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Is an Asian OECD Possible?
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17166 |
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Section : |
CURRENT ISSUES
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| Issue
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12 / 1990 |
1,830 Words |
| Author
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Masao Fujioka
Masao Fujioka is president of Japan Credit Rating Agency, and
former president of the Asian Development. |
Asia is full of diversity, in its history, climate, culture, religion, and political systems. Regional cooperation has often been talked about in Asia, but no visible results have been attained so far. Of course, the Asian Development Bank (ADB) is an attempt to promote regional cooperation and is itself a product of such cooperation. However, almost all the projects the ADB has financed have been limited to individual countries, as it has been difficult to find a project spanning national boundaries. Although the ADB is doing a good job of bringing together Asian people at seminars and symposiums, what it can do for regional cooperation is quite limited.
There are several subregional cooperative groups in Asia. One well-known organization is ASEAN, the Association of South-East Asian Nations, which was formed more than 20 years ago, just after the ADB. This organization deals with international problems, its members usually taking a united position in negotiations in international forums. However, coordination among member countries in respect to trade, investment, and finance is still limited, and ASEAN is far from being an integrated market like the European Community.
SAARC, the South Asian Association for Regional Cooperation, was established a few years ago. It comprises seven countries: Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka. SAARC will discuss nine selected areas, such as agriculture, transportation, and communication, but for the time being has no plans to widen its scope of cooperation to more general economic issues. There is also an association of south Pacific island states, but its functions are very limited.
The integration of European countries, targeted for 1992, and recent trade agreements between the United States and Canada and the United States and Mexico, have made some Asians apprehensive about the future. Since the mid-1970s, there has been a lot of talk about the Asia-Pacific nations, reflecting the region's favorable economic performance. Various forums have been set up to discuss problems these countries are facing, mostly economic matters, and there has even been talk of creating an Asian OECD. But so far, what is meant by the Asia-Pacific region or what is expected of the region or of such an organization is not quite clear.
Nine years ago, I established the Asian-Pacific Bankers Club, comprising some thirty heads of prestigious commercial banks in the region. The club's purpose was to promote the discussion of common problems relating to banking and finance and
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