Whither East Asian economic integration? Korea's regionalization cum globalization strategy

Cited 3 time in Web of Science Cited 3 time in Scopus

Moon, Woosik

Issue Date
Springer Verlag
ASIA EUROPE JOURNAL, Vol.9, No.1, pp.29-42
The earlier version of this paper was originally presented at the seminar Korea and
Europe at the Crossroad organized by GSIS, Seoul National University and GEM, Sciences-Po held at Paris on October 18, 2010.
The recent regionalization in East Asia can be defined in terms of regionalization cum globalization. In the case of Europe, regionalization was originally intended to create a preferential and protected area. From its inception, however, regionalization in East Asia emphasized open membership and global liberalization. This so-called open regionalism was then adopted as a fundamental principle of the Asia-Pacific Economic Cooperation (APEC). Given that APEC is an inter-regional institution, however, the concept of open regionalism is not applicable to characterize exclusively Asian integration process that gained momentum on the basis of the ASEAN + 3 framework. For many East Asian countries, a regionalization initiative, especially after the 1997 financial crisis, was a natural response to cope with globalization. Indeed, although East Asian economies are increasingly regionalized, the global market remains crucial and exclusively Asian arrangements are still rare. Globalization and regionalization processes are mutually reinforcing. Singapore is one example that developed into a regional economic hub through the regionalization cum globalization strategy. Given that Korea concluded recently two important free trade areas with the USA and the EU, Korea is also capable of building such a regional economic hub. The first step is to strengthen a cooperation network between the three Northeast Asian countries, China, Japan, and Korea. This network, together with ASEAN, is expected to catalyze the regional integration in East Asia and shape its future evolution.
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Graduate School of International Studies (국제대학원)Dept. of International Studies (국제학과)Journal Papers (저널논문_국제학과)
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