ASEAN helps regional trade partners as developing nations try to compete with China and Japan for economic gains. ASEAN can help direct economic policy even if it has no authority to make laws among member nations. Any trade group is a good thing as economic stability is key to grow the global economy.
No, ASEAN does not fail to promote economic stability, because ASEAN is a group that meets proactively for the express purpose of improving the economies in member countries, as well as preserving culture. ASEAN is a positive organization because member states can discuss strategies as well as learn from each other's successes and mistakes.