The Quest of Economic community in East Asia: Thailand's Perspective

To make the Customs Union in East Asia happen, what is needed the most now are political will and concerted efforts. FTAs should not be the end of economic cooperation in Asia. Instead, the onsolidation of FTAs to form a Customs Union ought to be the next step. The establishment of a Customs Union in East Asia will reduce/ eliminate costs generated by disentangled FTAs; increase the members’ bargaining power; generate positive externalities (e.g. regional security, reduce tensions); enhance welfare; serve as a complement of WTO sluggish movements; lessening cultural bias and misconceptions about unfamiliar culture in other countries and impacts of integration by providing education and more information - Developmentally similar economies such as some core members of the ASEAN and East Asian nations should initially work together towards deeper economic integration before expanding the union, i.e.,'deepening before widening'.