ASEAN+3 : the institutionalization of Asian values

Abstract

In the wake of the 1997-1998 Asian economic crisis, the leaders of East Asia came together to establish the ASEAN+3 forum; a forum to accommodate thirteen countries heterogeneous in nature with diverse political, economic, social and cultural backgrounds. Some political scientists interpreted the establishment of the ASEAN+3 as the emergence of a new form of regionalism. This new regionalism represents a clear break from the region's strong history of multilateralism. The countries of East Asia have also been exploring ways of expanding intra-regional trade including the establishment of regional trade agreements (RTAs) such as the ASEAN+3, planning to establish an East Asia Free Trade Area (EAFTA) as well as negotiating bilateral trade agreements (BTAs). This thesis hypothesizes that the philosophy of Asian values and the 1997-1998 Asian economic crisis stimulated the creation of the ASEAN+3. It is important to understand this philosophy for it is likely to influence the ASEAN+3 in the future. The understanding of whether the Asian economic crisis spurred the creation of the ASEAN+3 is crucial to determine whether the ASEAN+3 will play an economic role in the region.