Unlike the EU, regionalization in East Asia started with its globalization. Originally,
the European integration was intended to create a preferential and protected region.
Against this backdrop, the concept of open regionalism was developed to
characterize regional integration in East Asia that would encompass the principles
of open membership, non-discrimination and global liberalization. The open
regionalism was then adopted as a fundamental principle of the APEC. However,
APEC is not an exclusively Asian institution; it is an inter-regional arrangement. The
open regionalism concept is hence not appropriate for characterizing recent
regionalization in East Asia, in particular, the initiatives launched after the 1997
Asian financial crisis because these initiatives were based on the ASEAN+3
framework. In this regard, a more appropriate concept is regionalization cum
globalization. Indeed, despite the fact that East Asian markets are increasingly
regionalized, global market is still important for many East Asian countries. Korea
and many Asian countries will continue to rely on the USA and EU for their policydriven
regionalization as well as market-driven regionalization. Singapore was the
typical case showing that such a regionalization cum globalization policy can be a
successful option. Given that the most serious obstacle for East Asian regionalization
on the basis of the ASEAN+3 framework was the lack of cooperative structure
between China, Japan, and Korea, establishing a core network among these +3 is an
essential precondition for the successful launch of an exclusively Asian regional
arrangement. So far, ASEAN has been the only driving force of regional integration,
although the +3 countries were politically and economically much more important.
Thus, together with ASEAN, the +3 network will contribute to constituting two
pillars of regional integration in East Asia. In this process of building the +3 core
framework, Korea can play a pivotal role and develop itself into a gateway to Asian
markets for economies outside the region such as the USA and EU and a gateway to
the global market for East Asian economies. Indeed, the recent trade and financial
cooperation policy of Korean government shows that Korea can also be a regional
economic hub. Taking maximum advantage of the two recently agreed FTAs with
the USA and the EU, Korea is now pursuing its FTAs with Japan and China. The
future shape of East Asian regionalization is likely to be based on two core subregional
networks, ASEAN and +3 with the latter being driven by Korea
Unlike the EU, regionalization in East Asia started with its globalization. Originally,the European integration was intended to create a preferential and protected region.Against this backdrop, the concept of open regionalism was developed tocharacterize regional integration in East Asia that would encompass the principlesof open membership, non-discrimination and global liberalization. The openregionalism was then adopted as a fundamental principle of the APEC. However,APEC is not an exclusively Asian institution; it is an inter-regional arrangement. Theopen regionalism concept is hence not appropriate for characterizing recentregionalization in East Asia, in particular, the initiatives launched after the 1997Asian financial crisis because these initiatives were based on the ASEAN+3framework. In this regard, a more appropriate concept is regionalization cumglobalization. Indeed, despite the fact that East Asian markets are increasinglyregionalized, global market is still important for many East Asian countries. Koreaand many Asian countries will continue to rely on the USA and EU for their policydrivenregionalization as well as market-driven regionalization. Singapore was thetypical case showing that such a regionalization cum globalization policy can be asuccessful option. Given that the most serious obstacle for East Asian regionalizationon the basis of the ASEAN+3 framework was the lack of cooperative structurebetween China, Japan, and Korea, establishing a core network among these +3 is anessential precondition for the successful launch of an exclusively Asian regionalarrangement. So far, ASEAN has been the only driving force of regional integration,although the +3 countries were politically and economically much more important.Thus, together with ASEAN, the +3 network will contribute to constituting twopillars of regional integration in East Asia. In this process of building the +3 coreframework, Korea can play a pivotal role and develop itself into a gateway to Asianmarkets for economies outside the region such as the USA and EU and a gateway tothe global market for East Asian economies. Indeed, the recent trade and financialcooperation policy of Korean government shows that Korea can also be a regionaleconomic hub. Taking maximum advantage of the two recently agreed FTAs withthe USA and the EU, Korea is now pursuing its FTAs with Japan and China. Thefuture shape of East Asian regionalization is likely to be based on two core subregionalnetworks, ASEAN and +3 with the latter being driven by Korea
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