ASEAN's Search for a New Indentity After Economic Crises ARF & AFTA

"ASEAN faces new challenges after the financial crisis in 1997, which weakened its economic initiatives. AFTA, an ambitious venture of multilateral free trade agreement of ASEAN, had to reconcile itself to the new difficulties under the intensified demand of member countries for the protection of domestic market. Singapore begins to take actions outside the framework of AFTA by concluding and expanding bilateral free trade agreements with the developed as well as developing countries. On the other hand APT (ASEAN Plus Three = Japan, China, South Korea) could be more result-oriented. While Thailand, Indonesia and South Korea accepted the menus of economic reforms given by the IMF and World Bank resulting in the severe sacrifices, ASEAN members want to protect their economic and political sovereignty by all means. The enhanced importance of the ARF (ASEAN Regional Forum) as a forum for security issues in the area indicates a new role of ASEAN as a comprehensive body to promote-regional stability overcoming the legacy of cold war in the East Asia. The new development in the economic and political framework of ASEAN indicates a new trend of regionalism that combines the East and South East Asia overcoming the cold war legacy and stands for one regional interests vis-a-vis the NAFTA and the EU.