World trade grew at 1.9%, while world GDP grew 2.3% in 2016. Considering its development gaps among country members, Asean does not have any intention to become a customs union and a single market like the EU. Now, what does Asean mean for the EU? The regional grouping established the Asean Free Trade Area (AFTA) in 1992 before the WTO was founded in 1995, and signed the Asean Trade in Goods Agreement in 2009. Asean and the EU have made efforts to improve the transparency of their regulations related to trade, non-tariff measures.

Source: Bangkok Post March 26, 2017 22:18 UTC