ABSTRACT
During the post-Cold War period, Northeast Asia has emerged as a new strategic and economic centre of gravity in the international system (Akaha 1999, Lee 1998). As part of normalising international relations in the region, Northeast Asian states have examined the potential of regional economic co-operation and integration to foster mutual stability and prosperity. However, many impediments lay in the path of Northeast Asian economic regionalismo In the analysis that follows, we broadly consider the international political economy (IPE) of Northeast Asian economic integration. The IPE of the Northeast Asian region is initially examined before looking at the pressures upon Northeast Asia to regionally integrate. Thereafter, a study of the economic regionalist options open to the region is then followed by an analysis on the main current and future constraints that confront the development of Northeast Asian economic regionalismo
Special attention is paid to regionalist lessons drawn from Europe, or more specifically the European Union (EU). It is generally argued that the region's five core economies - Japan, China, Taiwan, Hong Kong and South Korea, hereafter referred to as the NEA-5 - offer the most viable basis of any Northeast Asian economic integration arrangement. However, progress towards even the most basic form of regional economic integration (e.g. a free trade area) may be beyond the reach of this group for sorne time yet. Although many third countries are also circumspect about external impact of Northeast Asian economic integration, it is nevertheless concluded that striving towards this goal could bring a substantial improvement to the region's inter-state relations, and moreover, positive spillover effects to Northeast Asia's more immediate neighbours.
