Whither East Asian economic integration? Korea??s regionalization cum globalization strategy |
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Authors: | Woosik Moon |
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Institution: | (1) Graduate School of International Studies, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul, 151-742, South Korea |
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Abstract: | The recent regionalization in East Asia can be defined in terms of regionalization cum globalization. In the case of Europe,
regionalization was originally intended to create a preferential and protected area. From its inception, however, regionalization
in East Asia emphasized open membership and global liberalization. This so-called open regionalism was then adopted as a fundamental
principle of the Asia-Pacific Economic Cooperation (APEC). Given that APEC is an inter-regional institution, however, the
concept of open regionalism is not applicable to characterize exclusively Asian integration process that gained momentum on
the basis of the ASEAN + 3 framework. For many East Asian countries, a regionalization initiative, especially after the 1997
financial crisis, was a natural response to cope with globalization. Indeed, although East Asian economies are increasingly
regionalized, the global market remains crucial and exclusively Asian arrangements are still rare. Globalization and regionalization
processes are mutually reinforcing. Singapore is one example that developed into a regional economic hub through the regionalization
cum globalization strategy. Given that Korea concluded recently two important free trade areas with the USA and the EU, Korea
is also capable of building such a regional economic hub. The first step is to strengthen a cooperation network between the
three Northeast Asian countries, China, Japan, and Korea. This network, together with ASEAN, is expected to catalyze the regional
integration in East Asia and shape its future evolution. |
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