In 1992 the Common Effective Preferential tariff CEPT scheme was signed as a schedule for phasing tariff and as a goal to increase the region's competitive advantage as a production base geared for the world market this law would act as the framework for the ASEAN Free trade Area After the East Asian financial crisis of 1997 a revival of the Malaysian proposal was established in Chiang Mai, know as the Chiang mai initiative, which calls for better integration between the economies of ASEAN as well as the ASEAN plus three countries, China,Japan, and South Korea