The protocol was signed in Malaysia on November 6, 2015.
Aiming to boost regional competitiveness, the ASEAN Framework Agreement of Services (AFAS) has been implemented with a commitment to liberalising trade in 128 sectors.
As of January 2016, ASEAN member states signed about ten service commitments. All deals made under AFAS have a greater scope and degree of trade liberalisation compared to those of the World Trade Organisation.
Since joining ASEAN in 1995, Vietnam has been an active member and has made significant contributions to the bloc.
The ASEAN Economic Community was founded on December 31, 2015, built on the pillars of political and security issues, economics and sociocultural issues with the aim of building a politically connected people-orientated community with vibrant economic growth.
Established in 1967, ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
