Transforming East Asia

Regionalism in East Asia will unite formerly economically independent countries in “an open and integrated market.”

East Asia is home to roughly one-third of the globe’s population and accounts for one-fifth of the gross world product (GWP). In the 1980s, links among countries in the region strengthened and market ideology began to spread “even in socialist countries.” Economic development became a priority and US security forces minimized intraregional conflict.

Increased peace, security and prosperity in East Asia led to the gradual introduction of regionalism, that is, “regional economic integration through intergovernmental institutions.” Until 1998, free trade agreements (FTAs) were unpopular in the region because countries preferred the most-favored-nation approach to global trade liberalization. However, by 2000, FTAs were common. China’s ascendance injected fresh impetus into regional institutions, such as Asean (Association of Southeast Asian Nations), which has 10 member countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Asean often works in conjunction with three other countries – ...