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East Asian Economic Integration Strategy

East Asian Economic Integration Strategy. April 2008. Kyung Tae LEE. Comparison of the Regional Integration Regional Integration Index. Souce: “Political-Economy APPROACH TO North-East Asian Integration“ KIEP, 2008. 1. Comparison of the Regional Integration.

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East Asian Economic Integration Strategy

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  1. East Asian Economic Integration Strategy April 2008 Kyung Tae LEE

  2. Comparison of the Regional IntegrationRegional Integration Index Souce: “Political-Economy APPROACH TO North-East Asian Integration“ KIEP, 2008. 1

  3. Comparison of the Regional Integration • N. E. Asia and ASEAN lag behind EU and NAFTA in overall integration • N. E. Asia is a bottom laggard, particularly in political-security dimension • But both N. E. Asia and ASEAN moves faster than NAFTA • N. E. Asian economic integration is driven by market-oriented trade and investment • N. E. Asia falls four behind in institutionalizing the integration process 2

  4. N. E. Asia : Stumbling block → Building Block • Institutionalize Free Trade & Investment • Japan-China FTA is a Stumbling block • Use Korea – Japan, Korea – China FTA as building blocks • K–J FTA, K–C FTA negotiation is likely to start in 2009 • Japanese reaction is of our interest • Upcoming 1st C-J-K Summit meeting needs to discuss C-J-K FTA • Upgrade ongoing trilateral joint studies to include government officials 3

  5. AFTA and NEAFTA Leads to EAFTA • ASEAN and N. E. Asia share the Driver’s Seat • N. E. Asia with 90% of total east Asia GDP should assume the of co-drivers • Provide stronger impetus to add momentum for accelerated move towards EAFTA 4

  6. Three pillars of Integration : Simultaneous Drive • FTA, Monetary Cooperation, Sectoral Cooperation • These three pillars work together to build trust for real gains of the integration • Multilateralize CMI → Asian Monetary Fund • ↑ • Regional Surveillance Develop regional capital market (ABZ) → de-dollarize FX transactions → Foreign Exchange rate stability 5

  7. Three Pillars of Integration : Simultaneous Drive • Multilateralize development assistance → East Asian Marshall Plan • Substantiate energy and environmental cooperation talk-shop into tangible cooperative scheme • Region-wide and harmonious efforts for behind-border barriers elimination 6

  8. Open Regionalism • Aim at comprehensive and higher-level liberalization • Go beyond the existing bilateral FTAs in the region • Continue to have FTAs with countries outside the region • Building block for FTAAP 7

  9. Path-Finder Approach • All of the ASEAN? • ASEAN plus three? • ASEAN plus six? • Economic gains : the more the numbers, • the greater the gains • Feasibility : Path-finder approach is more desirable • Political games : No optimum solution, Just discard it 8

  10. Thank you! www.kiep.go.kr 300-4, Yomgok-dong, Seocho-gu, Seoul, Korea Tel:(82-2) 3460-1001 Fax:(82-2) 3460-1122

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