Reaffirming its common commitment to support and strengthen ASEAN and community efforts to create and strengthen regional organizations working for economic growth, social progress and cultural development, with a view to creating an element of balance in international relations, 1. The parties are committed to promoting the development and diversification of their mutual trade, taking into account their respective economic situation, at the highest possible level. Subject to the economic cooperation provisions of Article 3, paragraph 3, the provisions of this agreement are replaced by provisions of the agreements concluded between the Member States of the Communities and Indonesia, Malaysia, the Philippines, Singapore and Thailand, to the extent that the latter provisions are incompatible with them or incompatible with the latter. Inspired by its common desire to consolidate, deepen and fully diversify their trade and economic relations and, consequently, its increasing capacity to meet the demands of the other on the basis of comparative advantages and mutual benefits; an ongoing exchange of information, important for Bedem`s economic cooperation, as well as the development of contacts and promotional actions between companies and organisations in the two regions, reaffirming that they contribute to a new phase of international economic cooperation and facilitate the development of their respective human and material resources on the basis of freedom, equality and equity; 1. Contracting parties conduct economic cooperation in all areas deemed appropriate by the parties, taking into account the complementary interests and long-term economic capabilities. Reaffirming their willingness to contribute to the expansion of international trade in order to increase economic growth and social progress, Promoting closer economic relations through mutually beneficial investments, 3. Without prejudice to the relevant provisions of the Treaties establishing the Communities, this agreement and all the measures taken under this agreement do not affect the power of a Member State of the Communities to undertake bilateral activities with one of the ASEAN Member States in the field of economic cooperation and, if necessary, to conclude new economic cooperation agreements with those countries.