A comparison with established regional blocs reveals the daunting challenge BIMSTEC faces. In 2004, exports among the Association of Southeast Asian Nations (ASEAN) countries were at the level of USD 123.7 billion. As pioneers of regional economic cooperation, the countries that make up the European Economic Community (EEC) traded extensively among themselves, even in the absence of a preferential trading arrangement. Before any liberalisation, intra-EEC imports made up 25 per cent of total imports. Current intra-BIMSTEC trade, for its part, stands at just 4 percent of total trade.