Trade Policy Reforms and Development
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Trade Policy Reforms and Development

Essays in Honour of Peter Lloyd, Volume II

Edited by Sisira Jayasuriya

Trade Policy Reforms and Development, comprises 11 essays offering new contributions on the following topics: globalisation and political economy of trade; trade, labour standards and economic crisis; the changing role of the WTO; competition policy and the WTO; choice of formulas for market access negotiations; regionalism and bilateralism in ASEAN; ANZUS free trade agreement; new criteria for optimum currency areas; trade policy and poverty in Asia; impact of agricultural trade reforms on poverty; and recent behaviour of US imports.
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Chapter 6: Regionalism and bilateralism in ASEAN

Chia Siow Yue and Mari Pangestu


Chia Siow Yue and Mari Pangestu INTRODUCTION The Association of Southeast Asian Nations (ASEAN) was formed by Indonesia, Malaysia, the Philippines, Thailand and Singapore (ASEAN-5), with the Bangkok Declaration signed in August 1967. ASEAN was founded for strategic and security reasons, to prevent interstate conflicts and to respond to the communist threat in Southeast Asia. During the cold war era, ASEAN was a bastion of anti-communism and actively wooed by the Western powers. Brunei joined ASEAN in the 1980s and Cambodia, Laos, Myanmar and Vietnam (CLMV) in the 1990s after the ending of the cold war, expanding the grouping into the ASEAN-10. Before the outbreak of the Asian financial crisis in mid-1997, ASEAN was much lauded as a dynamic and cohesive organization, able to achieve regional peace and security and, together with the political stability of individual member states, provide the underpinning for the dynamic economic growth of the region. The crisis devastated several ASEAN economies. Preoccupations with domestic financial, economic, political and social problems have sidelined efforts at regional economic cooperation. ASEAN has been increasingly perceived as lacking in political will to move forward in regional economic cooperation and integration. The ASEAN countries individually and collectively are facing several tough challenges. The first is to ensure sustained economic recovery. In the short term, this depends on cyclical recovery of domestic consumption and investment demand and export demand. For the longer term, ASEAN has to meet the challenges of economic competitiveness, particularly with the economic rise of China....

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