ASEAN: Regional Economic Cooperation And Its Institutionalization

This paper discusses the need to beyond the old `ASEAN way' and suggests the importance of further institutional deepening of economic cooperation in ASEAN, especially in the aftermath of the recent financial crisis. Hence, it suggests the need to develop of a `Common Market minus', in which ASEAN brings in areas or sectors that are excluded from liberalization under the umbrella of the integration project and let them be managed through a common policy approach by newly created "regional units." Yet, such a development need to be carefully crafted, based on clear principles.