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It is lauded as the "best-established intergovernmental institution in Asia" while achieving high approval ratings in its own region.
Throughout history, ASEAN has formed a global network of alliance, cooperation and dialogues among countries and sub-regional, regional and international organisations and institutions, solidifying itself as one of the biggest players on the international stage.
Cambodia was to have joined at the same time as Laos and Burma, but its entry was delayed due to the country's internal political struggle.
It later joined on 30 April 1999, following the stabilization of its government.
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In 2015, the organisation's combined nominal GDP had grown to more than USD .8 trillion.
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.
Due to its global influence and regional success, ASEAN has been credited as one of the world's most successful and influential organisations, and an "emerging powerhouse".
The organisation received high praises from world leaders and international community, and is dubbed as the centrality in the political, economic, security and socio-cultural architecture of Asia-Pacific.