ASEAN and the Pacific Community: Problems and Prospects

Achievements in the political, cultural, and social fields have been quite dramatic: ASEAN has become a visible and effective bloc in the United Nations. While the broader role of ASEAN has progressed steadily and has kept the idea of unity alive, economic cooperation continues to remain minimal. ASEAN was established on the ideals of cooperation, but the course of events has necessitated a rigorous reassessment of the type and direction of such cooperation. This realization will enable ASEAN to reset its priorities and targets, and, in so doing, evolve a more credible yardstick that can accurately reflect its achievements. There are some possible impediments that may stand in the way of ASEAN participating in the larger Pacific Community movement. The financial sector of ASEAN has reached a fairly high degree of sophistication, enabling it to identify and exploit viable areas of financing more efficiently if existing opportunities are broadened via the proposed Pacific Community.