Why cant we Asian Countries make ASIAN UNION just like the EUROPEAN UNION?????

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What do you think if all the counties in the Asian Subcontinent including Australia and the Oceanic group of islands come forward to form a Union just like the European Union……? Having a Single Currency…. And liberalized trade policies… and unrestricted travel within the countries……….. Wouldn’t it be a great thing…… can’t we overtake the EU and the USA????.............. Tell me what do you think??