Asian Responses to the Global Financial Crisis

Asian Responses to the Global Financial Crisis

The Impact of Regionalism and the Role of the G20

Edited by Jehoon Park, T. J. Pempel and Geng Xiao

The expert contributors – both Asian and Western – illustrate that as G20 members, many Asian countries are now able to showcase their increasing powers and influence on global issues. Within this context, and via multidisciplinary economic and political science perspectives, the book deals with various issues such as World System analysis, the debate between the Washington Consensus and the Beijing Consensus, roles within the G20, and the contribution of ‘middle’ powers such as Korea and Australia. The application of European experiences to Asia is also considered, as are perspectives from the US. The book concludes that the key to resolving the current global economic crisis lies in how quickly a new global governance and monitoring system can be constructed, and that there are multiple roles for Asian countries to play in its development.

Chapter 9: APEC: The Future Prospects for a Bridge Spanning the Pacific

Tomoyoshi Nakajima

Subjects: asian studies, asian economics, economics and finance, asian economics, politics and public policy, international politics, international relations, urban and regional studies, regional studies

Extract

Tomoyoshi Nakajima1 9.1 INTRODUCTION The 20th anniversary of the formation of the Asia-Pacific Economic Cooperation (APEC) was in 2009. The steps taken by APEC – which espouses an ‘Open Regionalism’ aiming at the liberalization of trade and investment indicated by the Bogor Goals for the economic development of the Asia-Pacific region – have not been even, and the results have not always fulfilled the hopes of many members. Today many of APEC’s members have concluded bilateral or regional free trade agreements (FTAs) with countries and territories within and outside the region, and have realized the liberalization of trade and investment by means of exclusive frameworks. Moreover in East Asia, which is an important part of APEC, regional economic integration is being sought by means of frameworks such as ASEAN13 and ASEAN16 (see Section 9.3). Such moves have an impact on the United States, which faces the possibility of being excluded, and has induced major changes in its East Asian trade policy. Today, as a specific response thereto, the United States is proposing a Free Trade Area of the Asia-Pacific (FTAAP), with its area being APEC in its entirety. In this chapter, on the premise of such changes in the environment, and in the area of the liberalization of trade and investment, I look to the future of APEC, which is a unique international organization linking East Asia and the United States. 9.2 OVERVIEW OF APEC APEC, via a call from Australian Prime Minister Bob Hawke, was formed in 1989 as an organization...

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