[Editorial] Toward an East Asian Community
When the leaders of 13 East Asian
nations agreed at a meeting in Laos earlier this week to hold the first East
Asian summit in Kuala Lumpur next year, they set in motion a historic process
aimed at creating an East Asian version of the European Union. Only several
years ago, the concept of an East Asian Community was something unthinkable. But
an array of factors, including the common experience of the 1997-98 financial
crisis and the deepening globalization trend, changed East Asian thinking on
regional integration.
We welcome the historic decision. In fact, East Asia should have moved toward
a regional grouping much earlier, given its huge economic potential and the
existence of large trading blocs in other regions of the world. The 13 nations
in East Asia - the 10 members of the Association of Southeast Asian Nations and
China, Japan and Korea - have about 2 billion people, one third of the world
population, with their combined GDP accounting for about 20 percent of the
world`s aggregate GDP. They also hold almost half of the total foreign exchange
reserves of the world.
The 13 nations have already laid some groundwork for economic integration.
For instance, during their summit in Vientiane, the ASEAN+3 nations signed 35
bilateral or multilateral agreements, including the landmark free trade
agreement between China and ASEAN. These agreements are seen as the building
blocks for an eventual region-wide free trade area, the East Asian Free Trade
Area.
But the path to a bona fide regional community is highly likely to have
pitfalls. Major obstacles include the great diversities among the 13 countries,
especially the large gaps in the level of economic development, and the lack of
a mechanism for regional cooperation among the three Northeast Asian nations.
Especially, the competition between China and Japan for influence in the region
could pose a serious threat to the whole endeavor.
Yet competition is not limited to China versus Japan. ASEAN is also jockeying
for position against formidable partners. The launch of the East Asian Summit
signifies the beginning of a transition from the ASEAN+3 arrangement to the East
Asian Community. This anticipated transition could set off competition between
ASEAN and the three northern partners. As long as ASEAN+3 is the format, ASEAN
members have the initiative. But in an East Asian Community, the three players
will want more say.
Here lies a unique role that Korea can play. It can act as a balancer between
China and Japan on the one hand and between the Three and ASEAN on the other. In
fact, under the leadership of former President Kim Dae-jung, Korea made the
largest contribution to strengthening cooperation between ASEAN and the Three.
It played the role of a think tank through the establishment and operation of
the East Asia Vision Group and the East Asia Study Group, which are credited
with providing key concepts for integration.
Since the inauguration of the incumbent government, however, Seoul`s
influence weakened due to its focus on the North Korea nuclear issue and its
efforts to make the nation a Northeast Asia business hub. Now that the
integration process has started, the government is urged to play its balancing
role more actively. Detached from such divisive issues of the region as the
territorial disputes in the South China Sea and Myanmar`s repression of
democratic movements, Korea is in good position to adjust the conflicts of
interest among partners.
The Korean government is also urged to accelerate free trade negotiations
with ASEAN and other countries, including Japan. During the summit in Vientiane,
it announced the conclusion of negotiations with Singapore, Korea`s second FTA
partner after Chile. A laggard in FTAs, Korea needs to speed up the process of
establishing bilateral ties with its major trading partners.
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