11 - ASEAN and Korea in East Asian Co-operation

Summary

RISE OF ASEAN PLUS THREE

In recent years East Asia has been witnessing the emergence of a new regional co-operation framework, namely the Association of Southeast Asian Nations plus Three (ASEAN plus Three). ASEAN plus Three co-operation has indeed gained considerable momentum in a relatively short period without any formal binding agreements among the participating states or a central secretariat. Since the first-ever summit meeting among ASEAN, Korea, China, and Japan in 1997, relations between Southeast Asian and Northeast Asian states have steadily progressed. In the ASEAN plus Three process national leaders as well as finance, economic, and foreign ministers have been meeting regularly. Central bank governors and other senior officials have also begun to hold regular meetings.

In 1998 the East Asia Vision Group (EAVG) was set up to explore ways in which it could expand co-operation in all sectors and at all levels throughout the countries in the region. In 1999 the ASEAN plus Three Summit adopted a Joint Statement on East Asian Co-operation, confirming the political will of East Asian leaders to work towards enhancing intra-regional co-operation. In 2000 the ASEAN plus Three Summit affirmed the Chiang Mai Initiative as one of the most tangible outcomes of ASEAN plus Three co-operation. The Chiang Mai Agreement was to set up a currency swap facility, which would enable the regional countries to respond more effectively to any future financial crisis. The leaders of ASEAN plus Three also agreed to set up the East Asia Study Group (EASG) to implement specific action plans for regional co-operation. In 2001 the ASEAN plus Three Summit reviewed the report of the EAVG, which presented key recommendations for the realization of an East Asian community (EAC). In 2002 the ASEAN plus Three Summit approved the final report of the EASG, including its seventeen short-term measures and nine mid- to long-term measures with high priority, together with its other details.