| Summary: |
Over the past decade, the Association of Southeast Asian
Nations (ASEAN) has shifted from its original focus on
regional peace and stability toward embracing a progressively
economics-dominated agenda. A multitude of initiatives
concerning cooperation in the areas of trade and finance have
been launched. At the 2003 ASEAN Summit in Bali, ASEAN
leaders even declared the goal of establishing an ASEAN
Economic Community by 2020. This paper discusses two
factors that have contributed to ASEAN's increasing focus on
economic cooperation: (1) the Asian financial crisis, and (2)
the emergence of China as a major international and economic
power. It is argued that these determinants have paved the way
for closer economic cooperation within the region despite the
great heterogeneity and conflicting interests of the ASEAN
member countries.
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