The ASEAN Economic Community (MEA) is an economic bloc formed by the 10 member countries of the Association of Southeast Asian Nations (ASEAN) in 2015. This economic bloc was formed to promote economic growth and development in the region. However, there are certain factors that did not contribute to the formation of MEA. This article will discuss these factors in detail.
Overview of MEA
The ASEAN Economic Community (MEA) was established in 2015 with the aim of creating a region of open markets and increased economic integration. It is intended to foster economic growth and development in the region and to create a single market and production base. It has also been established to promote the region’s economic competitiveness, attract foreign investments, and to strengthen regional economic cooperation.
Factors Not Contributing to MEA’s Formation
- Political Instability: The political instability in some of the member countries of MEA did not contribute to its formation. Political instability can have an adverse effect on economic growth and development and can hinder the progress of economic integration.
- Inequality: Inequality between the member countries of MEA was another factor that hindered its formation. Inequality in terms of economic resources, access to education, and health care can result in unequal economic development and can impede the formation of a single market and production base.
- Lack of Resources: The lack of resources in some of the member countries of MEA was also a factor that hindered its formation. The lack of resources such as capital, technology, and skilled labor can limit the ability of a country to participate in economic integration.
- Cultural Differences: The cultural differences between the member countries of MEA was another factor that hindered its formation. Cultural differences can lead to misunderstandings and can hinder economic integration.
- Geographical Barriers: The geographical barriers between the member countries of MEA was another factor that hindered its formation. Geographical barriers such as mountains, rivers, and deserts can limit the ability of countries to engage in economic integration.
The ASEAN Economic Community (MEA) was established in 2015 with the aim of creating a region of open markets and increased economic integration. However, there are certain factors that did not contribute to its formation such as political instability, inequality, lack of resources, cultural differences, and geographical barriers. These factors can impede the progress of economic integration and can hinder the formation of MEA.