91. Crafting a US Response to the Emerging East Asia Free Trade Area
- Author:
- Christopher Martin
- Publication Date:
- 09-2007
- Content Type:
- Journal Article
- Journal:
- The Journal of Diplomacy and International Relations
- Institution:
- School of Diplomacy and International Relations, Seton Hall University
- Abstract:
- Few would dispute Asia’s growing economic importance in the 21st century. While China and India have held the spotlight recently, their rise may not constitute the region’s most important economic shift. Japan is still by far the richest economy; while South Korea’s formidable industries are the envy of many. Furthermore, the ten-country coalition that makes up the Association for Southeast Asian Nations (ASEAN) boasts such economic dynamos as Singapore and Malaysia. Together, China, Japan, South Korea, and ASEAN (commonly referred to as ASEAN+3) account for 20 percent of global output, nearly 20 percent of global trade, and hold well over 50 percent of the world’s international monetary reserves. Moreover, the region is ripe for growth. It accounted for 31.4 percent of the world’s population in 2005 (more than Europe and the Americas combined) and the IMF’s 2008–2011 outlook figure clocked growth at 7.9 percent for Asia, dwarfing the 2.5 percent for major developed countries. How would the world’s economic landscape shift if these thirteen countries were to join together in some form of economic union? More importantly, how should the United States respond to such an event? It is a question the US needs to answer today.
- Topic:
- Economy, Free Trade, Industry, and Regional Economy
- Political Geography:
- East Asia and United States of America