Transformation of association of Southeast Asian nations into economic community modeled on European Union experience

Integration processes in Asia are led by the Association of Southeast Asian Nations (ASEAN). The European Union (EU) has been instrumental in mentoring the ASEAN integration process. The aim of this paper was to determine whether the effects of the ASEAN Economic Community will be equal with achievements of the EU. This research focuses on the economic dimension of regional cooperation in South East Asia. The paper relies on a large number of data that have been drawn from a variety of authoritative sources, including the United Nations, the World Bank, the International Monetary Fund, the World Economic Forum, as well as the EU and ASEAN. The research results shows that ASEAN in integration process can rely on the EU integration experience, with consideration of fundamental differences between these two regions.