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Economic Regionalization in the Asia-pacific

Economic Regionalization in the Asia-pacific

Challenges to Economic Cooperation

M. Dutta

This original and comprehensive book provides a unique insight into the development of economic regionalization, with special reference to the Asia-Pacific. It presents international globalization strategies from a historical perspective and then analyses the effects on the development of Asia-Pacific Economic Cooperation (APEC). Focusing on APEC itself, the author provides a detailed investigation into its organization and agenda, and thorough personal interviews with some of the most influential people who have worked for APEC.

Chapter 21: A Conversation with MOHAMED ARIFF

M. Dutta

Subjects: asian studies, asian economics, economics and finance, asian economics, international economics


Page 186  21  A Conversation with MOHAMED ARIFF  Q. The APEC Bogor Summit in 1994 was a great success. How would you describe APEC in your own way?  A. APEC had its turning point in Seattle in 1993. For the first time at Seattle, the meeting of the Heads of APEC member­countries was called a summit. Now the  annual APEC summit appears to have become an institution. Four more annual summits—Osaka, Canada, Manila, Kuala Lumpur—in 1996, 1997, 1998 and 1999,  respectively, have been scheduled. APEC is no longer a loosely structured informal grouping. It is now a formally structured institution, a formal intraregional  organization.  In the past, APEC was considered simply a forum where issues of common interest were discussed and its decisions were not binding. Since Seattle, 1993 at annual  APEC summits, participation by the Heads of its member­states has contributed to its much higher institutional visibility.  Personally, I’m all for APEC. The gravity of the world economy has been shifting from the Atlantic to the Pacific. The Pacific Basin has become the new dynamo of the  world economy and all projections point to the fact that it will continue to be the center of growth in the twenty­first century. Clearly, U.S. economic activities within the  Pacific continue to grow and have become a dominant share of its overall international trade and investment.  In that sense, APEC is simply a response to the market trends. The pace is being set by the market forces,...

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