Across the years we have heard about ASEAN Summit, SAARC Summit, EU Summit and various summits of regional organization. How many of us know about the East Asian Summit? The moment we think about East Asian summit the next question which would come in our minds is how many nations are a part of it? When is it held? Why is it held? What is the significance of the East Asian summit? Let’s us understand in detail about the East Asian summit and why it is very significant.
East Asian Summit consists of 18 countries of which ten nations are members of ASEAN and 8 countries are as follows Republic of Korea ,Japan, China, Russian Federation, India ,Australia ,New Zealand and United States of America. The East Asian Summit is chaired by ASEAN Nations. The Chairmanship of EAS rotates among the ASEAN Nations.
Before we go ahead to analyze the significant of east Asian summit and the reasoning for the same let us understand why regional co-operation is important. When around 193 Nations are members of United Nations we need to understand all the 193 nations aim to achieve Global peace and universal solidarity. We first need to understand Global peace cannot be directly it can be achieved through regional cooperation. Effective and diplomatic regional cooperation is the only step stone towards international peace and cooperation or what we call as global peace. Each nation across the world must aim to promote regional co-operation and must work as an active stakeholder in promoting regional cooperation.
Let’s understand what would happen if there is no regional co-operation is there would be discrepancy and disagreement on various aspects which would lead to regional co-operation and thereby making it more difficult to achieve international cooperation. It would even lead to withdrawal of stakeholdership of various stakeholders who wish to promote regional –cooperation. Hence Regional co-operation is very significant.
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Lets address the bigger question is East Asian Summit significant? Yes East Asian is very significant. The primary reason why it is significant is because it promotes regional –cooperation not only among east Asian nations but also south Asian nations too. Let’s us divide the reasoning of Significance of East Asian summit into three parts i.e (i) Economic integration (ii) Maritime Co-operation (iii) Counter –terrorism operations .
Economic Integration-: Economic integration is of utmost importance when it comes to significance of East Asian Summit. Why economic integration is of utmost importance the main reason being no east Asian and south east nation want to face a situation which they had faced during East Asian crisis 1997-98. Major reason for 1997 East Asian crisis according to the International Monitory fund were huge number of external deficit, lack of enforcement of prudential rules and direct lending practices were some of the problem. Amid the Covid -19 pandemic according to World Bank the region is expected to grow by only 0.9% in 2020, the lowest rate since 1967. (1) For these nations to improve lending practices, improve economic integration one of the ways for the same is regional cooperation. Another crucial aspect is trade. Trade must expand through regional cooperation which would increase the F.D.I for various nations would help in boost economy. East Asian Summit members represent 58 percentage of global GDP. (2) Foreign direct investment of East Asian economy would directly and indirectly impact the world.
Counter- terrorism Operations-: Not only East Asia but also south east Asia has been a victim to huge amount of extremist attacks time and again. It significantly was on rise from 2002 when many Indonesians were a victim to Bali Bombings which had occurred 12th October 2002.Another major incident associated to extremism was Bangkok bombings which happened in the year 2006 and 2012. Apart from these two extremist attacks many East Asian nations have been vulnerable to a lot of extremist attacks. We need to understand that East Asia consists of 54 percent of the population of the world.(3) Ensuring this region is free from extremist attacks has been an important matter of concern during East Asian summit. Since all the members of ASEAN are members of East Asian Summit there are certain aspects which East Asian summit needs to address which are Has there been successful implementation of ASEAN declaration on transnational crimes which was adopted on 20th December 1997? How effective has the ASEAN declaration on joint action to counter terrorism been which was adopted on 5th November 2001? Is there a possibility of policy towards counter terrorism activities which would could be adopted by south East Asian nations and east Asian nations.
Maritime Co-operation -: Maritime industry and coastal tourism contributes to around 15 to 20 % of GDP. (4) Regional maritime co-operation has been of utmost importance and has been addressed by a crucial international convention known as UNCLOS i.e United Nations Conventions on Laws of Seas. East Asia consists of 54 percent of the world population. (4) Another crucial area of concern is channelizing and compartmentalizing maritime resources.one might think why channelizing and compartmentalizing of maritime resources is important because it enables better usage and implementation towards economic activities across coast. Majority of East Asian nations have a coastal location and thereby the primary focus of East Asian nations would be to improvise their economy through fishing maritime industry and coastal tourism. Maritime Activities could be improvised not only through regional co-operation but also through regional co-ordination. East Asian nations could develop a framework for East Asian maritime co-operation which would have detailed perspective towards achieving maritime co-operation.
We need to understand there has been significant growth in various sectors by East Asian nations at the same time there are certain areas which could be addressed by East Asian summit. One must understand east Asian summit would address them in the future because it has been formed by grass root of regional co-operation and East Asian Summit is of utmost importance and significance as it is a symbol of unity and regional stability among east Asian and southeast Asian nations.