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• W1573381731 abstract "“The relationship between the US and Asia will be the single biggest determinant in the evolution of the global economic system.” That is the main conclusion of Marcus Noland's (2009) excellent analysis. I fully agree with that conclusion. This conclusion clearly points to the critical importance of a new and coherent US policy agenda toward Asia, but also that the East Asians must take an initiative that will help shape US policy in that direction. This regional initiative should also aim at helping the emerging major countries in Asia, in particular China and India, to assume a greater role in the emerging global economic system. There is no doubt that economic relations between the USA and Asia are a key element in their overall relationship. But US policy toward Asia, and vice versa, will need to go beyond the development of principles, programs, and measures that help sustain and strengthen bilateral economic relations in trade, investment, finance, and aid. The US side must reassess the objective and nature of its engagement in Asia, and similarly East Asia must reformulate its policy of engaging the USA in the region. The strategy of US engagement in Asia, seen either from Washington, DC, or from the capitals in East Asia, will need to transcend from the heavy focus on geopolitical considerations to forging a partnership that elevates the relationship to becoming a key pillar in a new global economic architecture. A “rising” East Asia must redefine its relations vis-à-vis the existing major powers. The rise of East Asia, as perceived or anticipated, definitely has shaped an implicit US “regional” policy toward East Asia. This policy has been rather obsessed with the potential economic domination of East Asia by Japan and/or China that would leave the USA out in the cold. This may have been a reaction to signals coming from different parts of East Asia that at times are conflicting and ambiguous, and understandably not well understood by the USA. This has produced strong US opposition to a number of regional initiatives in East Asia such as the East Asia Economic Grouping (EAEG) and the Asian Monetary Fund, as well as hesitation in participating in the multilateral security forum initiated by the Association of Southeast Asian Nations (ASEAN) and the ASEAN Regional Forum. There are definitely strong efforts in the region to forge an East Asian regional identity. But beyond the combative EAEG proposal, ideas of an East Asian community are generally of a more inclusive nature. Asian–Pacific Economic Cooperation (APEC) has been East Asia's answer to ensuring sustained US economic engagement with the region, but the important strategic underpinning of this enterprise has remained implicit. East Asians are not sufficiently united in their views on the role of the USA in the region beyond the economic realm to enable them to articulate a coherent policy toward the USA. The USA sees APEC as a strategic device to prevent “a split in the Pacific.” However, its economic engagement with the other side of the Pacific has not become mainstream policy in USA in large part because of APEC's nonbinding nature. US economic engagement with East Asia through APEC could not be maximized because East Asia was not able to respond adequately to US demands for more binding commitments. A new and more coherent US policy agenda toward East Asia require concerted initiatives on the part of East Asian countries to develop a “genuine partnership” with the USA in shaping the new global economic order. To do so, East Asia will need to make certain concessions to the USA. In view of the domestic challenges that President Obama faces in maintaining open international economic policies, as so well described by Marcus Noland, East Asia needs to take some leadership, which implies making concessions (or sacrifices), and to show generosity that would help strengthen the domestic support for Obama's open international economic policies. East Asia's concerted initiatives could combine what individual countries can offer into an attractive package. East Asians should also explore policies and measures to “re-balance” the pattern of their economic growth. The global crisis and the emergence of G-20 as the “steering committee” for the world economy provide a golden opportunity for East Asia to redefine its relationship with the USA and to do this in cooperation with the US. Moreover, the new US Administration appears to have a basic attitude that is conducive to such as cooperative process. The preeminent trans-Pacific arrangement – APEC – may find a new drive to reignite itself. This can be facilitated by strong processes and leadership by Singapore, Japan, and the USA, the APEC chairs in 2009, 2010, and 2011, respectively. The East Asian initiative should be seen in the context of a world in which the existing powers have been weakened by the global financial crisis in terms of their capacity to lead while the emerging powers are yet to assume their role as a responsible stakeholder. This initiative can go hand in hand with the G5 – involving China, India, Brazil, Mexico, and South Africa – which has entered the global stage." @default.
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• W1573381731 date "2009-12-01" @default.
• W1573381731 modified "2023-09-23" @default.
• W1573381731 title "Comment on “American Economic Relations with Asia”" @default.
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• W1573381731 doi "https://doi.org/10.1111/j.1748-3131.2009.01122.x" @default.
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