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Future targets for Asian regional integration

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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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Notes

  1. East Asia Study Group (2002)

  2. ASEAN+3 (2007b)

  3. In March 1996, the first ASEM (Asia-Europe Meeting) Summit was held in Bangkok, Thailand. Taking that opportunity, a meeting of the East Asian leaders was convened separately from ASEM. That was virtually the beginning of ASEAN+3 Summit, because the member countries of that meeting were the same as the ASEAN+3.

  4. NEAT (2006)

  5. The six Working Groups are, Overall Architecture of Community Building: Regional Architectures for Non-traditional Security and Environmental Cooperation (Japan), East Asian Financial Cooperation (China), Investment Cooperation (China), Enhancement of Cultural Exchange (Korea), East Asian Cooperation Framework for Migration Labour (Malaysia) and Energy Security Cooperation (Singapore).

  6. NEAT (2007)

  7. The establishment of ABAC was agreed at APEC Ministerial Meeting in Osaka, Japan in November 1995. The purpose of ABAC is to reflect private sector’s voice in the activities of Asia-Pacific Economic Cooperation (APEC). For example, in the case of Japan, three APEC Japan Commissioners are from Mitsubishi UFJ Financial Group, Panasonic and Toyota which are all very large firms representing Japan. And, ABAC Japan Secretariat is located in Keidanren-kaikan in Tokyo.

  8. ASEAN+3 (2007b), Section B-1.12

  9. ISIS Malaysia is based in Kuala Lumpur, and Chairman & CEO is Dr. Mohamad Jawhar Hassan. He is also NEAT Country Coordinator for Malaysia.

  10. The full-paper of my presentation at this conference is Yamashita (2007a).

  11. The members of the EAS are ASEAN+3+Australia, New Zealand and India.

  12. It means Cambodia, Laos, Myanmar and Vietnam.

  13. In June 2008, MOE announced their “Clean Asia Initiative” to be the core of “Asian Economic and Environmental Community Initiative”.

  14. ASEAN+3 (2007a)

  15. As for Asia-Pacific Economic Cooperation (APEC), the first Ministerial Meeting started in Canberra, Australia in November 1989. In September 1992, it was agreed to establish the permanent Secretariat in “the Bangkok Declaration” at the 4th APEC Ministerial Meeting. The APEC Secretariat is based in Singapore.

  16. ASEAN (2007b)

  17. As for Asian identity, see Yamashita (2007a).

  18. East Asia Summit (2007a)

  19. The United Nations Framework Convention on Climate Change

  20. East Asia Summit (2005)

  21. EPA is roughly equal to FTA+Investment Agreement.

  22. EFTA was established in 1960 under the leadership of the UK in order to counter the establishment of the EEC. It started with 7 members of the UK, Austria, Denmark, Portugal, Norway, Sweden and Switzerland. Currently Norway, Switzerland, Iceland and Lichtenstein are the member of the EFTA. These four countries are currently all non-EU members.

  23. Keidanren is the largest business circle in Japan.

  24. NEAT (2007), the Working Group of East Asian Financial Cooperation, (B)-18

  25. The reason why and the mechanism how the German mark became the intervention currency and eventually the key currency are mentioned in Yamashita (2006), pp. 71–72.

  26. First I advocated this idea in Yamashita (1998), and then (2002), and (2006), etc.

  27. It is usually held at the time of the Asian Development Bank Annual Meeting, taking that opportunity of Asian Finance Ministers getting together.

  28. ASEAN+3 Finance Ministers’ Meeting (2007)

  29. ASEAN+3 Finance Ministers and Central Bank Governors Alternate Meeting began to be held twice a year since 2002. This meeting puts emphasis on policy dialogue on discussing member countries’ economic situation and policy agenda.

  30. Yamashita (2004a)

  31. The SIIS International Conference: ASEAN Development and East Asian Cooperation Celebrating the 40th Anniversary of ASEAN Establishment & 10th Anniversary of ASEAN Plus Three. At that time, Mr. Zhang was Director, Institute of Asia Pacific Studies at CASS in Beijing.

  32. The ABMI was first published in September 2002, but it was formally agreed at the 6th APT Finance Ministers’ Meeting in Manila. As for details of the developments of the bond issues in Asian local currencies, see Yamashita (2007c).

References

(in English)

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(in Japanese)

  • Yamashita E (1998) The road to return to the fixed exchange rate regime(1)-(4), Hatsugensha, No.51–54, Nishibe Susumu Office, July–Oct. 1998

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  • Yamashita E (2007c) The East Asian financial and monetary integration: what could be a breakthrough?, Keizaigaku-zasshi (Journal of Economics), Vol.108, No.1, Graduate School of Economics, Osaka City University, June 2007

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  • Yamashita E (2007e) Establishment of the Intra-regional Monetary Union: imperative for the Future of Japan and Asia, The International Economy, Vol.58, Japan Society of International Economics (JSIE), October 2007

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  • Yamashita E (2008d) The meaning beyond the burst of the US Housing Market”, Kokusai-kinyu (International Finance Journal), No.1189, Gaikoku Kawase Boueki Kenkyukai, in Tokyo, 1 June 2008

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Authors and Affiliations

  1. International Finance, Graduate School of Economics, Osaka City University (OCU), Osaka, Japan

    Eiji Yamashita

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  1. Eiji Yamashita
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Yamashita, E. Future targets for Asian regional integration. Asia Eur J 7, 109–125 (2009). https://doi.org/10.1007/s10308-008-0217-8

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