ASEAN-Economic And Functional Cooperation
When ASEAN was established trade among the member countries was insignificant. Estimates between 1967 and the early 1970 showed that the share of intra-ASEAN trade from the total trade of the member countries was between 12 and 15 percent. Thus some of the earliest economic cooperation schemes of ASEAN were aimed at addressing this situation. One of the these was the preferential trading arrangement of 1977. Which accorded tariff preferences for trade among ASEAN economic. Ten years later, an enhanced PTA programmer was adopted at the third ASEAN summit in Manila further increasing intra ASEAN trade.
