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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 28: Australia and New Zealand Closer Economic Relations (ANZ-CER)

M. Dutta

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


Page 259  28  Australia and New Zealand Closer Economic Relations (ANZ­CER)  Australia and New Zealand (ANZ) are both members of APEC. Indeed, Australia joined Japan in the leadership role in economic regionalization in the Asia­Pacific as  early as the 1960s. Long before APEC was officially instituted in 1989, the first non­official Asia­Pacific economic grouping—the Organization for Pacific Trade and  Development (OPTAD) became an entity in the 1970s with Japan, Australia, New Zealand, Canada and the United States. Eventually, the five­member OPTAD  broadened its membership to countries in East and Southeast Asia, and then in 1991 to Hong Kong, China and Taiwan—and the non­official forum, Pacific Economic  Cooperation Conference (PECC) came into being.  We have argued that much of this Asia­Pacific happening was due to the push factor, originating in the fast­evolving economic regionalization in Western Europe. The  movement was reinforced by the pull factors from the high rate of economic growth of NIEs in East Asia and in Southeast Asia.  In this general context, the economic grouping of Australia and New Zealand in the South Pacific presents yet another facet of region­specific common economic  regime. Both Australia and New Zealand are resource­rich, high­income economies with small population bases. Thus, the economic structures of Australia and New  Zealand ‘‘with a specialization in primary commodities” differ very much from those of most East and Southeast Asian economies.  It is interesting to compare the population and land area figures of...

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