The ASEAN Economic Community was supposed to be a single market, but it's not quite there yet. ASEAN has made agreements to promote trade and investment, but progress has been slow. The organization started in 1967, but it took until 1977 for member states to sign a trading agreement. By the 1990s, tariffs were reduced on some goods, but important products were still protected. Despite these challenges, the trading agreement was a big step forward for ASEAN.