ASEAN was established in 1967 in Bangkok, Thailand in order to promote economic growth, social progress, cultural development among its members. Since its founding, ASEAN has held annual summits to discuss cooperation. It has also formed economic partnerships with countries like Australia, Japan, China, and India. While India's trade with ASEAN was initially small, it has grown significantly in recent decades, though the trade balance has generally favored ASEAN imports over Indian exports.