ASEAN is currently attracting much attention as a major growth center in the global economy. With a market of more than 600 million people and an abundant young labor force, whose working-age population will peak in the second half of the 2040s, ASEAN has achieved remarkable economic growth with its GDP expanding threefold over the past ten years. As the ASEAN region has grown economically, Japan-ASEAN economic relations have steadily deepened.
By 2014, ASEAN became Japan's second-largest trading partner trailing only China. Likewise, Japan comes second only to the European Union in terms of foreign direct investment with Japanese companies based in ASEAN numbering more than 8,000. It is clear that Japan and ASEAN have built a robust economic relationship over the past decades.
The ASEAN Community (AC), consisting of the ASEAN Political-Security Community (APSC), ASEAN Economic Community (AEC) and ASEAN Socio-Cultural Community (ASCC), was established on Dec. 31. This community building is a continuous and evolving process with ASEAN adopting a road map at the ASEAN Summit in November to further its integration over the next ten years.
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