A market friendly approach to the construction of a northeast asian economic hub

A market friendly approach to the construction of a northeast asian economic hub
Young-Rok Cheong
logistics, market, economic hub
Issue Date
인하대학교 정석물류통상연구원
Series/Report no.
Journal of international logistics and tradevol.1 no.1167-182 pp.
Arrangements for regional economic integration, under the WTO system, have
unexpectedly dominated globalization. In fact, countries that have realized
economi arrangements, such as the EU'S monetary union, are further expanding
their efforts to achieve political integration. Regional economic integration is now
considered an exigency of national affairs. North East Asian countries are also
affected by this global predicament, but the issue involves greater structural
complexities in this region. The emergence of China has forced Japan and Korea
to contemplate difficult structural adjustments. For example, while the Korean
government recogizes the importance of stronger intra-regional economic
cooperation, by pursuing these arrangements it simultaneously faces the dilemma
of maintaining traditional partnerships, such as those with the USA and Japan. If
Korea actively supports regional economic arrangements this action would be
perceived as a bias toward China, consequently damaging ties with the US. Thus,
rather than depending on public initiatives to establish economic ties in North East
Asia, China, Japan and Korea should rely on market friendly projects initiated by
the private sector that endorse gradual integration through non-political activities
and exchanges among the citizens of the respective countries. This paper first
proposes the founding of a North East Asian United University Community
composed of students, professors and campuses of the three countries in the initial
stages. Secondly, it proposes the development of unique Asian commodities, a
concept similar to that of 'Airbus.' Finally, it proposes utilization of retired
Japanese, Korean and Chinese engineers and technicians to speed up the overall
level of technology, which is critical to overcoming backwardness in this region.
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