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 separately because I have included them in the various subheadings as and when appropriate.)
             The Differences and Similarities of EAEG and other Institutions
             Basically, the two groupings have the similar goals. The only difference, yet significant, is the number of member-countries. EAEG includes Japan and Korea which are considered as advanced-technology economies with very high GDPs. The global view of the region as a group of developing countries will be changed completely. However, the EAEG will also be a more diversified group compared to ASEAN. Not only does the GDP gaps widen, there will be greater dissimilarities in business practices, cultures, beliefs and interests. Some of the differences will prove to be beneficial if they...

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Term Paper : Impacts of the East Asian Economic Group. (1969, December 31). In MegaEssays.com. Retrieved 22:33, March 28, 2024, from https://www.megaessays.com/viewpaper/2832.html