TY - JOUR
T1 - The ASEAN Economic Community and the RCEP in the world economy
AU - Shimizu, Kazushi
N1 - Funding Information:
This work was supported by Japan Society for the Promotion of Science [19K01676] and [20H01472]
Publisher Copyright:
© 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
PY - 2021
Y1 - 2021
N2 - The Association of Southeast Asian Nations (ASEAN) has been leading economic integration within many structural changes in the world economy. ASEAN, established in 1967, has promoted regional economic integration since 1976. It started to work toward realizing the ASEAN Free Trade Area (AFTA) in 1992 and the ASEAN Economic Community (AEC) in 2003. ASEAN finally established the AEC at the end of 2015. The AEC is the most developed and advanced economic integration in East Asia. ASEAN is deepening the AEC for the next goal, AEC 2025. ASEAN also led East Asian cooperation initiatives, including ASEAN+3 and ASEAN+6, and ASEAN+1 FTAs. ASEAN proposed the Regional Comprehensive Economic Partnership (RCEP) and led the RCEP negotiations. Currently, rising protectionism and the US–China trade friction has great negative impacts on ASEAN and East Asia. Furthermore, the outbreak of COVID-19 has done great damage to ASEAN and East Asia. ASEAN is responding to the COVID-19 pandemic and strengthening the AEC steadily amidst growing protectionism and COVID-19 pandemic. The RCEP agreement was finally signed in November 2020. The RCEP is the first East Asian mega FTA. The RCEP has great meaning in ASEAN and East Asia. ASEAN secured ASEAN centrality in East Asian economic integration. The AEC and the RCEP will become more important amidst rising protectionism, and during and in the post-pandemic era.
AB - The Association of Southeast Asian Nations (ASEAN) has been leading economic integration within many structural changes in the world economy. ASEAN, established in 1967, has promoted regional economic integration since 1976. It started to work toward realizing the ASEAN Free Trade Area (AFTA) in 1992 and the ASEAN Economic Community (AEC) in 2003. ASEAN finally established the AEC at the end of 2015. The AEC is the most developed and advanced economic integration in East Asia. ASEAN is deepening the AEC for the next goal, AEC 2025. ASEAN also led East Asian cooperation initiatives, including ASEAN+3 and ASEAN+6, and ASEAN+1 FTAs. ASEAN proposed the Regional Comprehensive Economic Partnership (RCEP) and led the RCEP negotiations. Currently, rising protectionism and the US–China trade friction has great negative impacts on ASEAN and East Asia. Furthermore, the outbreak of COVID-19 has done great damage to ASEAN and East Asia. ASEAN is responding to the COVID-19 pandemic and strengthening the AEC steadily amidst growing protectionism and COVID-19 pandemic. The RCEP agreement was finally signed in November 2020. The RCEP is the first East Asian mega FTA. The RCEP has great meaning in ASEAN and East Asia. ASEAN secured ASEAN centrality in East Asian economic integration. The AEC and the RCEP will become more important amidst rising protectionism, and during and in the post-pandemic era.
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U2 - 10.1080/24761028.2021.1907881
DO - 10.1080/24761028.2021.1907881
M3 - Article
AN - SCOPUS:85103567519
SN - 2476-1028
VL - 10
SP - 1
EP - 23
JO - Journal of Contemporary East Asia Studies
JF - Journal of Contemporary East Asia Studies
IS - 1
ER -