Reorienting Interregional Co‐operation in the Global Political Economy: Europe’s East Asian Policy

Abstract

This article offers a critical political economy analysis of the new engagement of Europe with East Asia formalized through the Asia-Europe Meeting (ASEM) initiative. It does so by locating the significance of the evolving relationship in the context of the current debates on globalization and regionalization, and argues that posing issues in terms of 'national' versus 'global' overlooks a vital level of analysis, namely emerging interregional arrangements. The evolution of the EU's policy towards Asia is described, and the factors that have delineated Europe's new interregionalism are analysed. The article also examines the state of Asia-Europe relations in the context of the unfolding Asian economic crisis, and suggests that the current policy agenda should be understood as part of broader multilateral efforts to construct a 'new architecture' for global economic governance.

US and EU Regionalism: The Case of the Western Pacific Rim

“…. (Commission of the European Communities 2003a) 18 For additional material on ASEM see Jung and Lehmann (1997), Lee Tsao Yuan (1997), Segal (1997, Higgott (1998), Maull, Segal, andWanandi (1998), Gilson (1999), Richards and Kirkpatrick (1999), Stokhof andVelde (1999), Higgott (2000), , Rosamond (2000), Yeo Lay Hwee (2000, and the links on the ASEM Research Platform website, hosted by the International Institute for Asian Studies in the Netherlands: http:// www.iias.nl/asem/, accessed January 8, 2005.…”

Regional Trade in Sub-Saharan Africa: An Analysis of East African Trade Cooperation, 1970-2001*

“…A third factor may be emulative in nature. The economic strength of the major regional blocs has fostered the notion that success is linked to institutionally organized cooperation (Richards and Kirkpatrick, 1999). Finally, there has been a widening of the boundaries within which regionalism is analysed, with greater attention being given to the non-traditional 'deeper' gains which can accrue from RTAs, in terms of market liberalization, harmonization of regulations, policy coordination and political stability (Fernandez, 1997;Schiff and Winters, 2003).…”

The Eurasian Economic Axis: Its Present and Prospective Significance for East Asia

“…Such a passive response from the EU at ASEM 2 was to the obvious disappointment of ASEM's East Asian members (Forster 1999). According to Richards and Kirkpatrick (1999), the EU's stress on multilateral rather than interregional channels of support at ASEM 2 and beyond was aligned to a wider purpose, this being to position itself as prime shaper of the new "global framework for neoliberal regulation" (e.g., a revamped IMF), and thus pose a challenge to US hegemonic influence. Whether or not the EU was attempting to hijack the "Washington consensus" is highly debatable.…”