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What is the objective of the ASEAN?
  • a)
    To increase competition among the member countries for better products.
  • b)
    To integrate the economies of the region to make region more attractive for investors
  • c)
    To promote economic cooperation in SouthEast Asia and ensure economic stability in the region .
  • d)
    b and c both
Correct answer is option 'D'. Can you explain this answer?
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What is the objective of the ASEAN?a)To increase competition among th...
  • ASEAN nations want to promote economic cooperation in SouthEast Asia and ensure economic stability in the region and to integrate the economies of the region to make the region more attractive for investors.
  • The Association of Southeast Asian Nations (more commonly known as ASEAN) is an intergovernmental organization aimed primarily at promoting economic growth and regional stability among its members.
  • There are currently 10 member states: Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Myanmar, Cambodia and Vietnam.
  • ASEAN was founded half a century ago in 1967 by the five Southeast Asian nations of Indonesia, Malaysia, Philippines, Singapore and Thailand. This was during the polarized atmosphere of the Cold War, and the alliance aimed to promote stability in the region.
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What is the objective of the ASEAN?a)To increase competition among th...
Objective of ASEAN

The Association of Southeast Asian Nations (ASEAN) is a regional intergovernmental organization comprising ten Southeast Asian countries. The objective of ASEAN is to promote economic cooperation in Southeast Asia and ensure economic stability in the region. This objective is achieved through various means, including:

Integration of Economies

One of the primary objectives of ASEAN is to integrate the economies of the region. This is done by promoting free trade among the member countries and reducing barriers to trade and investment. The ASEAN Free Trade Area (AFTA) was established in 1992 to facilitate this process. Since then, ASEAN has signed several free trade agreements with other countries, including China, Japan, South Korea, India, and Australia.

Promoting Economic Cooperation

ASEAN also works to promote economic cooperation among its member countries. This is done through various initiatives, including the ASEAN Economic Community (AEC). The AEC aims to create a single market and production base in Southeast Asia by facilitating the free flow of goods, services, investment, and skilled labor among the member countries.

Ensuring Economic Stability

Another objective of ASEAN is to ensure economic stability in the region. This is achieved through various means, including the Chiang Mai Initiative (CMI). The CMI is a multilateral currency swap agreement between the ASEAN+3 countries (ASEAN plus China, Japan, and South Korea) that aims to provide financial support to member countries in times of financial crisis.

Attracting Investors

By promoting economic cooperation and ensuring economic stability, ASEAN aims to make the region more attractive to investors. This is important for the economic development of the member countries and the region as a whole. ASEAN also provides a platform for dialogue and cooperation on issues of common interest, including climate change, terrorism, and regional security.

Conclusion

In summary, the primary objective of ASEAN is to promote economic cooperation in Southeast Asia and ensure economic stability in the region. This is achieved through various means, including the integration of economies, promoting economic cooperation, ensuring economic stability, and attracting investors to the region. ASEAN has been successful in achieving these objectives, and the region has become one of the fastest-growing in the world.
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PASSAGE IIIThe need for Competition Law becomes more evident when foreign direct investment (FDI) is liberalised. The impact of FDI is not always pro-competitive. Very often FDI takes the form of a foreign corporation acquiring a domestic enterprise or establishing a joint venture with one. By making such an acquisition the foreign investor may substantially lessen competition and gain a dominant position in the relevant market, thus charging higher prices. Another scenario is where the affiliates of two separate multinational companies (MNCs) have been established in competition with one another in a particular developing economy, following the liberisation of FDI. Subsequently, the parent companies overseas merge. With the affiliates no longer remaining independent, competition in the host country may be artificially inflated. Most of these adverse consequences of mergers and acquisitions by MNCs can be avoided if an effective competition law is in place. Also, an economy that has implemented an effective competition law is in a better position to attract FDI than one that has not. This is not just because most MNCs are expected to be accustomed to the operation of such a law in their home countries and know how to deal with such concerns but also that MNCs expect competition authorities to ensure a level playing field between domestic and foreign firms.Q. According to the passage, how does a foreign investor dominate the relevant domestic market?1. Multinational companies get accustomed to domestic laws.2. Foreign companies establish joint ventures with domestic companies.3. Affiliates in a particular market/sector lose their independence as their parent companies overseas merge.4. Foreign companies lower the cost of their products as compared to that of products of domestic companies. Which of the statements given above are correct?

PASSAGE IIIThe need for Competition Law becomes more evident when foreign direct investment (FDI) is liberalised. The impact of FDI is not always pro-competitive. Very often FDI takes the form of a foreign corporation acquiring a domestic enterprise or establishing a joint venture with one. By making such an acquisition the foreign investor may substantially lessen competition and gain a dominant position in the relevant market, thus charging higher prices. Another scenario is where the affiliates of two separate multinational companies (MNCs) have been established in competition with one another in a particular developing economy, following the liberisation of FDI. Subsequently, the parent companies overseas merge. With the affiliates no longer remaining independent, competition in the host country may be artificially inflated. Most of these adverse consequences of mergers and acquisitions by MNCs can be avoided if an effective competition law is in place. Also, an economy that has implemented an effective competition law is in a better position to attract FDI than one that has not. This is not just because most MNCs are expected to be accustomed to the operation of such a law in their home countries and know how to deal with such concerns but also that MNCs expect competition authorities to ensure a level playing field between domestic and foreign firms.Q. What is the inference from this passage?

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What is the objective of the ASEAN?a)To increase competition among the member countries for better products.b)To integrate the economies of the region to make region more attractive for investorsc)To promote economic cooperation in SouthEast Asia and ensure economic stability in the region .d)b and c bothCorrect answer is option 'D'. Can you explain this answer?
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What is the objective of the ASEAN?a)To increase competition among the member countries for better products.b)To integrate the economies of the region to make region more attractive for investorsc)To promote economic cooperation in SouthEast Asia and ensure economic stability in the region .d)b and c bothCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about What is the objective of the ASEAN?a)To increase competition among the member countries for better products.b)To integrate the economies of the region to make region more attractive for investorsc)To promote economic cooperation in SouthEast Asia and ensure economic stability in the region .d)b and c bothCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the objective of the ASEAN?a)To increase competition among the member countries for better products.b)To integrate the economies of the region to make region more attractive for investorsc)To promote economic cooperation in SouthEast Asia and ensure economic stability in the region .d)b and c bothCorrect answer is option 'D'. Can you explain this answer?.
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