October 2003 Summit
At a meeting on October 7, 2003 on Bali, leaders of the members nations signed a declaration known as the Bali Concord II in which they agreed to pursue closer economic integration by 2020.
According to the declaration, "an ASEAN Community" would be set upon three pillars, "namely political and security cooperation, economic cooperation, and socio-cultural cooperation... for the purpose of ensuring durable peace, stability and shared prosperity in the region."
The plan envisaged a region with a population of 500 million and annual trade of US$720 billion.
Also, a free trade area would be established in the region by 2020.
Asean's leaders also discussed setting up a security community alongside the economic one, though without any formal military alliance.
During the same meeting, China and ASEAN have also agreed to work faster toward a mutual trade agreement, which will create the world's most populous market, with 1.7 billion consumers.
Japan also signed an agreement pledging to reduce tariff and non-tariff barriers with ASEAN members.
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