementing China's stimulus plan and vastly increased its lending for infrastructure and industrial projects. From 2009 to 2019, CDB has issued 1.6 trillion yuan in loans to more than 4,000 projects involving infrastructure, communications, transportation, and basic industries. The investments are spread along the Yellow River, and both south and north of the Yangtze River . CDB has been increasingly focusing on developing

7650-430: Was published in 2020. ASEAN planned to establish a single market based upon the four freedoms by the end of 2015, with the goal of ensuring free flow of goods, services, skilled labour, and capital. The ASEAN Economic Community was formed in 2015, but the group deferred about 20% of the harmonization provisions needed to create a common market and set a new deadline of 2025. Until the end of 2010, intra-ASEAN trade

7740-574: Was seen as a threat to the charter's goals, and also set forth the idea of a proposed human rights body to be discussed at a future summit in February 2009. This proposition caused controversy, as the body would not have the power to impose sanctions or punish countries which violated citizens' rights and would, therefore, be limited in effectiveness. The body was established later in 2009 as the ASEAN Intergovernmental Commission on Human Rights (AICHR). In November 2012,

7830-444: Was signed. The new member states (Vietnam, Laos, Myanmar, and Cambodia) have not fully met AFTA's obligations, but are officially considered part of the agreement as they were required to sign it upon entry into ASEAN, and were given longer time frames to meet AFTA's tariff reduction obligations. The next steps are to create a single market and production base, a competitive economic region, a region of equitable economic development, and

7920-576: Was still low as trade involved mainly exports to countries outside the region, with the exception of Laos and Myanmar, whose foreign trade was ASEAN-oriented. In 2009, realised foreign direct investment (FDI) was US$ 37.9 billion and increased two-fold in 2010 to US$ 75.8 billion. 22% of FDI came from the European Union , followed by ASEAN countries (16%), and by Japan and the United States. The ASEAN Framework Agreement on Trade in Services (AFAS)

8010-674: Was the Association of Southeast Asia (ASA), formed on 31 July 1961 and consisting of Thailand , the Philippines , and Malaya . ASEAN itself was created on 8 August 1967, when the foreign ministers of five countries— Indonesia , Malaysia , the Philippines , Singapore , and Thailand —signed the ASEAN Declaration . According to the Declaration, ASEAN aims to accelerate economic, social, and cultural development in

8100-618: Was to join at the same time as Laos and Myanmar , but a Cambodian coup in 1997 and other internal instability delayed its entry. It then joined on 30 April 1999 following the stabilization of its government. In 2006, ASEAN was given observer status at the United Nations General Assembly . In response, the organization awarded the status of "dialogue partner" to the UN. Besides their close geographic proximity, political scholars consider Southeast Asian nations

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