From AFTA Towards an ASEAN Economic Community... and Beyond

Cuyvers, Ludo, De Lombaerde, Philippe and Verherstraeten, Stijn, "From AFTA Towards an ASEAN Economic Community... and Beyond" in The World Economy Today: Major Trends and Developments (Yerevan, Armenia: Alternative, 2012), 248-287.

Document type:
Book Chapter

  • Author Cuyvers, Ludo
    De Lombaerde, Philippe
    Verherstraeten, Stijn
    Chapter Title From AFTA Towards an ASEAN Economic Community... and Beyond
    Book Title The World Economy Today: Major Trends and Developments
    Publication Date 2012
    Place of Publication Yerevan, Armenia
    Publisher Alternative
    Start page 248
    End page 287
    Language En
    Abstract This chapter provides an overview of the recent developments in the process of Asian economic integration. In particular, it focuses on the integration initiatives undertaken within the framework of the Association for Southeast Asian Nations (ASEAN). ASEAN was not only the first regional integration arrangement in Asia, it also remains the centre for current and future economic integration initiatives in the wider East Asian region. The progress that has been made by ASEAN’s member countries in establishing an ASEAN free trade agreement (AFTA) is analysed. Given the important and reasonably successful integration initiatives in other parts of the world, such as the EU and NAFTA, academics and politicians have devoted much attention to the possibilities of both deepening and widening economic collaboration in the (East) Asian region. Ten ASEAN countries already decided to establish and ASEAN Economic Community by the year 2020 and some other countries seem eager to join. The chapter takes a closer look at recent initiatives taken in that direction. It also devotes attention to the role ASEAN plays in the regional monetary integration and cooperation schemes adopted in the region. Empirical tests, using the optimum currency area (OCA) theory, are reviewed to determine whether a common currency would be beneficial for certain groups or sub-groups of Asian countries. The chapter concludes with some thoughts on the viability of a wider East Asian Trade Area and East Asian monetary union in the long term and on the role ASEAN would have to play in its establishment.
    Keyword ASEAN
    Economic community
    Copyright Holder Alternative
    Copyright Year 2012
    Copyright type All rights reserved
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    Created: Fri, 18 Apr 2014, 12:36:14 JST