After the East Asian Financial Crisis of 1997, a revival of the Malaysian proposal, known as the Chiang Mai Initiative, was put forward in Chiang Mai, Thailand.
It called for better integration of the economies of ASEAN as well as the ASEAN Plus Three countries, China, Japan, and South Korea.
ASEAN's first summit meeting, held in Bali, Indonesia in 1976, resulted in an agreement on several industrial projects and the signing of a Treaty of Amity and Cooperation, and a Declaration of Concord.
The end of the Cold War between the United States and the Soviet Union at the end of the 1980s allowed ASEAN countries to exercise greater political independence in the region, and in the 1990s ASEAN emerged as a leading voice on regional trade and security issues.
Member countries have a combined population of approximately 640 million people, 8.8% of the world's population, more than EU28, though in terms of land, a bit smaller.