Asian Regional Economic Integration : Can any Lessons be Drawn from the EU's Experience?

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1. Conclusion. There exist differences so many in kind and so profound, between these two regions and their member countries, as to cause doubt as to the relevance of the EU's experience to Asia, but the author believes it is quite indispensable to look to Europe for lessons to provide perspective for Asian economic cooperation. 2. Evolution of EU enlargement. According to the Nikkei Shin-bun on 13 December 2002, the EU decided that she would have 25 members by May 2004. In the process of the EU enlarging its territory and taking in members with different conditions, several lessons might be found for Asian countries. Though the latter also differ among themselves in their economic conditions, the severe experience of the Asian Crisis in 1997 has made the Asian countries aware of the necessity of regional cooperation. 3. Basic concept. A grouping known as "ASEAN plus three (China, Japan and Korea)" has become a visible unit after the 1997 crisis. A reasonable target for integration would be limited to that group plus the NIEs, but only those candidates who are really positive to the idea should try to found a new cooperative framework.The liberalization of trade regimes should be promoted together with the creation of stability in international money exchanges. Political and military security systems should be established by mutual efforts. 4. Policies and measures to be adopted (1) Promotion of a Free Trade Agreement (FTA).In January 2001, Japan and Singapore concluded an FTA, and the share in Asian intra-regional trade has grown to more than 50% in 2001. An FTA is indispensable.(2) Stabilization of monetary exchange systems.As a first step, an economist, Yamashita has proposed that the Asian developing countries should adopt fixed exchange rates among themselves, in the form of a currency "basket" composed of the US dollar, the yen and the euro. In the author's judgment, this approach has sufficient merit that it ought to be re-examined and proposed anew to the partner countries which have so far not shown interest in it.(3) Complete independence from the USA and the dollar's pressure.Although this must be indispensable, it is a difficult way to go. Several different opinion leaders have mentioned it with varying interpretations. It should be borne in mind that the interest of the USA is fundamentally opposite to those of the Asian countries, as in the case of Washington's rejection of the AMF idea. But until now, nobody in Japan has dared to emphasize the necessity or efficacy of obtaining a consensus with the EU, the third party envisaged in the Asian proposal.(4) Unit of Asian economic integration.A general view of European economists is that ASEAN has done nothing to promote economic cooperation. In fact several ideas have been advanced for an Asian cooperative unit or economic zone, such as North-East Asia, the countries surrounding the Sea of Japan, and ASEM. Ever since 1992, the role of APEC has been over-estimated or misunderstood as being a system by which the member countries could promote their trade and investment in line with the WTO. In reality it has been only a sort of "international festival" which could not actually do anything for the member countries, firstly because of the domination of the USA and secondly due to the number of members and the imbalances among them.5. Program and method of implementation. The author concludes that the shortest route toward regional integration in Asia is via foreign direct investment (FDI) from Japan to other countries of the region, in many fields. Support for this view is found by examining some remarkable changes that have occurred in the participating firms' patterns of reinvestment of their profits.
日本福祉大学の論文
2004-01-31

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今井正幸
日本福祉大学経済学部

Asian Regional Economic Integration : Can any Lessons be Drawn from the EU's Experience?

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