Term Paper : Impacts of the East Asian Economic Group
Back in 1990, Malaysia's Prime Minister, Dr. Mahathir Mohammad, proposed the formation of the East Asian Economic Group (EAEG), members to include the 10 ASEAN countries, China, Japan and Korea. The aim was to bring East Asia together thus creating a greater scale of cooperation and integration economically, politically, socially and financially. In addition, the East Asian Vision Group (EAVG) was formed to make recommendations for the cooperation and the East Asian Study Group (EASG) was established to assess those recommendations. Through this alliance, each country is expected to obtain mutual benefits in terms of greater economic efficiency, all-round stability and growth. However, different countries will receive unequal benefits due to the roles they play and the advantages they have. How much the small and medium size economies gain will then depend on the leadership of the larger economies.( In this essay, I would like to refer to the ASEAN as consisting of five medium-size economies of Singapore, Thailand, Malaysia, Philippines and Indonesia in order to answer the question more appropriately. I would also like to skip describing the membership and the detailed character of the EAEG se
AFTA alone has a market of about 500 million people but EAEG will have a market of 1. Keeping the three competitive by including all of them in EAEG will prevent over-dominance of any one country. However, her ill relationship with Taiwan and mishandling of Hong Kong may also disrupt economic activities. EAEG vs APEC The membership of EAEG and APEC are very different. Better negotiations with the EU and NAFTA Having been disappointed in certain multilateral discussions in the WTO led many developing countries to consider regional cooperation seriously. Despite the above, China's narrow-range growth may be accelerating too fast. Obligations such as reciprocal grants may be too rigid under WTO but within EAEG, compensations can be made more flexible. Each country must be willing to share its expertise and think of the benefit of the region first before there is trust and open-dialogue. Only by this way, the developing countries can finally make their voice heard and have their interests looked after. Apart from the above, China, Japan and Korea have valuable human resources. Moreover, China may have a special role in creating better relationship between North and South Korea through her ties to North Korea. Apparently, the EU is doing better as a group and so is NAFTA. The global view of the region as a group of developing countries will be changed completely. Not only does the GDP gaps widen, there will be greater dissimilarities in business practices, cultures, beliefs and interests.
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Acceptance Essays
