ASEAN Integration in 2030 : United States Perspectives
Abstractï»¿The paper argues that United States (US) participation in the East Asia Summit (EAS)â€”regional integration architecture led by the Association of Southeast Asian Nations (ASEAN)â€”was motivated by four changes in the regional economic landscape : (i) the Asian financial crisis of 1997 and emergence of the ASEAN+3 grouping; (ii) the rise of the Peopleâ€™s Republic of China (PRC) as the leading regional growth engine and an active player in regional integration arrangements; (iii) the failure of the Asia-Pacific Economic Cooperation (APEC) arrangement to foster trade liberalization in the region; and (iv) the inability of the World Trade Organization (WTO) Doha Development Round to lower global trade barriers significantly. In joining the EAS, the Obama Administration espoused an approach known as divided functionality, one that would give priority to APEC, and its trade-focused Trans-Pacific Partnership (TPP) agreement economic engagement with East Asia, and the EAS for addressing political and security issues. Currently, two architectures for regional economic integration are contesting. The first embodies the US vision of a deeply institutionalized Asia-Pacific economic community, as articulated by the ongoing TPP trade negotiations. The second is represented by the Asia-only ASEAN+3 framework, a shallowly institutionalized grouping with weak enforcement compliance mechanisms. However, despite differences in the two approaches, prospects for a healthy complementarity between themâ€”through overlapping memberships, the application of open regionalism, and the benefits of competitive liberalization among specific trade agreementsâ€”seem promising.
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Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 23310.
Date of creation: Jul 2012
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ASEAN integration; the East Asia Submit; The United States; regional integration architecture; Asia-Pacific economic community;
Find related papers by JEL classification:
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- F15 - International Economics - - Trade - - - Economic Integration
- F18 - International Economics - - Trade - - - Trade and Environment
- F55 - International Economics - - International Relations and International Political Economy - - - International Institutional Arrangements
- F59 - International Economics - - International Relations and International Political Economy - - - Other
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