Since its foundation in 1967, the Association of Southeast Asian Nations (ASEAN) has made extraordinary progress. It has been transformed into an increasingly well-regulated, dynamic and the world's fastest-developing economic region. Its member states grew from six to 10 and today include Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
As identified by ASEAN leaders, 2015 is a key milestone on the ASEAN integration agenda. On Dec. 31, ASEAN became the official ASEAN Economic Community (AEC). Now the AEC is the third-largest market — behind only China and India — in the world with a population of 622 million. In terms of economy, the AEC is a highly competitive economic region with a combined GDP of $2.6 trillion, the seventh-largest economy in the world and the third largest in Asia. ASEAN is a world-class investment destination that attracted foreign direct investment of $136 billion in 2014. In terms of connectivity, ASEAN is a well-connected community with tourist arrivals of 105 million in 2014. ASEAN has become a unique example of 10 diverse nations that have come together under the AEC and the Lao PDR is proud to be a part of this community of nations.
Since its accession to ASEAN on July 23, 1997, Lao PDR has actively participated in the ASEAN community building process. While resuming the ASEAN chairmanship this year, Lao PDR stands ready to move forward a resilient community consisting of three pillars: the ASEAN Political-Security Community, ASEAN Economic Community and ASEAN Socio-Cultural Community. The Lao chairmanship is expected to be important and meaningful as it is the first year of the implementation of the ASEAN Community Vision 2025 and its blueprints for the three community pillars.