East Asia Economic Community establishment Prospects Essay
East Asia Economic Community establishment Prospects
Following the dynamic trends amplified by vast globalization, regional integration is becoming increasingly important throughout the globe. Since late 1940s, East Asia has been struggling to establish regional cooperation with little success. Massive differences, unrealistic demands and bureaucratic leadership has made this dream a quagmire in the horizon. However, understanding the massive benefits that other regional integrations like European Union have achieved, East Asian Countries appears to have made a clear decision to fully integrate.
As indicated and amplified by the outcome of the 2007 Nikkei conference, the region has various prospects that integration is required to deliver to them after it’s adoption (Kent & Francis, 2008, pp. 63-64). To begin with, they expect faster and improved economic growth in the region. With the region holding over 25% of the total world population globally and commanding a global Growth Domestic Product of over US $ 9 trillion, it posses a potential capacity both locally and internationally in terms of market forces of goods and services at all times.
With increased technological capacity to produce high quality goods and services as indicated by China, Japan and Korea, the region looks forward to vast modernization which has been projected to surpass North America if fully and carefully implemented. As a block the region will command greater market and control to international outsourcing investors to it’s advantage. Therefore, like European Union, the community will act as the main negotiator for standards as well as the conditions and requirements for conducting business with other partners (Praduma, 2005, pp.14-15).
To add to that, regional security will be highly boosted for the investors and the local community in the region. Since September 9/11 terrorist attack in US, South East Asia like other regions has been under great threat from terrorists. Integration therefore will ease the flow of information within the region; establish standards for goods entering the region and avail enough resources necessary for forensic diplomatic preparedness at all times.
As denoted by the European Union, air, land and naval surveillance should be amply boosted thereby maintaining regional peace the whole region (Kent & Francis, 2008, p. 235). Besides, regional disasters that frequent the region should be conclusively addressed. Adequate technological and financial preparedness should be established. As a result it will ease monitoring, prevention and subsequent mitigation of the possible resultant damages. To add to that, regional cultures should be greatly safeguarded to ensure that all the communities live in harmony with each other.
Based on traditional philosophies and religious basements like Taoism in China, the bloc will have to carefully enshrine all the communities believes and faiths (Hua Sing Lim, 2008, pp. 25-26). Conclusion. East Asia Economic community prospects of improvement in regional economy, high level security as well as cultural diversity recognition and enhancement will ensure that the region remains focused. Leaders in the region therefore should refer to the above prospects as a uniting front for achieving the desired integration objectives in the region.
This integration should therefore be hastened to ensure that speedy benefits trickle to the region.
Hua Sing Lim. Policy implications of of economic integration: East Asian community. Singapore: Institute of Southeast Asian Studies, 2008. Kent, Calder & Francis Fukuyama. East Asian Multilateralism: Prospects for Regional Stability. John Hopkin press: Baltimore, 2008. Praduma, Rana. Economic Integration in East Asia: Trends, Prospects and possible road map. 2005. Retrieved from: http://www. ris. org. in/china_pradumna_rana. pdf.
University/College: University of California
Type of paper: Thesis/Dissertation Chapter
Date: 11 January 2017
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