Globalization Notes PDF

Globalization The expansion of global linkages, the organization of social life on a global scale and the growth of a global consciousness A social process in which the constraints of geography and social and cultural arrangements recede and in which people become increasin...

Globalization The expansion of global linkages, the organization of social life on a global scale and the growth of a global consciousness A social process in which the constraints of geography and social and cultural arrangements recede and in which people become increasingly aware that they are receding The inexorable integration of markets, nation-states, and technologies The expansion of economic activities actress political boundaries of the nations Process of of economic integration and economic interdependence among nations in the world economy Increasing cross-border movement of goods, services, capital, technology, information, and people Geography: ○ Physical - boundaries, features of the earth ○ Cultural - way of life of people Integration - people/ideas/norms State - territory with its own institutions and populations Sovereign state - state with its own institutions and populations that has a permanent population, territory, and government; has the right and capacity to make treaties and other agreements with other states Nation - large group of people who inhabit a specific territory and are connected by history, culture, or another commonality Nation-state - a cultural group that is also a state Economic Globalization The ways in which global economics have become integrated through growing business, trade, and financial interdependence nation-states/country, local economics, development, progress, exchange of goods, import/exports, trades Elements: ○ Rise of Multinational Corporations ○ Movement of Manufacturing Industries to Developing Nations ○ Growth of Financial Hub Cities in Developed Nations ○ International Mobile Labor Forces Migrant Workers, Diaspora of laborers, Labor migration, Remote Work ○ Worldwide Boom and Busts alternating phases of economic growth and decline typically found in modern capitalist economies. ○ Rise of Hub CIties Pros and Cons Pros Cons  Cheaper Goods Loss of jobs in developed nations Economies of scale Exploitation of developing nations Increased prosperity Overly dependent to international supply chains Cheap money Political Globalization The amount of political cooperation that exists between different countries “Umbrella” global organizations are better placed than individual states to prevent conflict The amount of political cooperation among countries Focuses on how the leaders of nations have integrated their laws and built alliances for their mutual benefit The process by which political decision and activities are becoming increasingly internationalized leading to diminishing role of national borders and the rise in global governance structures World Trade Organization, United Nations, NATO, IMF Some Features ○ The rise of International Bodies like the IMF and WTO ○ The rise of Free Trade ○ The rise of Multinational Agreements to develop Shared Norms ○ The emergence of the Concept of the Global Citizen Socio/Cultural Globalization The sharing of ideas and information between and through different countries Social Globalization - the interconnectedness and integration of societies worldwide, facilitated by advancements in technology, communication, and trade Involves the exchange of idea, values, cultures, and social norms on a global scale, leading to the emergence of a more interconnected and interdependent global community The Global Economy Economic Globalization The widespread use of international trade in goods, services, capital, technology, and information International trading, investment, financial flows, and other interactions Global economy cannot be contained by any national or territorial boundaries The process of global economic integration has a significant impact on the dynamics of the global economy ○ Worldwide financial mix = colossal impacts 1  A nation’s ability to adapt to these changes will largely be determined by it natural resources, current economic productivity, and responses to upcoming opportunities and challenges Post WWII Economic System The global economic order that emerged after the end of World War II in 1945 Witnessed significant changes in economic policies, international trade, and financial institutions Two major components - Bretton Woods System and the liberalization of international trade Bretton Woods System (1944-1971) ○ Established at the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire ○ Creation of a fixed exchange rate regime ○ International Monetary Fund and World Bank ○ Facilitated the reconstruction and recovery of war-torn countries and the expansion of international trade Promoted stability by limiting currency fluctuations and ensuring a relatively predictable environment for trade and investment Liberalization of International Trade ○ General Agreement on Tariffs and Trade (GATT) in 1947 aimed to reduce trade barriers and promote free trade among member countries ○ WTO in 1995 Cover services, intellectual property, and dispute settlement ○ Tariffs - imports and exports ○ Trade liberalization - does not impose tariffs ○ Advantages - trade liberalization contributed to increased global economic growth of multinational corporations ○ Disadvantages - income inequality, job displacement, and environmental challenges Key Aspects of Post WWII Economic System ○ Marshall Plan European Recovery Program Proposed by US Secretary of State George Marshall in 1947 It aimed to provide economic assistance to war-torn European countries to aid their recovery and prevent to spread to communism ○ Keynesian Economics Named after British economist John Maynard Keynes Emphasizes the role of government intervention in managing aggregate demand to stabilize the economy Fiscal policies (ex. Increased public spending and tax cuts) 2  Keynes argued that the economy could experience prolonged periods of unemployment and underutilization of resources due to insufficient aggregate demand Emphasized the role of effective demand Challenges and Criticisms Inequality Uneven distribution of benefits Exacerbation of income disparities within and between countries Growing concern on concentration of wealth and power in the hands of a few Developing country disadvantaged Unequal power dynamics Limited opportunities for developing countries System did not adequately addressed poorer nations’ development need and priorities Environmental impact Increased resource extraction, pollution, and greenhouse gas emissions = environmental degradation and climate change Unsustainable practices and failure to address long-term ecological challenges Labor and job displacement Companies outsource their production or relocate to countries with lower labor standards and wages = job losses and downward pressure on wages Social and economic dislocation Financial crisis and instability The breakdown of Bretton Woods System in 1970s resulted in increased exchange rate volatility and financial disruptions Subsequent financial crises exposed vulnerabilities in the global financial system 3  Democratic deficits Weakening of democratic governance and accountability Decision affecting economic policies, trade agreements, and regulations are often made by non-elected bodies or influenced by powerful interest groups Economic Protection Policies and measures implemented by governments to shield domestic industries and markets from foreign competition Key Characteristics Trade Barriers Protectionists measures often involve impositions of tariffs (import taxes), quotas (limit on imports), and subsidies (financial support for domestic industries) National Control Protectionism prioritizes national control over economic activities, emphasizing the importance of domestic production and self-sufficient Strategic Industries Governments may adopt protectionists policies to safeguard strategic industries vital for national security or economic stability Economic Integration It involves the establishment of closer economic cooperation and collaboration between countries, through the elimination or reduction of trade barriers and the promotion of free movement of goods, services, and capital Key Characteristics Free Trade Agreements (FTAs) Countries negotiate FTAs to eliminate tariffs and other trade barriers, thereby promoting trade liberalization Custom Unions and Common Market These further trade policies and facilitate deeper integration Supranational Organizations Supranational organizations oversee and govern economic cooperation among member states (ex. WTO) 4 Global Economic Structures The framework and arrangements that govern international economic interactions and shape the global economy These structures encompass institutions, agreements, and systems that facilitate global trade, finance, investment, and economic cooperation Key elements ○ World Bank (WB) Provides financial and technical assistance to developing countries Main goal - to alleviate poverty and promote economic development Provides loans, grants, and expertise for infrastructure projects, social programs, and capacity-building efforts in developing nations Composed of five institutions: International Bank for Reconstruction and Development (IBRD) ○ The original and largest institution within the World Bank Group ○ Provides loans and development assistance to middle-income and creditworthy low-income countries International Development Association (IDA) ○ Focuses on providing support to the world’s poorest countries ○ It offers grants and low-interest or zero-interest loans to low-income countries that often face significant development challenges International Finance Corporation (IFC) ○ Institution within the WB group that promotes private sector investment in developing countries ○ Ir provides investment financing and advisory services to private companies Multilateral Investment Guarantee Agency (MIGA) ○ It provides political risk insurance and credit enhancement to investors and leaders in developing countries ○ It helps promote foreign direct investment (FDI) by offering guarantees against non-commercial risks International Centre for Settlement of Investment Disputes (ICSID) ○ An arbitration institution that provides a forum for resolving investment disputes between foreign investors and host countries ○ It offers a neutral and impartial platform for settling disputes through arbitration and conciliation procedures 5  ○ World Trade Organization (WTO) Founded on January 1, 1995 Established as a result of the Uruguay Round of multilateral trade negotiations (1986-1994) International organization that oversees global trade rules and resolves trade disputes among member countries Main task - to promote and facilitate international trade Primary tasks Negotiating trade Reduction of trade barriers agreements (tariffs and non-tariff barriers), liberalization of trade in services, and the protection of intellectual property rights Administering and WTO ensures that countries implementing trade comply with their obligations agreements and commitments under these agreements, monitor trade policies, and review member countries’ trade practices ○ Regional Trade Agreements (RTA) Agreements between countries or regions that aim to facilitate trade and economic cooperation within a specific geographical area Ex. European Union (EU), North American Free Trade Agreement (NAFTA), and Association of Southeast Asian Nations (ASEAN) ○ Multinational Corporations (MNC) Companies that operate in multiple countries and have a significant impact on the global economy Engage in foreign direct investment, establish global supply chains, and play a crucial role in global trade and production Factors that Affect the Global Economy Macroeconomic Policies ○ Monetary policies, including interest rate adjustments and quantitative easing can influence borrowing costs, inflation rates, and investment levels ○ Fiscal policies, including taxation, government spending, and budget deficits, impact economic growth, employment, and public finances Trade and Globalization ○ Trade policies, tariffs, and trade agreements affect the flow of goods, services, and capital between countries ○ Globalization has expanded trade, created global supply chains, and allowed for the cross-border movement of labor, capital, and technology 6  Financial Markets and Institutions ○ Fluctuations in stock prices, interest rates, exchange rates, and credit availability can impact investment decision, business operations, and consumer confidence ○ Financial institutions provide liquidity, credit, and investment opportunities that influence economic activity Technology and Innovation ○ AI, automation, biotechnology, and renewable energy can drive productivity growth, create new business opportunities, and reshape labor markets ○ Access to and adoption of technology play a critical role in economic competitiveness and development Demographics ○ Aging populations can strain social security systems, impact labor markets, and affect consumer spending patterns ○ Influence workforce availability, productivity, and economic growth potential Natural resources and Environmental factors ○ Access to and management of natural resources can significantly impact economic development and global trade ○ Environmental factors such as climate change, natural disasters, and sustainability, supply chains, and the cost of doing business Political and Geopolitical Factors ○ Political stability, governance, and geopolitical developments can shape the global economy ○ Trade disputes, geopolitical tensions, and conflicts can disrupt supply chains, hinder investments, and create uncertainty Prospects for the Future Rethinking and reshaping globalization ○ Greater emphasis on social and environmental standards, as well as efforts to address economic inequality and enhance the participation of marginalized groups Urgency to address climate change and environmental degradation ○ Transition to low-carbon economies, promote renewable energy, and adopt sustainable production and consumption patterns ○ Green finance and sustainable business practices Rapid technological advancements ○ AI, automation, and digitalization will continue to reshape economic landscapes ○ However, they also raise concerns about job displacement, inequality, and the digital divide Changing geopolitical dynamics ○ Rise of emerging economies (ex. China and India) is likely to lead to a more multipolar world 7  ○ Evolving relationship between major economies and their policies on trade, investment, and international cooperation will shape the future of the global economic system Strengthening Global Economic Governance ○ Calls for reforming global economic governance and institutions to enhance inclusivity, representation, and effectiveness are likely to persist ○ Fairer distribution of power and decision-making among countries, greater participation of civil society and non-state actors could influence the future structure and functioning of global economic institutions Global Governance and Interstate System A departure from the traditional models of governance that are solely based on the authority and sovereignty of individual nation-states A crucial mechanism for promoting global stability, peace, and prosperity, facilitating cooperation, and managing conflicts Addresses issues of accountability, democratic legitimacy, power dynamics, and representation Global Interstate and Governance Both established as a result of globalization’s impact not only on the economy but also on the political systems of various nations Global interstate mechanisms and global governance are crucial to globalization’s success ○ A proper interstate system should be managed and organized for the continued survival of globalization (Jessop, 2017) ○ Examples of global governance - harmonization of laws, international regimes, issue networks, and hybrid institutions, which are important in the context of globalization According to Benedict (2015), the entire idea of global governance is to have democratic governance that is enforces in international and transnational institutions Role of Technology in Global Governance Digital technologies have made it easier to create international networks and platforms that make it possible for governments, civil society organizations, and other stakeholders to work together and coordinate their efforts to address global issues E-governance - a new governance mechanism which makes use of digital platforms to increase citizen participation, transparency, and accountability for governance progress (UNDESA, 2020) Main goal - show how digitalization of the modern world is connected to all countries, economies, industries, and people 8 Impact of Globalization on Global Governance A globalizing economy, demographic shifts, neo-liberal and cosmopolitan ideas, technological advancements, and other factors influence changes in global governance and the health sector (Moon, 2021) A globalizing economy has led to new well-being challenges related to the creation and utilization of labor and products ○ Ex. it prevented the spread of infectious diseases across borders ○ Low birth rates, increase of chronic noncommunicable diseases, and general aging of population structures = increase in demand for healthcare technologies and financial and political pressure on the government WHO in global health and disease governance ○ World Wellbeing Association (WHO) lays out, screens, and upholds global principles and standards to guarantee the achievement of objectives towards a powerful worldwide activity concerning general wellbeing (Peters et al., 2022) ○ The World Health Organization’s primary areas of global governance include its role as an umbrella health agency in the coordination of various international organizations’ legal and non-legal activities, as well as its ongoing efforts to reform and update the global infectious disease control regulations, including the International Health Regulations (IHR) The maintenance and regulation of the state’s political domain and market’s economic domain, as well as the establishment of standards and regulations for democratic governance in international transnational institutions, are crucial components of global interstate and global governance’s role in maintaining globalization The capacity of global governance to effectively regulate cross-border activities, establish internationally recognized standards and norms, and foster extensive political cooperation among states are among its commendable features. It assumes a crucial role in preserving the state’s political sovereignty and the market’s economic domain Global Governance in the United Nations’ Context United Nations (UN) ○ Established on October 24, 1945 ○ It emerged as a response to the devastation of WWII, which brought to light the necessity of a collective effort to safeguard human rights, promote economic growth, and maintain peace and security ○ Predecessor: League of Nations ○ There are 193 member states in the UN ○ Main goal: to keep up with global harmony and security, advance social advancement and better ways of life, cultivate collaboration in tackling worldwide issues, and act as a middle for orchestrating in the activities of countries ○ Organs of the UN 9  UN General Assembly Fills in as the essential deliberative, policymaking, and delegate organ of the UN. it serves as a platform for international debate, resolution adoption, and global policy coordination and includes all 193 member states The UN’s global governance framework is centered on the General Assembly, where all member states have a say and a place to discuss and make decisions about global issues. The General Assembly is a place where global issues are discussed and debated, setting the stage for international norms, policies, and resolutions. UN Security Council The primary responsibility of maintaining international peace and security lies with the Security council has ten non-permanent members elected by the General Assembly, five of whom are permanent members (China, France, Russia, the UK, and the US) Has the authority to impose sanctions, authorize peacekeeping missions, and make decision that are binding on member states In charge of ensuring international peace and security Economic and Social Council Goals - global sustainable development, economic expansion, and social progress In charge of coordinating the efforts of regional, economic, and social councils, functional commissions, and 10  specialized agencies Prompts international cooperation on economic, social, and environmental issues, facilitates policy dialogues and make recommendations International Court of Justice (ICJ) Primary judicial organ; renders advisory opinions and resolves legal disputes and contributes to the upholding of the rule of law in international relations UN Secretariat The administrative arm of UN In charge of putting policies into action and running day-to-day operations, the Secretary-General is incharge of it and serves as the UN’s spokesperson Assists member states with technical assistance, prepares reports, conducts research, and supports the work of the other UN organs Programs and Agencies with Specialization Operational Peacekeeping ○ The deployment of military, police, and civilian personnel into conflict areas authorized by the Security COuncil facilitates peace negotiations, safeguards civilians, and aids in post-conflict reconstruction Human Rights Bodies and Special Procedures ○ Through organizations like the United Nations Environmental Programme (UNEP), the International Labor Organization (ILO), and the United Nations Conference on Trade and Development (UNCTAD), the United Nations extend its global governance efforts into the social and economic spheres ○ The UN Human Rights Council, the Office of the High Commissioner for Human Rights (OHCHR), and various treaty bodies provides forum for discussion, advocacy, and accountability for monitoring and promoting human rights UN’s Contribution to Conflict Resolution and Peacekeeping The association has effectively sent peacekeeping missions in different locales, working with the goal of struggles and advancing dependability (ex. El Salvador and Namibia) 11 Advancement of Basic Liberties and Global Regulation The universal Declaration of Human Rights, which was approved by the UN General Assembly in 1948, continues to be significant document that upholds the dignity and fundamental freedom of people Agenda for Sustainable Development (Sustainable Development Goals) Provide a comprehensive framework for addressing environmental, economic, and social issues Improvements and Reforms Changing the Security Council Priority ought to be given to resolving the Security Council’s power imbalances According to Luck (2014), increasing the Council’s membership and reevaluating the veto system could make it more representative and more effective at making decisions Simplifies Administration Working on the UN’s managerial designs and upgrading coordination among its offices can further develop effectiveness and responsiveness Improved Methods to Enforcement According to Murphy (2013), supporting the work of the International Criminal Court and strengthening the role of the International Court of Justice can both help to promote accountability In conclusion The UN contributes significantly to global governance, the advancement of peace, respect for human rights, and sustainable development The UN can increase its relevance, effectiveness, and capacity to address the pressing global challenges of our time through comprehensive reforms and continuous improvement The UN can continue to be a crucial platform for fostering dialogue, cooperation, and collective action in the pursuit of a more peaceful, just, and sustainable world by adopting a spirit of inclusivity and collaboration Asian Regionalism Difference Between Regionalization and Globalization Globalization 12  ○ The process of interaction and integration among the people, companies, and governments of different nations ○ A process driven by international trade and investment and aided by information technology Regionalization ○ Process of forming regions ○ Growth of societal integration within a given region, including the undirected processes of social and economic interaction among the units Historical Background of Asian Regionalism 130 BCE ○ The Silk Road connecting East Asia, South Asia, and the Middle East, facilitated the flow of goods. Ideas, and religion Post Colonial Era ○ 1967 - the establishment of the Association of Southeast Asian Nations (ASEAN) in 1967 marked a significant milestone in regional integration efforts ○ Other regional frameworks such as the South Asian Association for Regional Cooperation (SAARC), the Gulf Cooperation Council (GCC), and the Central Asian Regional Economic Cooperation (CAREC), also emerged during this period Dynamics of Asian Regionalism Economic Integration ○ The central pillar of Asian regionalism Initiatives such as the ASEAN Economic Community (AEC), the Asia-Pacific Economic Cooperation (APEC), and the Regional Comprehensive Economic Partnership (RCEP) aim to promote trade liberalization, investment facilitation, and regional economic cooperation Security Cooperation and Regional Stability Asian Regionalism also Encompassess Security Cooperation to Address shared Security Challenges ○ Initiatives such as the ASEAN Regional Forum, the Shanghai Cooperation Organization (SCO), and the Conference on Interaction and Confidence-Building measures in Asia (CICA) provide flat platforms for dialogue confidence building measures and cooperation insecurity issues These initiatives foster regional stability, address nontraditional security threats, and promote joint efforts in counterterrorism maritime security and disaster management Regionalism is the manifestation or expression of a common sense of cultural identity and purpose combines with the creation and implementation of institutions that express a particular identity and shape collective action within a geographical region 13  It should be noted, that most of the regional organizations established after WWII are basically anchored on economic integration Economic Regionalism ○ Institutional arrangements designed to facilitate the free flow of goods and services and to coordinate foreign economic policies between countries in the same geographic region or nearby locale ○ A conscious attempt to manage the opportunities and constraints created by the dramatic increase in international economic ties to foster economic growth and prosperity among its member states ○ Ex. free trade areas, custom unions, common markets, and economic unions Regionalism in Asia The gravity of world economic, political, and security affairs has shifted to Asia The Asian Development Bank even went as far as saying that the regions economy is already similar in size to those of Europe and North America, and its influence in the world continues to increase The contention is that Asia is now so important to the world economy that it must play a larger role in global economic leadership. As such, the call for Regional economic cooperation is essential for addressing these challenges Asian Miracle ○ The rapid economic transformation in the 80s which did not end with the 1997/98 financial crisis; for some countries, it marked the beginning of renewed acceleration. Asia’s economics are increasingly connected through trade, financial transactions, direct investment, technology, labor, tourist flows, and other economic relationships However, some of the world’s richest cities as well as the poorest people are found in Asia Must Asia continue to go on with its established regional patterns? SHould there be more integration? ○ The apparent answer is yes ○ A more dynamic and outward-looking Asian regionalism could bring huge benefits not just to Asia, but more importantly to the world ○ It could help sustain the region’s growth, underpin its stability and (with the right policies) reduce inequality and address the perennial problem of poverty Advantages and Benefits ○ Generate productivity gains, new ideas, and competition that boost economic growth and raise incomes across the world ○ Contribute to the efficiency and stability of global financial markets by making Asian capital markets stronger and safer and by maximizing the productive use of Asian savings ○ DIversity sources of global demand, helping to stabilize the world economy and diminish the risks posed by global imbalances and downturns in other major economies 14  ○ Provide leadership to help sustain open global trade and financial systems ○ Create regional mechanisms to manage health, safety, an environmental issues better, and thus contribute to more effective global solutions to these problems But what characterize Asian regionalism is it openness and accommodating nature ○ 1930s - countries created preferential trade blocs in an attempt to shelter their economies from the Great Depression Devastating results led to the collapse of international trade and financial flows, accelerating the downward spiral of economic activity ○ This experience was foremost in the mind of the architects of the post-war global economic system as they adopted the principle of nondiscrimination as a central pillar of the General Agreement on Tariffs and Trade (GATT) Asian Regional Organizations Association of Southeast Asian Nations (ASEAN) ○ Regional intergovernmental organization compromising Southeast Asian countries which seeks to promote intergovernmental cooperation and facilitates economic, political, security, military, educational, and socio-cultural integration amongst its members and other Asian countries, as well as with the rest of the world ○ Established on August 8, 1967 in Bangkok, Thailand with the signing of the ASEAN Declaration (Bangkok Declaration) by the Founding Fathers of ASEAN, namely Indonesia, Malaysia, Philippines (MaPhilIndo), Singapore, and Thailand ○ Country Date Joined Brunei Darussalam January 7, 1984 Vietnam July 28, 1995 Lao PDR & Myanmar July 23, 1997 Cambodia April 30, 1999 ○ Aims and Purposes of ASEAN To accelerate the economic growth, social progress, and cultural development in the region through joint endeavors in the spirit of equality and partnership in order to strengthen the foundation for a prosperous and peaceful community of Southeast Asian Nations To promote regional peace and stability through abiding respect for justice and the rule of law in the relationship among countries of the region and adherence to the principles of the United Nations Charter 15  To promote active collaboration and mutual assistance on matters of common interest in the economic, social, cultural, technical, scientific, and administrative fields To provide assistance to each other in the form of training and research facilities in educational, professional, technical, and administrative spheres 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 To promote Southeast Asian studies To maintain close and beneficial cooperation with existing international and regional organizations with similar aims and purposes, and explore all avenues for even closer cooperation among themselves ○ Fundamental Principles of ASEAN (Treaty of Amity and Cooperation in Southeast Asia of 1976) Mutual respect for the independence, sovereignty, equality, territorial integrity, and national identity of all nations The right of every State to lead its national existence free from external interference, subversion or coercion Non-interference in the internal affairs of one another Settlement of differences or disputes by peaceful manner Renunciation of the threat or use of force Effective cooperation among themselves ○ ASEAN Vision 2020 Adopted by the ASEAN Leaders on the 30th Anniversary of ASEAN, agreed on a shared vision as a concert of Southeast Asian nations, outward looking, living in peace, stability and prosperity, bonded together in partnership in dynamic development and in a community of caring societies ○ Being a global powerhouse ASEAN is known for its diverse range of instruments and treaties which enhance cooperation, recognition, and unity in numerous aspects, internally, regionally, and internationally ○ The ASEAN Summit today serves as a prominent regional (Asia) and international (worldwide) conference, with world leaders attending its related summits and meetings to discuss about various problems and global issues, strengthening cooperation, and making decisions Asia-Pacific Economic Cooperation (APEC) ○ Regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific 16 ○ Aims to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative, and secure growth and accelerating regional economic growth and by accelerating regional economic integration ○ Ensures that goods, services, investment, and people move easily across borders Members facilitate this trade through faster customs procedures at borders; more favorable business climates behind the border; and aligning regulations and standards across the region ○ APEC works to help all residents of the Asia-Pacific participate in the growing economy Ex. APEC projects provide digital skills training for rural communities and help indigenous women export their products abroad ○ APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources ○ 21 member economies of APEC: Australia Indonesia Peru Vietnam Brunei Japan Philippines Canada Korea Russian Federation Chile Malaysia Singapore People’s Meico Chinese Taipei Republic of China Hong Kong New Zealand Thailand China Papua New USA Guinea ○ 3 Pillars Trade and Investment liberalization Business Facilitation Coordinates business expansions Economic and Technical Operation (ECOTECH) gives/ensures the development of the soft and hard skills Soft Skills - behavioral skills Hard Skills - practical and technical skills ○ APEC can only propose (facilitate) ○ Consensus driven 17  ○ No binding commitments ○ No treaty obligations ○ Political forum East Asian Summit (EAS) ○ A unique Leaders-led forum of 18 countries of the Asia-Pacific region formed to further the objectives of regional peace, security, and prosperity ○ Established in 2005, allows the principal players in the Asia-Pacific region to discuss issues of common interest and concern, in an open and transparent manner at the highest level ○ Consists of: Brunei Philippines India Cambodia Singapore Japan Indonesia Thailand New Zealand Lao PDR Vietnam Korea Malaysia Australia Russia Myanmar China USA ASEAN plus Three (APT) ○ Began in December 1197 and institutionalized in 1999 when the Leaders issued a Joint Statement on East Asia Cooperation at their Third ASEAN+3 Summit in Manila ○ ASEAN agreed to strengthen partnership with the People’s Republic of China (PRC), and the Republic of Korea and Japan to address mutual issues and concerns in energy, security, natural gas development, oil market studies, oil stockpiling, and renewable energy ○ APT can be considered as a forum that functions as a coordinator of co-operation between the Association of Southeast Asian Nations and the three East Asian nations of China, Japan, and South Asian Regionalism and the Philippines The Philippines has always been inactive player in regional blocs that have been established From the time of the SEATO, SouthEast Asia Treaty Organization to the current regional groupings particularly the ASEAN, APT, and APEC The Philippines firmly believes in establishing close ties its neighbors and pursue friendship, amity, and cooperation as embodied in its constitution In conclusion 18  Asian regionalism, driven by economic, political, and security considerations is a complex and evolving process The region’s historical legacy, the involvement of of major powers, and the diverse interests of participating countries shape the dynamics and challenges of of regional integration Overcoming fragmentation, addressing power asymmetries, and effectively tackling non-traditional security challenges are crucial for the future of Asian regionalism By deepening economic integration, strengthening institutional mechanisms, and embracing cultural exchange 19