ASEAN – an organization of Southeast Asian countries, which includes Brunei, the Philippines, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam, was founded in 1967. From the beginning of 2020. it is led by Vietnam, and the leadership of the organization takes place on an annual rotational basis.

The 37th summit of that organization ends on Sunday, November 15, in the Vietnamese capital Hanoi. He will be remembered for the signed agreement on a comprehensive regional economic partnership. It will establish the world’s largest free trade zone with about 2.2 billion consumers and a total GDP of $ 28 trillion, accounting for more than 32% of total world GDP.

The agreement must be a driver for the recovery of ASEAN member economies in the post-pandemic period. The realization of the agreed elements in the agreement, according to analysts, provides great potential for job creation and accelerating the development of regional and global production chains, which will give a strong impetus to the development of member states and their partners in the world. According to analysts, by 2025. the total GDP of ASEAN countries could grow to $ 100 trillion.

We remind you: the beginning of negotiations on the establishment of a free trade zone within ASEAN dates back to 2012. and the Cambodia Summit, when the organization consisted of 10 countries and 6 major trade and economic partners who had signed free trade agreements with it: Australia, India, Japan, South Korea, China and New Zealand. India later withdrew from the negotiation process, opposing a stronger lifting of trade barriers on the territory of ASEAN and its partners.