The East Asian Community (EAC) is a proposed trade bloc for the East and Southeast Asian (ESEA) countries that may arise out of either ASEAN Plus Three or the East Asia Summit (EAS). Economy History Prior to the EAS The Association of Southeast Asian Nations (ASEAN) was formed on 8 August 1967 by the Philippines, Malaysia, Thailand, Indonesia, and Singapore, as a display of solidarity against communist expansion in Vietnam and insurgency within their own borders. In 1990, Malaysia proposed a creation of an East Asia Economic Caucus composed of the then five members of ASEAN; Brunei, Indonesia, Malaysia, the Philippines, and Thailand. After a series of failures, ASEAN and its neighbors created another regional grouping the ASEAN Plus Three, established in 1997 and institutionalised in 1999. The significance of this grouping was demonstrated in the response to the Asian Financial Crisis of 1997. ASEAN Plus Three appeared to take the role of community building in East Asia. In 1999, a Joint Statement on East Asia Cooperation was issued on the topic of East Asian integration by ASEAN. In 1998, ASEAN Plus Three established The East Asian Vision Group of eminent persons which reported in 2001. In turn in 2001 the East Asian Study Group was established. In 2002, ASEAN Plus Three received the Final Report of the East Asian Study Group. This included a recommendation to establish an East Asia Summit. As a result, the status of ASEAN Plus Three is unclear with the existence of the more recent East Asia Summit established in 2005 following this process and involving all the members of ASEAN Plus Three, together with India, Australia and New Zealand, otherwise known as ASEAN Plus Six. Subsequent to the EAS After the EAS was established the issue arose of whether any future East Asia Community would arise from the EAS or ASEAN Plus Three. Malaysia felt that it was still the case that the role of the community building fell to ASEAN Plus Three shortly before the second EAS despite "confusion". China apparently agreed whereas Japan and India felt the EAS should be the focus of the East Asian Community. After the first EAS the feasibility of EAS to have a community building role was questioned with Ong Keng Yong, the secretary-general of ASEAN being quoted as describing the EAS as little more than a "brainstorming forum" Nevertheless, the Chairman’s Press Statement for the Seventh