Japan, APEC, and East Asian economic cooperation: A Mitsui USA Symposium

Abstract

For many Asians, the progress made by the European Union (EU) and the strength of the euro currency is something to admire, aspire to, and sometimes, scoff at. It's a double-edged sword, in a sense. On the one hand, East Asia needs to engage in deeper integration economically and politically, but not necessarily in the ways Europe or the mericas have. And on the other hand, Asia's deep history and complex bilateral relations with its neighbors has made it hard to all join hands and form one big happy circle. But nonetheless, Asian or not, everyone seems to agree that some form and degree of economic and political cooperation is necessary; witness groups such as the Asia-Pacific Economic Cooperation (APEC) forum and the Association of South East Asian Nations (ASEAN), as well as numerous free trade agreements (FTAs) that have popped up like mushrooms over the past several years. Can all of the bilateral and multilateral FTAs, as well as the nonbinding agreements made within APEC and ASEAN, coexist effectively? How will that work? What nation will step up to be the leader? What does East Asia need to do in order to be a stronger economic, and therefore, political, force in the realm of the global economy? On February 14, 2005, the Center on Japanese Economy and Business (CJEB) of Columbia Business School, the APEC Study Center of Columbia University, and the Mitsui USA Foundation sponsored this sixth annual Mitsui USA Symposium. Presenters included Takatoshi Ito, Professor at the Graduate School of Economics and Research Center for Advanced Science and Technology, University of Tokyo; Peter Drysdale, Emeritus Professor of Economics, Visiting Fellow in Policy snd Governance in the Asia Pacific School of Economics and Government, The Australian National University; Merit Janow, Professor in the Practice of International Economic Law and International Affairs, School of International and Public Affairs and Co-Director, APEC Study Center, Columbia University; Hugh Patrick, Director, CJEB and Co-Director, APEC Study Center, Columbia University; and David Weinstein, Carl. S. Shoup Professor of the Japanese Economy, Department of Economics, Columbia University. This report is a summary of the evening's presentations and discussions