Future targets for Asian regional integration |
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Authors: | Eiji Yamashita |
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Institution: | (1) International Finance, Graduate School of Economics, Osaka City University (OCU), Osaka, Japan |
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Abstract: | The central framework of Asian integration is ASEAN+3 and, since its first Summit meeting in 1997, it has advanced regional
integration in East Asia. Based on the direct experience of the author, this article presents a critical assessment of the
progress made over the past ten years and argues that the ‘Singapore Declaration’ of 2007 is not ambitious enough for the
future. An East Asian customs union (EACU) and common regional market should be the next targets for trade integration. In
terms of monetary integration, Asia should aim for de-dollarisation and to achieve this it is crucially important to create
a regional Asian monetary system (AMS).
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