The EU single market came into being in 1992, transforming Europe into the world's largest free trade zone. The early success of the EU single market manifested the immense significance of regionalism and an increasing economic interdependence.
On June 23, the British went to the polls to determine their country's future with the European Union. Shockingly, a majority voted for Britain's departure from the EU. Soon after, European nations were busy grappling with the reasons and ramifications of the referendum results. In Britain, David Cameron declared he would resign as prime minister, admitting his inability to convince the public of the advantages of remaining in the EU. Economists around the world anticipated the domino effects of Brexit on the global economy. It was reported that some EU members might begin to ponder whether they should follow the U.K.
It is useful to assess how the Brexit may have offered valuable lessons to Southeast Asia, in particular to the Association of Southeast Asian Nations, which is often compared with the EU in the context of their organizational progress.