Role of ASEAN in economic integration processes in Asia

Abstract

ASEAN plays significant role in the economic integration processes in Asia. The financial crisis in 1997 fostered the integration processes between Asian countries. Asian integration mainly characterized by the open regionalism which promotes economic integration and trade liberalization between states. ASEAN promote the internal integration between member states of the organization and external integration between ASEAN and partners. ASEAN’s initiatives that focused on external integration such as ASEAN Regional Forum, APEC, East Asia Summit, ASEAN+3 and others. The article analyzes the intra-regional trade, investment flows, economic cooperation initiatives between ASEAN and East Asian countries. This article examines economic relations of ASEAN with China, Japan and South Korea in the framework of ASEAN+3. The ASEAN+3 forum fosters economic cooperation between Southeast Asia and East Asian countries such as China, Japan, South Korea.