THE EVOLVING MARITIME BALANCE OF POWER IN THE ASIA - PACIFIC
|Author(s)||Lawrence W. Prabhakar, Joshua H. Ho, W,. S. G. Bateman|
|Publisher||World Scientific Pub Co Inc.|
The Asia-Pacific has emerged as the hub of global geo-political, geo-economic and geo-strategic significance in the post-Cold War period. It has even displaced the Euro-Adantic region, which had been dominant during the Cold War. The emergence of the Asia-Pacific is reflected in the region's high economic growth and large volume of maritime trade. For example, intra-Asia-Pacific Economic Cooperation (APEC) trade exceeds intra-European Union (EU) trade. In terms of volume of trade as well as the location of the future engines of economic growth, the APEC region could be regarded as the powerhouse of the present global economic order. Besides strong economic growth, the Asia-Pacific has also been a vibrant region of regional institution building. This is evidenced by regional groupings such as the Association of South East Asian Nations (ASEAN), the ASEAN Regional Forum, the Asia-Pacific Economic Cooperation and various other regional bilateral and multilateral security institutions. The recent East Asia Summit is yet another indicator of growing regionalism. The positive effects of globalisation and strong economic growth have also resulted in the emergence of the Asia-Pacific as a hub of technological innovation. While the past 50 years have been characterised by the rapid growth of Japan and the newly industrialising economies of South Korea, Taiwan, Hong Kong and the ASEAN countries, the rise of China and the resurgence of India will be the hallmark of the next 50 years. For the United States, the only superpower today, a key question will be how the US responds to the emergence of these rising powers.
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