Importance of Multilateral Organizations Such as ASEAN and APEC - Research Paper Example

ASEAN policy of constructive intervention has led to increased participation of all the countries, including Myanmar, in regional affairs. The establishment of AFTA (ASEAN Free Trade Area) has led to increased free trade in the region. However, AFTA is not as strong and consolidated as the EU and needs further intensification. Currently, ASEAN holds around 200 meetings annually for increasing the economic prospects within and outside the region. Even China, which is busy setting up several military base stations within and outside the ASEAN region, is exploring every possibility to increase trade and investment openness among other countries.  However, there is a need to make the Treaty of Amity and Co-operation in Southeast Asia sharper for the economic well-being of the member countries.

With US's biggest consumer and China the biggest producer, there will always be economic interdependence in the Asia Pacific region. Hence APEC could not have been only a consultative forum. All the countries in the association have adhered to an open multiparty system of trading. Though APEC includes economically stronger countries like the U.S., Australia, New Zealand and Canada, ASEAN countries in the ASEAN-APEC group are definitely going to have a competitive advantage over the others.  Hence constructive intervention of ASEAN is going to play an important role in the economic development and political stability in the region.