Contemporary Southeast Asia
Modern Southeast Asia has been characterized by high economic growth by most countries and closer regional integration. Indonesia, Malaysia, the Philippines, Singapore and Thailand have traditionally experienced high growth and are commonly recognized as the more developed countries of the region. As of late, Vietnam too had been experiencing an economic boom. However, Myanmar, Cambodia, Laos and the newly independent East Timor are still lagging economically.
On August 8, 1967, the Association of Southeast Asian Nations (ASEAN) was founded by Thailand, Indonesia, Malaysia, Singapore, and the Philippines. Since Cambodian admission into the union in 1999, East Timor is the only Southeast Asian country that is not part of ASEAN, although plans are under way for eventual membership. The association aims to enhance cooperation among Southeast Asian community. ASEAN Free Trade Area has been established to encourage greater trade among ASEAN members. ASEAN has also been a front runner in greater integration of Asia-Pacific region through East Asia Summits.
Read more about this topic: History Of Southeast Asia
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