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| Srl | Item |
| 1 |
ID:
108572
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| Publication |
2011.
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| Summary/Abstract |
Certain developments are emerging in East Asia that could accentuate the divisions
among ASEAN members over East Asian regionalism. One is the trend toward
financial and trade cooperation between ASEAN and Northeast Asian countries
that will make it difficult for ASEAN to resist East Asian regionalism. Another is
the growing global economic importance of East Asia that can reduce ASEAN's
centrality in this regionalism. These divisions are most pronounced between
Malaysia and Indonesia. While Malaysia wants the regional grouping to be a
community, Indonesia sees it as basically functional in purpose. Malaysia, unlike
Indonesia, sees some economic, especially financial, benefit from the regional
grouping. China is not seen by Malaysia as a threat to the region and can best be
accommodated in Malaysia's preferred grouping, the ASEAN Plus Three, while
Indonesia favors the East Asia Summit where India can help balance China.
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| 2 |
ID:
108470
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| Publication |
2011.
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| Summary/Abstract |
The recent regionalization in East Asia can be defined in terms of regionalization cum globalization. In the case of Europe, regionalization was originally intended to create a preferential and protected area. From its inception, however, regionalization in East Asia emphasized open membership and global liberalization. This so-called open regionalism was then adopted as a fundamental principle of the Asia-Pacific Economic Cooperation (APEC). Given that APEC is an inter-regional institution, however, the concept of open regionalism is not applicable to characterize exclusively Asian integration process that gained momentum on the basis of the ASEAN?+?3 framework. For many East Asian countries, a regionalization initiative, especially after the 1997 financial crisis, was a natural response to cope with globalization. Indeed, although East Asian economies are increasingly regionalized, the global market remains crucial and exclusively Asian arrangements are still rare. Globalization and regionalization processes are mutually reinforcing. Singapore is one example that developed into a regional economic hub through the regionalization cum globalization strategy. Given that Korea concluded recently two important free trade areas with the USA and the EU, Korea is also capable of building such a regional economic hub. The first step is to strengthen a cooperation network between the three Northeast Asian countries, China, Japan, and Korea. This network, together with ASEAN, is expected to catalyze the regional integration in East Asia and shape its future evolution.
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