The European Union and East Asia

The European Union and East Asia

Interregional Linkages in a Changing Global System

Edited by Peter W. Preston and Julie Gilson

The global system has seen sweeping changes in recent years and this has precipitated a revival of interest in the relationship between Europe and Asia. This book examines the extent and nature of the regional linkages between East Asia and the European Union. Issues discussed include: the reactions and approaches of both regions to the Asian Crisis; postcolonialism and the balance of power in Europe-Asia Relations; trade relations between Europe and Asia and the revival of the Silk Road; and the development of the role of Asia-Europe Meetings.

Chapter 10: The European Union and China: the benefits of openness in international economic integration

Tong Jia-Dong

Subjects: asian studies, asian economics, asian politics and policy, economics and finance, asian economics, politics and public policy, asian politics, european politics and policy


Tong, Jia-Dong INTRODUCTION There are two kinds of model in international economic integration. One is the institutional model, the so-called policy-oriented model, and the other is the non-institutional model, the market-oriented integration model. These two models show one shared characteristic when we consider the interdependence of nations. That is, that any kind of economic integration must have some attraction to the participating states. The European Union is a typical example of the institutional model of integration. In the past, it was a rather closed system, and it was difficult for third countries to enter it in order to trade. It can be argued that the EU should now become more open to trade in order to boost its rate of economic growth. In this context, we can note the importance of expanding trade with China. I would argue that the EU should open its trade more widely and strengthen its economic contacts with countries outside the EU. In theoretical terms, the EU should adjust the balance of its economic system and move away somewhat from the present rather closed system towards a stance which is more open to the world. MODELS OF ECONOMIC INTEGRATION There are two kinds of international economic integration in the world. One is institutional integration, the other is non-institutional integration oriented to the mechanism of the marketplace. The two strategies have distinctive benefits and disbenefits.1 The model of instutional integration means that member states should transfer some legislative regulative power from the national level to the...

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