Economic Regionalization in the Asia-pacific
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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.
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Chapter 3: An Economic Community in the Asia-Pacific Region

M. Dutta


Page 20  3  An Economic Community in the Asia­Pacific Region  The concept of an economic community in the Asia­Pacific Region is not new and it has progressed in two historical phases (Drysdale, 1988, pp. 209–22, especially  footnotes 42 and 45, pp. 224–5). The concept of an Asia­Pacific economic community seems to have its root in a proposal for a counterregional economic grouping to  the European economic community as it began to unfold after the signing of the Treaty of Rome in 1957. It must be noted that economic rationale of the discussion  continued to remain limited in this U.S.­Pacific response to face the emerging challenge of a “fortress Europe”.  For an overview of the growth of the process of Asia­Pacific economic cooperation, a tabular presentation of the historical institutional profile follows (Table 3.1). Let  us review the movement for economic cooperation in the Asia­Pacific region, exclusive of South Asia, in two successive phases.  PHASE I: OPTAD  The first two plans, using the acronym OPTAD, came from Kojima and Drysdale (Kojima, 1968). Kojima used the term for the Organization for Pacific Trade and  Development (OPTAD) while Drysdale referred to the Organization for Pacific Trade, Aid and Development. The concept of a Pacific Free Trade Area (PAFTA)  was introduced by Kojima as early as 1964, and in the following year a proposal was developed, a response, as it were, to the formation of the European common  market in 1958 following the signing of the...

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