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East Asia Regional Cooperation Several Key
Author : Jerri Lily
Submitted : 2011-12-21 03:51:35 Word Count : 806 Popularity: 0
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Currently, the East Asia cooperation in trade has made some progress, China, Japan, South Korea and the 10 ASEAN countries three free trade agreement (FTA) have started. But generally speaking, not much substantive progress. Through the above analysis shows that, despite the debt crisis hit the European economy, but did not shake the foundation of its regional cooperation, regional cooperation should be the next important part of the global economy. Of course, Europe has told us that the debt crisis, regional cooperation should be based on reality, and steady progress. Based on this, the East Asian regional cooperation should focus mainly on the following two aspects:
First, regional cooperation is the ultimate consumer market, the basis for building
All along, the East Asian countries with heavy foreign demand for the light of domestic demand, heavy manufacturing, light consumption model of economic development is known. Although this model to help East Asian countries to achieve economic take-off, but also allowed for a heavy reliance on European and American markets.
Currently, the East Asian region as the ultimate consumer market to absorb products accounted for 29%, the region's most developed economy, Japan, to absorb the East Asian region accounts for only the final consumer goods 8.5%, East Asia, Europe and America is still the biggest market of final consumer goods , the two account for nearly 50% of the total increase. After the outbreak of the global crisis, though countries in East Asia's financial institutions, financial markets, the impact is not, but the real economy in East Asia has suffered a great impact, indicating that East Asian countries dependent on U.S. and European markets are still great, not achieved economic independence.
Now, the East Asian regional trade cooperation is facing new opportunities. Over-development of the virtual economy, Europe and the United States government has issued a signal back to the real economy. This indicated that over-reliance on European and American markets will be the East Asian model of economic development impact. Therefore, East Asian countries not only need to think about how to fill European and American markets the impact of export-oriented enterprises, more importantly, in the Asian region to establish the final consumer market, and actively promote the Free Trade Area, the implementation of existing free trade agreements, and comprehensively promote trade cooperation among East Asian countries, and establish interdependent trade union, an opportunity to use the crisis to achieve self-sustaining regional economy.
Second, the deepening of regional financial cooperation is an important safeguard
Will promote regional financial cooperation in East Asia countries to accelerate financial reform and improve the construction of financial markets, thereby contributing to the deepening of regional economic and trade cooperation within the development. Financial cooperation in East Asia should focus primarily on the following aspects:
First of all, building clearing payment system among countries. East Asian financial cooperation to promote trade and economic integration needs to be the basis and prerequisite for the establishment of clearing payment system is not only an important part of financial cooperation, but also to strengthen economic cooperation. Modern payment and settlement system to ensure the smooth implementation of trade among countries in non-dollar settlement for the expansion of trade and investment within the region to provide convenient services.
Second, the strengthening of national exchange rate policy coordination. In trade transactions, barter exchanges, frequent the area of financial transactions, exchange rate stability is necessary to maintain the physical conditions of trading. In view of the East Asian countries in the economic development level, the degree of financial development there are still large differences in lack of a unified currency is still the economic base and political conditions, thus enhancing the cooperation on exchange rate policy will help different countries exchange rate stability, not only conducive to the conduct of trade within the region, but also to increase intra-regional trade, investment, pricing and settlement currency of the diversity is conducive to moving away from excessive dependence on the dollar.
Finally, strengthening international cooperation on financial system reform to build a new governance platform. With the future economic strength of countries closer to the global financial development will not only rests in the hands of a few developed countries. To adapt to this new situation, the world should be the basis of multilateral coordination to jointly finance the overall situation of the world together to stabilize global financial situation and make decisions, and strong, just the concrete implementation of coordination and oversight bodies. As a result, East Asian countries need not only actively participate in IMF and World Bank, the reform of existing international financial organizations, but should such a new global governance G20 platform sincere cooperation, global governance structures to ensure fair, effective, ideal for the creation of regional cooperation the external environment.
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