Chapter 3: An Economic Community in the Asia-Pacific Region
Page 20 3 An Economic Community in the AsiaPacific Region The concept of an economic community in the AsiaPacific Region is not new and it has progressed in two historical phases (Drysdale, 1988, pp. 209–22, especially footnotes 42 and 45, pp. 224–5). The concept of an AsiaPacific economic community seems to have its root in a proposal for a counterregional economic grouping to the European economic community as it began to unfold after the signing of the Treaty of Rome in 1957. It must be noted that economic rationale of the discussion continued to remain limited in this U.S.Pacific response to face the emerging challenge of a “fortress Europe”. For an overview of the growth of the process of AsiaPacific economic cooperation, a tabular presentation of the historical institutional profile follows (Table 3.1). Let us review the movement for economic cooperation in the AsiaPacific region, exclusive of South Asia, in two successive phases. PHASE I: OPTAD The first two plans, using the acronym OPTAD, came from Kojima and Drysdale (Kojima, 1968). Kojima used the term for the Organization for Pacific Trade and Development (OPTAD) while Drysdale referred to the Organization for Pacific Trade, Aid and Development. The concept of a Pacific Free Trade Area (PAFTA) was introduced by Kojima as early as 1964, and in the following year a proposal was developed, a response, as it were, to the formation of the European common market in 1958 following the signing of the...
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