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The Pattern And Content Of East Asian Economic Integration

Decent Essays
4.1.1. The Pattern and Content of East Asian Economic Integration
The most representative regional economic organization in East Asia is ASEAN, which was established in Bangkok and formed by five founding members, Indonesia, Malaysia, Philippines, Singapore, and Thailand. Brunei, Laos, Myanmar, Vietnam and Cambodia also joined successively to form the ten countries of ASEAN. ASEAN is abbreviated by Association of Southeast Asian Nations, which was built to contain the Communist forces with the purpose to steady military affairs and political neutrality initially. According to Tong (2005), the content of East Asian economic integration can be classified as Free Trade Agreement (FTA) and Comprehensive Economic Partnership (CEP). Previously, East Asian economic integration focuses on the operation of FTA which applies the zero tariffs on member countries; nowadays, economic cooperation agreement is inclined to CEP which contains wider issues of economic cooperation such as tariff reduction, deregulation of investment policy, enlargement of factors of production and etc. to draw the relation between member nations and achieve a higher level of integration (Jin, 2003). Moreover, the continuing goal of ASEAN is to promote the inter-regional economic development, enhance the partnership and maintain the peace in the region (Taiwan ASEAN Studies Center, 2014). Before Asian financial crisis, ASEAN is a representative of the regional economic organization that especially focuses on
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