Conclusion

Pacific region. APEC operates based on equal respect and open dialogues and non-binding commitments.

Therefore, it has no treaty obligations for its member countries, and decisions within the APEC are reached by consensus while commitments are on a voluntary basis. APEC 21 member economies account for approximately 55% of the world’s GDP, 44% of the world trade and 40% of the world’s population.⁴⁰⁸

APEC was established in 1989 to bear out some goals and purposes including the enhancement of economic growth and prosperity while strengthening the Asia-Pacific community. Since then, the organization has attempted to reduce tariffs and other barriers to trade across the Asia-Pacific region in view of increasing economic efficiency and exports among the member countries. In 1994 in Bogor, Indonesia, the leaders of the APEC member economies adopted a vision called the “Bogor Goals” that included free and open trade and investment in the region by 2010 for the industrialized members and by 2020 for developing economies. Such vision is to create jobs by providing opportunities in international trade and investment. It also helps lower the costs of production while reducing the prices of goods and services. Moreover, APEC is also a forum to create a safe and efficient movement of goods, services and people across the region through economic and technical cooperation as well as policy alignment.⁴⁰⁹

didn’t emerge as an experience that is full grown out of the minds of its Fathers despite the fact that legalization had a significant role to play in its progress. However, much compromise and evolution took place on the way of forming the cognitive regionalism that we witness today.⁴¹⁰ It is, nonetheless, certain to say that the current weak legalization is not suitable for a regional integration like that of ASEAN.

However, to fully reject it as a regional integration of a sort would be like asserting that Impressionism is not art on the ground that it does not conform to the ideals of Renaissance art.⁴¹¹

ASEAN has well passed the early difficulties of a regional accord and has achieved some regional cooperation and confidence building. Even though like the story of the Elephant it is hard to define integration, it can yet be defined so as to what is not; it is not at hoc, is something progressive and systematic, it is open-ended and future-oriented and not time limited, and beyond the term of self-interest it may be defined by a sense of common interests and commonality in general. After all, they will judge ASEAN based on the fact that how far it has delivered such common interests and goals.⁴¹²

In short, what has been presented here for ASEAN stresses over the formation of adequate and formidable institutions for the purpose of a deeper integration on the one hand while suggesting the important role of an economic constitution on the other under the banner of a proper social contract. Hence, legalizing the rules and institutionalizing the trends of regional integration in ASEAN would be an objective that can serve a suitable social contract for ASEAN as similarly discussed in case of the MENA region.

In addition; as expressed in the work of Schaefer and Cooter titled Solomon's Knot: How Law Can End the Poverty of Nations; legal reforms as explained in this chapter are significantly hailed in the case of ASEAN. The above authors stress that in fact attempts in central Europe, South Asia and East Asia leading to legal reforms were considered a fundamental basis in generating significant economic results.

Accordingly, pro-growth reforms as in case of ASEAN can gain momentum by way of “comprehensive political bargain” as well as creating an environment to further competition among entrepreneurs.⁴¹³

Within a cooperative atmosphere resulted out of political will (inclusive political institutions in Acemoglu and Robinson’s term) as well as fair competition, trust can be born where laws and social norms can then braid into institutions (formal and informal institutions in North’s term) thus strengthening each other like

410 Ewing-Chow, Michael; and Hsien-Li, Tan. “The Role of the Rule of Law in ASEAN Integration.” EUI Working Paper RSCAS 2013/16, p. 35; as referred to: JHH Weiler, “The Transformation of Europe” (1991) 100 Yale LJ 2403.

411 Ibid (p. 35).

412 Ibid.

413 Schaefer, Hans-Bernd; and Cooter, Robert D. “Solomon's Knot: How Law Can End the Poverty of Nations.”

Berkeley Law, December 2011, Chapter 14 (preliminary Manuscript), pp. 16-17.

strands in a rope. Such laws and adequate institutions which can be attained by pro-growth reforms would then provide the framework for innovation that accordingly can end the poverty of nations. This is how law, politics, and economics can together create trust the society needs for progress leading as such towards inclusive growth, innovation, and economic success.

Last but not least, parallel to the ASEAN formation, in recent decades, there has been a growing attempt in the eastern hemisphere to shape the new emerging Asian regionalism. Since a unipolar world especially under the experienced American hegemony proved to be far from perfect, a new mentality gained momentum particularly in Asia according to which the emerging Asian regionalism could lead to the establishment of a rather multipolar world.

To pursue such trend of multilateralism, the emerging powers including China, India, and Russia attempted to form their own regional and transregional paradigm in order to establish the new global order. In every aspect, it is certain to say that the policy of regional integration looks apparent in achieving such economic, geo-strategic and political objectives. Shanghai Cooperation Organization (SCO), Eurasian Economic Union (EAEU), and BRICS are in fact major results of such policy in shaping regional and transregional associations. This is while APEC represents an example of somewhat softer forum for simple cooperation among the Pacific member economies. As indicated earlier, the Asia-Pacific Economic Cooperation (APEC) group represents low levels of obligation, precision, and delegation. In conclusion, institutional design and practice, and proper legal framework within the above associations are of paramount importance in achieving those global ambitions by way of serving the complementarity with that of the global integration.