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Asian Regionalism

Despite challenges, Asia finds itself at the forefront of globalization and regionalization due to several factors. Asia is home to the world's largest economy, China, and Southeast Asia is a vibrant economic zone with growth potential from its young workforce. Regional trade agreements like ASEAN and China's Belt and Road Initiative aim to further economic integration. However, globalization also increases inequality and environmental destruction that countries must address through policies promoting sustainable and inclusive development.

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Chesca Marie Arenal Peñaranda
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225 views26 pages

Asian Regionalism

Despite challenges, Asia finds itself at the forefront of globalization and regionalization due to several factors. Asia is home to the world's largest economy, China, and Southeast Asia is a vibrant economic zone with growth potential from its young workforce. Regional trade agreements like ASEAN and China's Belt and Road Initiative aim to further economic integration. However, globalization also increases inequality and environmental destruction that countries must address through policies promoting sustainable and inclusive development.

Uploaded by

Chesca Marie Arenal Peñaranda
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ASIAN REGIONALISM

GROUP 1
MATIBAG, LEIRA L.
CLARIN, ANGEL ANN
MARTINEZ, BERNADETTE
DEL ROSARIO, ERIKA JOY
ANN, JUSTINE NICOLE
GLOBALIZATION AND
REGIONALIZATION IN ASIA
◦ Despite of seemingly underdog situation of Philippines under
globalization , the country finds it difficult to stray away from
this development framework as it is part of ASIA- is a continent
now at the forefront of globalization and regionalization

◦ GLOBALIZATION
 It is the process by which businesses or other organizations
develop international influence or start operating on an
international scale

◦ REGIONALIZATION
 “regional concentration of economic flows- trade in goods and
services , movement of capital and people within a particular region
or country
FACTORS LEADING TO A GREATER
INTEGRATION OF THE ASIAN REGION
 1. Asia is home to China which in 2014,
surpassed the US as the world’s biggest
economy in terms of GDP.

 2. Southeast Asia is among the world’s most


vibrant economic zones with much potential
for further growth because of its young and
increasingly more educated workforce
coupled with stable population growth.
FACTORS LEADING TO A GREATER
INTEGRATION OF THE ASIAN REGION
 3. Asia is still rich in essential natural
resources (from petroleum and minerals to
food crop and lumber)

* Some Asian countries such as Singapore ,


South Korea , China and Japan are among the
world leaders in innovation, another dynamic
driver of globalization.
In recent years, many regional trade
agreements creating free trade areas such as:
 ASEAN- China Free Trade Area (ACFTA)
 Also known as China –ASEAN Free Trade Area or
CAFTA
 Is a free trade area that covers the ten member states
of the Association of Southeast Asian Nations (ASEAN)
and China
 Biggest free trade in terms of the population covered
 Was signed in 2002 and came into effect on 2010
 Under this agreement, “trade between China and six
ASEAN countries including BRUNEI,
INDONESIA,MALAYSIA, PHILIPPINES, THAILAND and
SINGAPORE has become duty-free for more than
7,000 products”
In recent years, many regional trade
agreements creating free trade areas such as:

 ASEAN Economic Community (AEC)


 Established in 2015
 Major milestone in the regional economic
integration agenda in ASEAN, offering
opportunities in the form of huge market
of US $2.6 trillion and over 622 million of
people
Do you know?

 Asia is the center of China’s 900 billion-


dollar Belt and Road Initiative aimed at
funding a number of mega- infrastructure
schemes across the world, toward building a
modern day version of the ancient Silk Road
and a new “golden age” of globalization.
Belt and Road Initiative
• Launched at a conference where at least 29
heads of state are participated

• Expected to make intercontinental trade


between Asia, Africa, and Europe faster and
hence, larger in volume and capacity
Belt and Road Initiative
• Includes six “corridors” that link China and a number of
countries.
• New Eurasian Land Bridge (WESTERN CHINA TO WESTERN RUSSIA)
• China- Mongolia- Russia Corridor (NORTHERN CHINA TO
EASTERN RUSSIA)
• China-Central Asia- West Asia Corridor (WESTERN CHINA TO
TURKEY)
• China-Indochina Peninsula Corridor (SOUTHERN CHINA TO
SINGAPORE)
• Bangladesh-China-Myanmar Corridor (SOUTHERN CHINA TO
MYANMAR)
• China- Pakistan Corridor (SOUTHWESTERN CHINA TO PAKISTAN)
• Maritime Silk Road (CHINESE COAST THROUGH SINGAPORE TO
THE MEDITERRANEAN)
 This scheme will certainly cement china’s
status as either the equal of the US.

 If not, it is the successor, as the world’s


largest economy

 This century might become the time “WHEN


CHINA RULES THE WORLD”
CONFRONTING THE CHALLENGES OF
GLOBALIZATION AND REGIONALIZATION

 Asian countries confront various challenges


of globalization in their own ways.

 Developing Asian countries such as the


Philippines strive to achieve sustainable
macroeconomic development while lifting
most of its people from poverty.
Challenges

1. Statistics prove that the


economic growth has
mostly benefited the tiny
segment of elite and the
middle class.
CONFRONTING THE CHALLENGES OF
GLOBALIZATION AND REGIONALIZATION

 Thomas Piketty tells that income


inequality and wealth gaps compose
the story of capitalist globalization
around the world in this era.
 The world’s 1,426 richest individuals have a
net worth of USD 5.4 trillion which is more
than the combined GDP of all South Asian
countries and developing countries of Sub –
Saharan Africa (USD 3.5 trillion in 2011), and
nearly reaching the combined GDP of
developing countries in Latin America and the
Carribean (USD 5.6 trillion in 2011)
 Piketty and other economists argue that
income inequalities can be addressed by tax
increases for the richest individuals and
corporations.

 Tax Reform – will increase the government’s


financial power that it can use to fund social
services such as education, health care, and
housing.
CHALLENGES

2.) Brain drain


brought by labour
export policy
 Theeconomic boom of First word
countries produce job that the First
world citizens cannot or unwillingly to
take , hence, the need to import
workers from Third world countries.
CHALLENGES
3. ) Massive environmental
destruction in the name of
the export-oriented
extractive industries such
as mining
 Faster trade also means bigger demand for
commodities , which entails massive
extraction of the world’s remaining resources
especially in developing countries that badly
needed cash from exports.

 INDIGENOUS PEOPLE AROUND THE WORLD


ARE THE MOST AFFECTED IN THIS SITUATION
 Bayan Muna Partylist filed House Bill 4315 (An
Act Re-Orienting the Philippines Mining
Industry , Ensuring the Highest Industry
Development Standards)
 As a way to balance the need for
development-oriented mining and the need to
preserve the environment for future
generations.
Challenges

 4. Very nature of Free Trade that


seems to favour only the
industrialized countries at the
expense of poor , non-
industrialized or semi-
industrialized countries.
One country’s weak manufacturing sector is
the gain of another nation’s strong industrial
output.

One entity can only grow at the expense of


another entity, as trade barriers have been
smashed and no safety nets are left for the
weak to compete or catch up with the strong
ones.
Challenges
But nowadays, the Philippines benefitted from
the particular American dilemma, as it is now
the major destination of many developed
countries’ business processing outsourcing
(BPO) operations.

In this case, America’s loss is the gain of the


Philippines and other countries where
American jobs are outsourced.
 Even workers in China, the supposed winner
of globalization, lost under free trade.

 In its quest to be the world’s main source of


cheap exports, China kept wages low.
Challenges

5. DEVELOPED ECONOMIES
SUCH AS JAPAN FACE
POSSIBLE LABOR
SHORTAGES DUE TO ITS
AGING POPULATION
 It is currently reviewing its labor migration
policies to possible make it easier for certain
skilled workers from abroad to apply for
permanent residency in Japan.

 Regional concerns such as terrorism , human


trafficking, the difficulty of managing
multicultural and multilingual societies,
ethnic strife , and refugee crisis are also
abound.

 TERRORISM - If everyone in the society enjoys


the fruits of globalization, there will be no place
for terrorism to thrive.

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