The East Asia Summit concludes in Kuala Lumpur

The Association of Southeast Asian Nations (ASEAN) was proclaimed a community through a declaration signed by the ASEAN leaders at its 27th Summit here on Sunday.

It has been forecast that Asean’s gross domestic product (GDP) would reach US$4.7 trillion (RM20 trillion) by 2020, and become the fourth largest economy in the world as early as 2030.

The idea of building the ASEAN Community was proposed in 2003 on the three pillars of the ASEAN Political and Security Community, the ASEAN Economic Community and the ASEAN Socio-Cultural Community.

They have also agreed to enhance the connectivity of their transportation infrastructure and communications, better facilitate electronic transactions, integrate industries to promote regional sourcing, and enhance private-sector involvement in the economy.

Yet no less important is that the AEC will make the region more attractive to foreign investors and traders.

The secretary-general of ASEAN is directed to monitor and report the progress of implementation to the ASEAN summit annually, it added.

On Saturday, at a bilateral meeting with ASEAN leaders, Obama said countries should stop militarizing their claims in the disputed South China Sea.

“I did raise with Prime Minister Najib – as I have with numerous leaders here in Southeast Asia, but and also numerous leaders in Africa, in Latin American and everywhere we go – the importance of transparency, accountability, the importance of rooting out corruption – all of which are impediments to development, all of which hold countries back”, President Barack Obama told reporters in Kuala Lumpur Sunday.

The protocol covers a wide range such as trade in goods, services, investment, economic and technological cooperation, and is a supplement to the original agreement of the ASEAN-China Free Trade Area (ACFTA), according to a statement by China’s Ministry of Commerce.

Najib says he’s also very encouraged that all members of the East Asia Summit have been actively involved since past year in strengthening the organization.

Najib Razak handed over the Chairmanship of ASEAN for 2016 to Lao Prime Minister Thongsing Thammavong, expressing his hope that under Laos’ Chairmanship, the ASEAN Community will continue thriving.

Li also said China will buy more Malaysian treasury bonds to help stabilise its financial markets.

“United States cannot be at war with any religion, including Islam”, said Obama.

“In this forum, we often thought of terrorism as a peripheral problem for this region”.