The level of industrialization of the SEA countries also varies largely but this can be attributed to the difference in the size of the domestic market of each country or region and their overall level of development on the economic front. Singapore and Indonesia have benefitted largely from the creation of the ASEAN since these countries are the larger of the SEA countries. Malaysia has also benefitted as a result of being highly industrialized and acting as an outsourcing hub for many companies who need cheap labor and other input costs Keling et al., 2011()
Relevance to international business and globalization
Looking at free trade agreements in general and the case study of the ASEAN, we can see that free trade agreements have a key part to play in strengthening the economies of the member states. Therefore, this implies that countries can form free trade agreements in order to create...
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