The ASEAN Leaders adopted the Declaration of ASEAN Concord II (Bali Concord II) in Bali, Indonesia on 7 October 2003 to establish an ASEAN Community by 2020. The ASEAN Community shall be established comprising three pillars, namely political and security community, economic community, and socio-cultural community that are closely intertwined and mutually reinforcing for the purpose of ensuring durable peace, stability, and shared prosperity in the region.