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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 24: APEC and Trade

M. Dutta

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


Page 211  24  APEC and Trade  BEYOND TRADE  I have argued (see Part I) that two sets of forces, governed by push­and­pull factors, the former from Europe and the latter from Asia, have contributed to progressive  institutionalization of APEC. Economic regionalization in Western Europe acted as the push factor. The European Union continues to experiment with its model of deep  economic integration with much success and presents a challenge to the rest of the world.  In Part II, I have presented my conversations with several members of APEC’s EPG and independent scholars in various APEC member­countries, with each of  whom I pressed the argument. In general, a consensus exists that the live experiment in Western Europe has certainly been a model to learn from, an educational  process. It has had some impact on the happenings in the Asia­Pacific.  Some eminent persons have argued that the APEC Summit in 1993 had its impact on the EU, persuading the Europeans to accept the Uruguay Round of the GATT  Agreement after six years of strenuous negotiations. Still others have forcefully argued that the EU, rooted to the concept of fortress Europe, could hardly have an  impact on APEC and its commitment to free trade in the area. The EU does not present a fortress regional model, I continue to argue.  Some other eminent persons point out that the historical fact of the security and defense umbrella provided by the United States in the Asia­Pacific region has been  more...

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