section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The group sought economic integration by creating the AEC by the end of 2015 that established a single market. The average economic growth of member states from 1989 to 2009 was between 3.8% and 7%. This was greater than the average growth of APEC, which was 2.8%. The ASEAN Free Trade Area (AFTA), established on 28 January 1992, includes a Common Effective Preferential Tariff (CEPT) to promote the free flow of goods between member states. ASEAN had only six members when it was signed. The new member states (Vietnam, Laos, Myanmar, and Cambodia) have not fully met AFTA's obligations, but are officially considered part of the agreement as they were required to sign it upon entry into ASEAN, and were given longer time frames to meet AFTA's tariff reduction obligations. The next steps are to create a single market and production base, a competitive economic region, a region of equitable economic development, and a region that is fully integrated into the global economy. Since 2007, ASEAN countries have gradually lowered their import duties to member states, with a target of zero import duties by 2016.
  
  ASEAN countries have many economic zones (industrial parks, eco-industrial parks, special economic zones, technology parks, and innovation districts) (see reference for comprehensive list from 2015). In 2018, eight of the ASEAN members are among the world's outperforming economies, with positive long-term prospect for the region. ASEAN's Secretariat projects that the regional body will grow to become the world's fourth largest economy by 2030.
  
  The ASEAN Centre for Energy publishes the ASEAN Energy Outlook every five years, analysing and promoting the integration of national energy systems across the region. The sixth edition was published in 2020.