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1 BM002-3.5-3-ASGE Individual Assignment Asian Pacific University ABSTRACT In a world economy, a nation that is self-sufficient does not exist. Each nation is engaged at various levels in trade to sell what it produces, to obtain what it lacks as well as to produce more efficiently in some economic sectors than tis trade partners. Globalization has become an intriguing concern that has attracted many people to the study of trade and economics. Similar to many other economic processes, globalization features both significant advantages and disadvantages for the world in general. The following report undertakes an economic overview of East Asian Economies, providing a detailed discussion on the effects that globalization and free trade have on such economies. This report begins with a brief overview of globalization and Free trade within East Asian Economies. Additionally, the report defines globalization, its roots and driving forces along with defining free trade. The report additionally overviews the countries that are under East Asia. The report ends with the implications of free trade and globalization within East Asian economies, and outlines the benefits that these factors play within the developments of East Asian economies.

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ABSTRACT

In a world economy, a nation that is self-sufficient does not exist. Each nation is engaged at

various levels in trade to sell what it produces, to obtain what it lacks as well as to produce more

efficiently in some economic sectors than tis trade partners. Globalization has become an

intriguing concern that has attracted many people to the study of trade and economics. Similar to

many other economic processes, globalization features both significant advantages and

disadvantages for the world in general.

The following report undertakes an economic overview of East Asian Economies, providing a

detailed discussion on the effects that globalization and free trade have on such economies. This

report begins with a brief overview of globalization and Free trade within East Asian Economies.

Additionally, the report defines globalization, its roots and driving forces along with defining

free trade. The report additionally overviews the countries that are under East Asia. The report

ends with the implications of free trade and globalization within East Asian economies, and

outlines the benefits that these factors play within the developments of East Asian economies.

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TABLE OF CONTENTS

Abstract........................................................................................................................................................................................... 1

1.0 Introduction...........................................................................................................................................................................3

2.0 Defining Globalization.......................................................................................................................................................4

3.0 ASEAN (Association of South East Asian Nations)...............................................................................................5

3.1 ASEAN Members.............................................................................................................................................................5

4.0 Defining Free Trade........................................................................................................................................................... 6

4.1 Free Trade Status in Eastern Asian........................................................................................................................7

4.3 General Features of Free Trade Agreements in East Asia............................................................................9

5.0 Gross Domestic Product (GDP) in East Asian.......................................................................................................10

6.0 Impacts of Globalization and Free Trade on East Asian Economies..........................................................11

6.1 Positive Impacts of Globalization and Free Trade on East Asian Economy.......................................12

7.0 Conclusion........................................................................................................................................................................... 13

8.0 References........................................................................................................................................................................... 13

9.0 Appendices.......................................................................................................................................................................... 18

LIST OF FIGURES

Figure 1: The Contributions of the Sources of Economic Growth: Selected East Asian and Western Economies....................................................................................................................................................................................... 3Figure 2: Association of Southeast Asian Nations, listed members............................................................................6Figure 3: Average Annual Growth Rates of GNP and Exports of goods and Services, 1965-1996..............11

LIST OF TABLES

Table 1: East Asian Free Trade Agreement (ASEAN+3 Countries)...........................................................................8Table 2: Free Trade Agreements Involving Countries in East Asia (ASEAN+6 Countries)..............................8Table 3: General Characteristics of Free Trade Agreements in East Asia..............................................................9

LIST OF APPENDICES

Appendix 1: Dells Global Locations...................................................................................................................................18Appendix 2: Tariff Reduction in Selected East Asian Free Trade Agreements....................................................19Appendix 3: Economic Performance in East Asia..........................................................................................................20

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1.0 INTRODUCTION

Notwithstanding the East Asian financial crisis of 1997-1998, East Asia has been the fastest

growing region win the world since the 1960s (Li Xing and Zhang Shengjun, 2015). The

financial crisis came as such a surprise to many observers largely because the trigger countries

had been known for their exceptionally positive economic development (Marcus Cieleback,

1988). The East Asian economies survived the East Asian financial crisis and with the exception

of Indonesia and possibly Philippines have largely recovered from their troughs. Over the past

two decades, East Asian developing economies; China, Hong Kong, Indonesia, South Korea,

Malaysia, Thailand, Singapore, and Taiwan, have experienced an average annual growth rate of

seven (7) percent, which is much higher than the average five (5) percent growth in the rest of

the world (Lawrence J., 2001). The Philippines is one of the notable exceptions, as it has

experienced less than half of the average growth rate (Lawrence J., 2001) as compared to its

counterpart countries (East Asian Countries). Figure 1 shows the contributions of the sources of

Economic Growth within selected East Asian economies.

FIGURE 1: THE CONTRIBUTIONS OF THE SOURCES OF ECONOMIC GROWTH: SELECTED EAST ASIAN AND WESTERN ECONOMIES.

Source: (Kim and Lau, 1996)

Globalization is the acceleration and intensification of interaction and integration among the

people, companies and governments of various nations (Rothenberg, 2003). Within the current

century, going global has become a must for every organization on the account of intensified

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competition within business markets. Globalization concepts have been adopted by many

corporations and have successfully implemented it. For instance, Dell has positioned itself along

geographical lines into Americas, Asia-Pacific and Japan, and Europe/Middle East/Africa.

Regions of Dells operations have their own regional headquarters and its own assembly plants

and supply network; United Kingdom for EMEA, Hong Kong for Asia-Pacific and Kawasaki for

Japan. Refer to appendix 1 for Dells Globalized locations (Kenneth.L and Jason Dedrick, 2012).

Free trade advocates face more than just the constant challenges of reminding the public and

policymakers of the virtues of open global markets (Edward L., 1996). A free trade agreement

(FTA) is a legally binding agreement between two or more countries to liberalize trade and bring

about closer economic integration (Spring Singapore, 2005). For example, in the year 2014,

Australia, New-Zealand and ASEAN (Association of South East Asian Nations)entered a free

trade agreement to extensively reduce tariffs and eliminate commitments (Australian

Government, 2014).

2.0 DEFINING GLOBALIZATION

Globalization is not a new concept, Hamilton and Webster (2009) define globalization as the

political, economic, social and technological links in different countries (Muhammed, A.,

Muhammad, F., Muhammad, D., and Iqra, A., 2011). According to another definition provided

by Albrow (1990), globalization refers to all those processes by which the peoples of the world

are incorporated into a single world society, global society (Nelly P., and Karen M., 2014).

Globalization involves the inexorable integration of markets, nation-states, and technologies to a

degree never witnessed before, in a way that is enabling individuals, corporations and nation-

states to reach around the world farther, faster, deeper, and cheaper than ever before, and in a

way that is also producing powerful backlash from those brutalized or left behind by this new

system (Friedman T., 1999).

Globalization begun just after World War II but has accelerated noticeably since the mid-1980s,

pushed by two (2) main Factors. The first factor involves technological advancements that have

reduced the costs of transportation, communication, and computation to the extent that it is often

economically possible for a firm to locate distinctive phases of production in numerous countries

(Shravan, K., Ginna R., and Ramaiah G., 2014). The second factor has to do with the increasing

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liberalization of trade and capital markets: more and more governments are refusing to protect

their economies from foreign competitors or influence through import tariffs and nontariff

barriers which include import quotas, export restraints, and authorized prohibitions (Shravan, K.,

Ginna R., and Ramaiah G., 2014). Several worldwide establishments founded during the wake of

World War II, such as the World Bank, International Monetary Fund (IMF), and General

Agreement on Tariffs and Trade (GATT) which was succeeded in 1995 by the whole world

Trade Group (WTO) have played a significant purpose in endorsing free trade instead of

protectionism.

Empirical evidence suggests that globalization has substantially boosted economic growth in

East Asian economies such as Hong Kong (China), the Republic of Korea, and Singapore.

However, not all developing nations are equally engaged in globalization or in a position to

benefit from it (Rashmi G., 2015). As a matter of fact, apart from most countries in East Asia and

several in Latin America, developing countries happen to be rather slow to integrate with the

world economy. Additionally, for countries that are actively engaged in globalization, the

benefits come with new risks and challenges (Rashmi G., 2015). The balance of globalization's

costs and benefits for various groups of countries and the world economy is amongst the most

popular subject areas in development debates.

3.0 ASEAN (ASSOCIATION OF SOUTH EAST ASIAN NATIONS)

3.1 ASEAN MEMBERS

The main goals of ASEAN include improving the economies of member countries, as well as

protection and peace between the neighboring nations as well as to collaborate more effectively

for the greater utilization of their agriculture and industries, the expansion of their trade,

including the study of the problems of international commodity trade, the improvement of their

transportation and communications facilities and the raising of the living standards of their

people (Association of Southeast Asian Nation, 2014). ASEAN member countries consist of ten

(10) nations, namely; Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines,

Singapore, Thailand and Vietnam (Figure 2). The unification of these primarily smaller nations

helps them to protect themselves and each other from outside conflicts. In fact, the original

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organization was formed to prevent the spread of communism in the 1960s (Maps of the world,

2012).

FIGURE 2: ASSOCIATION OF SOUTHEAST ASIAN NATIONS, LISTED MEMBERS

Source: (Pharmatutor, 2015)

4.0 DEFINING FREE TRADE

Free trade is defined as a system where goods, capital and labor flow freely between nations,

with no obstacles which could hinder the trade process (Mantel, R., 2011). Free trade stems

from the 18th and 19th centuries when Adam Smith after which David Ricardo created the basis

for International trade as an element of their attempts to make a case for free trade (Thomas, P.,

and Peter, L., 2000). In 1776, Adam Smith wrote in his “The Wealth of Nations” “If a foreign

country can supply us with a commodity cheaper than we ourselves can make it, better buy it of

them with some part of the producer of our own industry, employed in a way in which we have

some advantage” (Mantel, R., 2011). Adam Smith argued that, all commerce that is carried on

involving any two countries should always be advantageous to both, and consequently, all duties,

customs, and excise on imports ought to be abolished, and free commerce and liberty of

exchange should be permitted with all nations (Irwin, D., 2009).

The reasoning powering to free trade is that it will reduced prices for goods and services by

promoting competitiveness. Domestic producers will no more have the opportunity to depend

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upon government subsidies and other forms of assistance, which include quotas which

essentially pressure citizens to order from domestic producers, while foreign corporations may

make inroads on new markets when barriers to trade are lifted. In addition to minimizing prices,

free trade can also be speculated to encourage innovation, because competition involving

companies sparks a need to come up with innovative goods and services to seize market share.

It has been recognized that some nations are greater at developing particular types of products

than others. It then seems sensible, for nations to specialize in producing the goods they can

develop most efficiently, and to trade their surplus of those goods for the products they cannot

produce, or are significantly less productive at making.

4.1 FREE TRADE STATUS IN EASTERN ASIAN

The very first non-ASAEN FTA (Free Trade Agreement) proposal in East Asia, for a Japan-

Korea FTA, was set ahead in 1998. That proposal continues to be stalled, but far more FTA

initiatives were subsequently proposed, with some successfully concluded and a few nonetheless,

under negotiation (Yunling Zhang and Minghui Shen, 2011). These FTAs contain some

limitations to east Asian countries as well as some involving east Asian countries and countries

in other regions (Tables 1 and 2).

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TABLE 1: EAST ASIAN FREE TRADE AGREEMENT (ASEAN+3 COUNTRIES)

Source: (Asia Regional Integration Center, 2015)

TABLE 2: FREE TRADE AGREEMENTS INVOLVING COUNTRIES IN EAST ASIA (ASEAN+6 COUNTRIES)

Source: (Asia Regional Integration Center, 2015)

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Free trade agreements (FTAs) have become a notable feature of the multilateral trading system

and a very important instrument of trade policy for members of the World Trade Organization

(WTO).The proliferation of FTAs is the results of many elements, from economic to political

(Yunling Zhang and Minghui Shen, 2011). East Asia is without exception linked to the process

and witnessing of the establishment of multilayered FTAs. Pioneered by the Association of

Southeast Asian Nations (ASEAN) in 1992 when it initiated the ASEAN FTA (AFTA), and

encouraged by ASEAN+1 (ASEAN plus one nation) FTAs, An increasing number of economies

in East Asia are associated with FTAs, even though the characteristics of such FTAs vary in

accordance with their background and circumstances (Yunling Zhang and Minghui Shen, 2011).

4.3 GENERAL FEATURES OF FREE TRADE AGREEMENTS IN EAST ASIA

Table 3 outlines the general characteristics of the Free Trade Agreements conducted in East

Asia.

TABLE 3: GENERAL CHARACTERISTICS OF FREE TRADE AGREEMENTS IN EAST ASIA.

Features of FTA Description

Liberalization This covers elimination of tariffs and nontariff barriers, national treatment of

imports, market access for trade in services, investment liberalization

through national treatment, and national treatment in government

procurement. Time schedules are incorporated for liberalization, exclusion

and negative lists, and accelerated liberalization through early harvest

programs (Yunling Zhang and Minghui Shen, 2011). (Refer to appendix 2

for Tariff Reduction in Selected East Asian Free Trade Agreements).

Facilitation Included are customs valuation and procedures, standards and conformance

measures dealing with technical barriers to trade and sanitary and

phytosanitary measures. Also included are rules of origin as criteria to

preferential treatment, transparency of laws and regulations, movement of

professional and business people, and improvements in logistics and

transportation (Yunling Zhang and Minghui Shen, 2011).

Protection This includes safeguard measures for disruptive imports, fair competition

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between imports and domestically produced goods, protection of intellectual

property rights, investment guarantees, and dispute settlement mechanisms

(Yunling Zhang and Minghui Shen, 2011).

Cooperation Included under this broad category are macroeconomic dialogue and

surveillance mechanisms, financial and monetary cooperation, infrastructure

development, and sub-regional development. Cooperation in human resource

development and capacity building, development of small and medium

enterprises (SMEs), science and technology development, and research and

development are also included (Yunling Zhang and Minghui Shen, 2011).

Differential treatment

This provides for flexible and special treatment for the less developed

countries of Cambodia, the Lao People’s Democratic Republic, Myanmar,

and Viet Nam. Such treatment can take the form of longer time frames for

fulfillment of commitments, larger sensitive and exclusion lists, and special

assistance in capacity building—e.g., development of human resources and

infrastructure (Yunling Zhang and Minghui Shen, 2011).

5.0 GROSS DOMESTIC PRODUCT (GDP) IN EAST ASIAN

The macroeconomic performance and prospective countries from the East Asian region have

changed dramatically since the onset in the Asian crisis in 1997-1998. East Asia plunged from

being the region that exhibited the highest average rate of growth for real gross domestic

products (GDP) of all regions in the global economy to the region in which several countries

registered negative growth in GDP per capita in 1998: Hong Kong, Korea, Singapore, Cambodia,

Indonesia, Malaysia, Philippines and Thailand (Asian Development Bank, 1999). Korea,

Thailand and Indonesia were forced to turn to the International Monetary Fund (IMF) for big

bailout financial loan applications. The remaining eight (eight) countries resumed good progress

in the final quarter of 1998. Appendix 3 elaborates East Asian’s economic performance.

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6.0 IMPACTS OF GLOBALIZATION AND FREE TRADE ON EAST ASIAN ECONOMIES

The costs and rewards concerning International trade rely on variables like the sizing of a

country’s domestic market, its natural resource endowment, and its location. As an example,

nations with large domestic markets frequently trade less (World Bank Group, 2000). At the

same time, nations that are very well endowed with a few natural resources, such as oil, often

trade more. Regardless of the challenges, many countries have been opting out to globalize their

economies to a higher extent. One method to evaluate and measure the extent of this process is

through the ratio of a country’s trade (exports plus imports) to its GDP or GNP (World Bank

Group, 2000). By this measure, globalization has roughly doubled on average ever since 1950. In

the last thirty (30) many years’ exports have grown about twice as rapidly as GNP (Figure 3).

FIGURE 3: AVERAGE ANNUAL GROWTH RATES OF GNP AND EXPORTS OF GOODS AND SERVICES, 1965-1996

Source: (World Bank Group, 2000)

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6.1 POSITIVE IMPACTS OF GLOBALIZATION AND FREE TRADE ON EAST ASIAN ECONOMY

Globalization and Free Trade ensured the massive volume of domestic capital, production level

and employment opportunities in developing nations which grew to become the major step in the

direction of economic growth in East Asia. For Instance, globalization continues to be the

booming component that has bolstered the economic lifetime of China giving the biggest

advantages to nations in East Asia whilst incorporating with Free Buying and selling

Agreements. Globalization and free trade has contributed to the development of East Asian

economy because it promotes financial integration like reduction in infrastructure cost (transport

and communication), the removal of trade barriers, and amplified mobility of capital and labor,

along with the signing of free trade agreements of East Asian nations with WTO and the forming

of the Association of Southeast Asian Nations (ASEAN) , has given the progress of economic

integration with increasing number of global importation and exportation particularly in East

Asia (Japanese Ministry of Financial, Trade and Business, 2006).

Globalization assumes the generation of new job opportunities as traders establishes new

companies in these nations, developing new job openings (Huwart, J., and Loic, V., 2013). This

brings about an increment in income and the development of competition with new jobs.

Therefore, offering an increased purchasing power to the population of that nation, this leads to

economic boosts and higher living standards. Organizations such as Intel, Shell, and Google have

already been in a position to develop more job opportunities within countries, paying taxes to

governments, selection of goods and services currently being experienced by the public in East

Asian nations which has led them to high standard of living and even have contributed an

increase in Gross domestic Product of such nations relatively.

Additionally, Anisha Sabhlok (2001) in her micro study Corporate Social Responsibility on a list

of firms situated in Singapore, noted that Multinational Businesses in Singapore contributed to

society by adopting the best procedures, driving innovation, manufacturing green products and

attaining eco-effectiveness targets, enlightens MNCs to contribute to the country’s economic and

social growth (Shujiro, U., 2002). Globalization and free trade apparently aids in the outsourcing

of environment knowledge from East Asia, specifically in Japan in their Green Computing for

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Information and Technology sector. It helps the nation in acquiring the know-how process in

Japan regarding improving the eco-friendly technological advancement.

According Thomas Sowell (2005) all the people of the world can contribute and those who

preserve themselves isolated from others will be left behind. (Global envision, 2005). This is due

to the issue of not being involved in any type of trade agreements with other nations or not

having to be involved in globalization. Globalization has also rendered domestic producers to

produce more efficiently because of their global specialization and the pressure that emanates

from international competition, which advantages occurs for both the economy of the country

and the consumers as they are able to consume substantial variety of domestic and imported

goods at reduced prices.

7.0 CONCLUSION

In this current era, the world seems too bipolarized by developing nations in the past half-

century, one group who succeeded in poverty reduction through sustained growth, and another

group who did not. The majority of East Asian nations belong in the first group. From a long

term perspective and as a regional phenomenon, there is no uncertainty that East Asia has made

remarkable strides in income levels, economic equity and social indicators despite its financial

crisis. Overall, for nearly every nation in East Asia, globalization has resulted in a faster growth

and more prosperity for a larger share of its population than at any other time in its history.

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Douglas A. Irwin (2009) Free Trade Under Fire. Third [Online]. Available at:

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MARKET, Available at: http://www.globalenvision.org/library/15/723 (Accessed: 17 August

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Japanese Ministry of Economy, Trade and Industry (2006) Global Economic Strategy, Available

at: http://www.meti.go.jp/english/topic/downloadfiles/GlobalEconomicStrategy(Summary).pdf

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K. Shravan Kumar, Ginna Prudvi Reddy, and G.Ramaiah (2014) 'THE IMPORTANCE OF

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Kenneth L.Kraemer and Jason Dedrick (2012) Dell Computer: Organization of a Global

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Li Xing and Zhang Shengjun (2015) Limits to Regional Integration. [Online]. Available at:

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Mantel Renata (2011) 'Free trade: pros and cons', KAFU Academic Journal, 1(2), pp. [Online].

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Marcus Cieleback (1998) 'The economic and currency crisis in South-East Asia', Intereconomics,

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Michael Sarel (1997) Growth and Productivity in ASEAN Countries , Available at:

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Abdullah (2011) 'Globalization and its Impacts on the World Economic Development',

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+global+society+Albrow&dq=Globalization+refers+to+all+those+processes+by+which+the

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Shujiro Urata (2002) Japanese Foreign Direct Investment in East Asia with Particular Focus on

ASEAN4, Available at: https://www.imf.org/external/pubs/ft/seminar/2002/fdi/eng/pdf/urata.pdf

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2015).

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%20Kitti_Reading2_The%20Status%20of%20East%20Asian%20Free%20Trade

%20Agreements.pdf (Accessed: 17 August 2015).

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9.0 APPENDICES

APPENDIX 1: DELLS GLOBAL LOCATIONS

Source: (International Center for Journalists, 2015)

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APPENDIX 2: TARIFF REDUCTION IN SELECTED EAST ASIAN FREE TRADE AGREEMENTS

Source: (Asian Development Bank Institute, 2011)

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APPENDIX 3: ECONOMIC PERFORMANCE IN EAST ASIA

Sources: (Michael, S., IMF working Paper, 1998, and Asian Development Bank, 1999)

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