Objective - This study analyses the relationship between FDI, TO, GE and EG based on data collected from 79 member countries of the AAC. Today, the AAC has becomes an urgent forum for member countries as it strives to manifest the economic development and prosperity of Asian and African countries.

Methodology/Technique - This study uses correlation and the Granger Causality test to analyse data which were extracted from the World Bank database during the period of between 2000– 2014.

Findings - The test results showed that the correlation of FDI, TO, GE may be correlated weakly, moderately, and strongly against EG. However, the Granger Causality test results indicated that not all variables have causality. In that regard, member countries of the AAC should pay more attention towards promoting economic growth through FDI, TO and GE.

Novelty - The findings of this study can be used by policy makers and economists in the respective member countries of the AAC to design an economic strategy that encourages domestic economic growth.

Type of Paper: Empirical/Review

Keywords: Macroeconomy, AAC, Correlation, Causality test, Foreign Direct Investment, Trade Openness, Government Expenditure, Economic Growth.