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The Devastating Crisis, Singapore’S Extra-Asean Free Trade Agreements And Their Implications For Asean

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  • Tongzon, Jose L.

    () (National University of Singapore)

Abstract

This paper aims to assess the implications of the Asian economic crisis of 1997/98 and Singapore’s current initiatives to forge extra-ASEAN free trade agreements for the future of ASEAN economic integration. Have the recent crisis and the resulting economic difficulties undermined ASEAN’s resolve to deepen their level of economic integration? Would Singapore’s current initiatives at forging free trade deals with countries outside the region undermine the region’s economic integration? The perception by some members in ASEAN that these bilateral free trade deals can be used as a “backdoor” entry into the ASEAN markets is particularly a matter of serious concern, which could threaten the very existence of ASEAN as a regional economic grouping. It is argued that the recent crisis has instead galvanised ASEAN countries’ determination to move forward in economic integration and on the basis of the most recent trends, there is strong indication that the political resolve is likely to be translated into concrete measures. However, there remain other more challenging tasks before the vision of a regional free trade can be realised. Further, the fear that Singapore’s FTAs with other countries will undermine AFTA has not been based on concrete grounds. However, Singapore needs to assure other ASEAN members that Singapore is not abandoning ASEAN but remains committed to the success of AFTA with greater awareness of the political sensitivities of the other members.

Suggested Citation

  • Tongzon, Jose L., 2002. "The Devastating Crisis, Singapore’S Extra-Asean Free Trade Agreements And Their Implications For Asean," EIJS Working Paper Series 153, Stockholm School of Economics, The European Institute of Japanese Studies.
  • Handle: RePEc:hhs:eijswp:0153
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    References listed on IDEAS

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    1. Jeffrey J. Schott, 1991. "Trading Blocs and the World Trading System," The World Economy, Wiley Blackwell, vol. 14(1), pages 1-18, March.
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    More about this item

    Keywords

    AFTA; bilateral free trade agreements; ASEAN; Asian crisis; implications;

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F15 - International Economics - - Trade - - - Economic Integration

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