Asia: ASEAN and SAARC

A. S. Bhalla and P. Bhalla

Chapter 4 in Regional Blocs, 1997, pp 69-97 from Palgrave Macmillan

Abstract: Abstract Recent initiatives by regional and sub-regional groupings in the Asia Pacific testify to the growing belief in the need to liberalize in response to globalization trends. The oldest of the existing Asia Pacific regional groupings, the Association of Southeast Asian Nations (ASEAN), formed in 1967, has only recently begun to take economic cooperation seriously with its launching of the ASEAN Free Trade Agreement (AFTA) in January 1993. In South Asia, the South Asian Association for Regional Cooperation (SAARC) formed in 1985, though intended to ‘promote and strengthen collective self-reliance through joint action’ has been unable to move beyond modest efforts at economic cooperation. However at its eighth summit in 1995, it announced the implementation of the South Asian Preferential Trade Agreement (SAPTA) by November 1995. In 1990, the lukewarm reception given to the Malaysian Prime Minister’s proposal for an East Asian Economic Group led, nevertheless to its modification resulting in an East Asian Economic Caucus (EAEC), a pressure group which, while not particularly active at present, has the potential to influence trends in the Pacific region.

Keywords: Foreign Direct Investment; Free Trade; Trade Intensity; ASEAN Economy; Foreign Direct Investment Inflow (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25811-6_4

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DOI: 10.1007/978-1-349-25811-6_4

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