Analysis of the Difficulties and Countermeasures of East Asian Regional Economic Cooperation

Abstract

Global economic development witnessed two significant developments during the 1990s: economic globalization and regional economic integration. East Asia's economy has been steadily developing, making it one of the most promising areas in the world economy. Nonetheless, East Asia's economic cooperation is developing far more slowly than that of the European Union and the North American Free Trade Area. East Asian nations have deeply realized that the only way to increase the competitiveness of their economies and, consequently, their overall economic strength is to actively participate in economic cooperation, as evidenced by the rapid development of trade and economic ties between the European Union and the North American Free Trade Area. This article aims to study the difficulties and countermeasures of East Asian regional economic cooperation in the context of current economic globalization and regional economic integration. According to this study, there are three key reasons why regional economic cooperation among Southeast Asian countries is problematic: political factors in East Asian countries, economic factors in East Asian countries, and social and cultural factors in East Asian countries. Various measures have been suggested to address the current challenges. These include fostering East Asian regional cooperation around ASEAN, expediting economic recovery through trade and economic cooperation, and fortifying cultural exchanges and cooperation to further the development of East Asian regional economic cooperation.