Contemporary Developmentnt of ASEAN:
· Asian financial crisis 1997 -1998:
1. Obvious contagion relationsnship between ASEAN and NIEs
2. Disappointment to the USA reaction and assistance
3. The lack of progress of APEC
4. IMF and USA delay to created AMS (Japan ßàUSA), set up bilateral currency SWAP agreement (CMA 2000)
5. China not devaluate own currency
6. New Miyazava Plan which was success
7. IMF policy was inappropriate
· Internal and external forces:
1. Rice of regionalism globally
2. Successfully example of the Single Market Program in Europe and eventually Monetary Union
3. Generall pessimism WTO
ASEAN history is mainly political and first major initiative was AFTA (1992).
True “ASEAN fashion” rather than commit regional integration in sensitive areas.
- Strict policy of nonintervention in each other’s internal policy
- Intergovernmental framework rather supranational organizations
- It is not real free trade zone, tariff still 0 to 5% (2010)
ASEAN Economic Community (AEC) 2015
Create region in which goods, services capital and skilled labor would flow free. Reasons behind to create AEC :
1. Create post – AFTA agenda that would be comprehensive
2. Deepening economic integration in ASEAn, light of the new international commercial environment, especially of the Dominance of FTAs
3. Bilateral FTAs could actually threaten ASEAn integration since all member Countries where free to pursue their own commercial – policy agenda
4. The recognition that cooperation in the real and financial sector must to be extend concomitantly. (Skilled labor force, investment)
The lack of influence of APEC in the financial crisis, has served to solidify ASEAn/ East Asia move favor APT (ASEAn + three) approach.
Problem of integration:
ASEAn features development with three different levels:
1. Dynamic Asian Economies
2. Middle – income countries
3. Least – developed countries
Different kind of form/structure of the society and social order.
Intra– regional trade between ASEAn is relatively low, 25 %<
APT little bit less than 60%
EU almost 70%
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