Charter transforms ASEAN into legal entity like EU

Xinhuanet | Nov 20, 2007

BEIJING, Nov. 20 (Xinhuanet) — In order to be more ready to face challenges, the Association of Southeast Nations (ASEAN) signed a Charter on Tuesday, which transforms the ASEAN into a rules-based legal entity like the European Union.

The Charter was signed by the bloc’s 10 leaders in Shangri-La Hotel in the downtown of Singapore. Under the Charter, the member states of ASEAN are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Here are a rough guide of the Charter:

Legal personality

In order to be more ready to face challenges, ASEAN needs a legal foundation and institutional framework for building up the regional integration, the Charter says.

“ASEAN, as an inter-governmental organization, is hereby conferred legal personality,” says the Charter. (ASEAN to be conferred legal personality )

Single market and elimination of all barriers

ASEAN leaders promised in the Charter to create a single market and production base with effective facilitation for trade and investment in which there is free flow of goods, services and investment. They also promised to gain freer flow of capital. (ASEAN vows to create single market in the region )

According to the Charter, ASEAN will adhere to multilateral trade rules to eliminate all barriers to regional economic integration in a market-driven economy.

The Charter says that ASEAN will enhance consultations on matters seriously affecting the common interest of the group.(ASEAN plans to eliminate all barriers to regional economic integration )