The European Union and East Asia: An Economic Relationship

The world economy continues to be dominated by the Triad regions ( Europe, North America and East Asia. This text analyses the economic relationship that has evolved between two Triadic powers ( the European Union (EU) and East Asia ( and its future prospects, especially in the wake of the recent financial crises that have shaken the East Asian region. The author examines the development of economic diplomacy and exchange between the EU and its East Asian trading partners ( Japan, China, South Korea, Taiwan, Hong Kong, and the Association of Southeast Asian Nations (ASEAN) ( in both bilateral and multilateral contexts. The inter-regional dimension provided by the Asia(Europe Meetings (ASEM) is also considered, as are theoretical perspectives from the field of international political economy on these different relationships. Furthermore, the economic development and future challenges facing the East Asian states are studied with special reference to the regions recent financial crisis. This text argues that the EU must afford greater priority in promoting its economic relationship with East Asia. By this remaining the weakest Triadic link, the EU risks future geopolitica maginalization as the transpacific axis strengthens into the 21st century. It is also proposed that the EU and major East Asian powers must assume greater responsibilities in managing the international economic order.