What were the objectives behind the formation of the ASEAN in 1967?

The Association of South East Asian Nations was established in 1967 by five nations of south-east Asian region including Indonesia, the Philippines, Malaysia, Thailand and Singapore via signature of the Bangkok Declaration. Its major objectives were the following:

(i) Primarily for accelerating economic growth as well as via cultural development and social progress.

(ii) For promoting peace as well as stability within the region on the basis of the principles as well as rules of law of the United Nations Charter.

(iii) For creating regional development that is at par the fast growing economy of the world.