ASEAN leaders today declared the establishment of an EU-style regional economic bloc, ASEAN Economic Community (AEC). The AEC envisages a single market with a free flow of goods, capital and skilled labour in the region. It will integrate Southeast Asia's diverse economies, a region with 620 million people and a combined gross domestic product of USD 2.4 trillion.The Kuala Lumpur declaration on the establishment of the AEC was today signed by the leaders of 10-nation grouping in front of world leaders including Prime Minister Narendra Modi and UN Secretary General Ban Ki-moon.