In February 1976 during the First ASEAN
Summit in Bali, economic cooperation, not economic
integration, moved onto the ASEAN agenda. The
Declaration of ASEAN Concord called for economic
cooperative action by member states, aiming at the
promotion of their national and regional development
programs, by utilizing as far as possible the resources
available in the ASEAN region to broaden the
complementarity of their respective economies, while
hoping that regional cooperation in large-scale
industries in critical sectors could spur economic
development via industrialization.