Before and After the Crisis
Chapter 6: ASEAN economic relations: the US, Japan, EU, China and Vietnam
6. ASEAN economic relations: the US, Japan, EU, China and Vietnam As discussed in Chapter 2, the older members of ASEAN (ASEAN5 + Brunei) are not only market-oriented but have also adopted an export-oriented policy. The export-oriented industrialization policy of these countries has made their economic relations with developed and developing countries an important part of their overall economic development. This chapter will evaluate the ASEAN6 (ASEAN5 + Brunei) external economic relations particularly with the US, Japan and the European Union (EU), their major trading and investment partners, and two important newly emerging market economies in Asia, before the crisis. 6.1 DEVELOPED COUNTRIES Although the ASEAN6 countries have expanded trading and investment links among themselves and with other Asian countries, as a group their trade and investments are still concentrated with developed countries. ASEAN6 economic relations with developed countries (the US, Japan and the EU) have essentially revolved around three major issues: (a) trade and market access; (b) foreign investments and technology; (c) foreign aid. In the past the dominant issues were aid and development assistance in the era of ‘non-reciprocity’ in multilateral relations. Over time as the ASEAN6 countries continued to grow, the issues of trade, market access and investments based on reciprocity have increasingly been gaining prominence in ASEAN–developed countries’ economic relations. The ASEAN6 countries continue to demand access to the markets of the industrialized countries for their manufactures in the context of rising nontariff barriers while the developed economies continually demand market access for their financial...
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