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Asean and EC-1992

Published online by Cambridge University Press:  26 March 2020

Jacques Pelkmans
Jacques Pelkmans*
Affiliation:
Centre for European Policy Studies, Brussels
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Extract

ASEAN, the Association of South East Asian Nations, comprises the fastest growing countries of the world economy. Apart from including the only NIE (newly industrialising economy), not having encountered domestic political or social growth constraints—Singapore, with 11 per cent real growth in 1988, 9.2 per cent in 1989 and 10 per cent, first quarter 1990—it consists of recent record holder Thailand (with growth rates above 10 per cent for three years), Malaysia (growth in the 7 per cent—9 per cent range), Indonesia (recent growth 6–7 per cent), Philippines (oscillating growth due to internal instability) and Brunei (an oil-exporting sultanate). The ASEAN countries do not owe their growth to the integration of ASEAN countries into a free trade area, a customs union or a common market. Intra-group trade liberalisation and economic cooperation are still modest. These growth marvels owe their performance to exports, especially to the OECD countries. The quality and very high growth rates of exports were and still are fostered by foreign investment and imports of intermediate inputs from the target markets.

Type
Articles
Information
National Institute Economic Review , Volume 134 , November 1990 , pp. 99 - 109
Copyright
Copyright © 1990 National Institute of Economic and Social Research

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Footnotes

This paper examines the effects of the European Community's 1992 programme for completing the internal market on economic relationships with the ASEAN countries. These relationships involve not just trade in goods but trade in services, such as air transport and very importantly, investment. Although there may be problems in some sectors the analysis concludes that the likely growth of the EC and the very rapid growth of ASEAN both as a market and a producer will ensure a favourable impact all round. Even integration with Eastern Europe is unlikely to alter that picture.

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