Much of the world's shipping goes through the Pacific region, especially between China and the United States. The Pacific Ocean is the world's largest ocean, so a very large number of countries border it and it can thus be considered part of the region. The United States, Canada, and Mexico all have Pacific Ocean coastlines and can thus be considered part of the region. The Asian Tigers are a group of developed economies that have all experienced high levels of economic growth since the s due to their exports.
What Is ASEAN?
In Asia will have the world's largest GDP. Here's what that means | World Economic Forum
After the Second World War, significant protectionist sentiment compelled the economies of South Asia to pursue import-substituting industrialization ISI. While intra-regional trade is not a novel concept for the region, the economies of South Asia are new to the ideas of regionalism and regionalization. Several factors combine to make a negative case for a viable free trade agreement in the short-term. Even so, a reasonable case exists for the creation and gradual strengthening of SAFTA, as there are few benefits to dwelling on historical ill will. As these economies grow and economic complementarities begin to develop, the countries of South Asia may find that SAFTA can offer a potentially significant contribution to their progress. Despite strong incentives to create a framework for economic integration, the countries of South Asia have faced an arduous path.
Asian financial crisis
Southeast Asia. Regional Organizations. Defense and Security. ASEAN is headed by a chair—a position that rotates annually among member states—and is assisted by a secretariat based in Jakarta, Indonesia. Important decisions are usually reached through consultation and consensus guided by the principles of noninterference in internal affairs and peaceful resolution of conflicts.
A major partner of Shanghai Cooperation Organisation , ASEAN maintains a global network of alliances and dialogue partners and is considered by many as a global powerhouse,   the central union for cooperation in Asia-Pacific , and a prominent and influential organization. It is involved in numerous international affairs, and hosts diplomatic missions throughout the world. The region's dynamic economic growth during the s strengthened the organization, enabling ASEAN to adopt a unified response to Vietnam's invasion of Cambodia in ASEAN's first summit meeting, held in Bali, Indonesia in , resulted in an agreement on several industrial projects and the signing of a Treaty of Amity and Cooperation , and a Declaration of Concord. It then joined on 30 April following the stabilization of its government.