The Economies of Southeast Asia, Second Edition
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The Economies of Southeast Asia, Second Edition

Before and After the Crisis

Jose L. Tongzon

This updated and fully revised second edition provides a comprehensive examination of issues of paramount importance for Southeast Asian economies including: the economic implications of the 1997 Asian crisis for both older and newer members of ASEAN; the role of government and FDI in ASEAN economic growth and development; trade patterns with the US, Japan and the EU and the economic implications of China’s accession to the WTO for ASEAN countries; the environmental consequences of industrialisation and growth; the emergence of economic growth triangles and their contribution to ASEAN growth and regional cooperation; the prospects and challenges of ASEAN economic cooperation before and after the crisis; and the key challenges facing ASEAN member countries in the aftermath of the crisis.
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Chapter 6: ASEAN economic relations: the US, Japan, EU, China and Vietnam

Jose L. Tongzon


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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