For the last decades, the East Asian economy (that is, the economies of China, Japan, South Korea, Hong Kong, Singapore, and the countries of the Association of Southeast Asian Nations (ASEAN)) has been growing remarkably to become a major axis of the global economy. In 2008, the total value of exports and imports of the region were US$4112.9 billion and US$3886.1 billion which account for 25.6 percent of world exports and 23.8 percent of world imports, respectively (WTO 2009). In the same year, Japan produced 11.56 million automobile vehicles, China 9.34 million, and South Korea (hereafter Korea) 3.87 million, which occupy 37 percent of the global production of the total of 70 million vehicles. Global steel production in 2008 was 1326.5 million metric tons; the biggest steel producing nation was China with 500.5 million tons, 37.7 percent of global production. Japan's production of steel was 118.7 million tons and Korea's 53.6 million tons, which made the region's total production 672.8 million tons; 50.7 percent of world steel production in 2008 (World Steel Association 2009). East Asian nations build more ships than any other region of the world; Korean shipbuilders completed 26 103 000 CG/T of ships, 39.4 percent of world production, Japan 18 631 000 CG/T, 28.1 percent, and China 13 735 000 CG/T, 20.7 percent in 2008 (Lloyd 2009). (Reportedly, Chinese shipbuilders grabbed the biggest market share with 26 million DWT, 61.6 percent of world orders in 2009, overtaking Korea as the world's largest shipbuilding nation; Xinhua News Agency, January 25, 2010.) The three nations' shipbuilding products constitute around 88 percent of the global shipbuilding industry.