Committing to regional cooperation: ASEAN, globalisation and the Shin Corporation – Temasek Holdings deal

Abstract

This paper investigates the relationship between regional and national identities in the age of globalisation, with particular reference to the Association of Southeast Asian Nations (ASEAN). For members of ASEAN, economic integration is seen as a necessary step forward in order to (i) reduce reliance on Western countries during times of economic crisis and (ii) speed up the recovery process in the aftermath of a crisis. The concept of an ASEAN Economic Community represents a step towards achieving this goal. However, by means of a case study, this paper demonstrates that the idea of an ASEAN Economic Community does not yet have sufficiently solid foundations. Cracks appear when member states act in response to national interest. Given the frequency of friction between member nations, and the fact that ASEAN members are quite diverse in both economic and cultural respects, there is still much more to be done to realise the objective of forming an effective and credible regional economic group. In this paper some suggestions are offered that might assist with the achievement of this goal.