Towards an East Asian Model of Regional Cooperation ERIC TEO CHU CHEOW E ast Asia, which comprises the ten countries of Southeast Asia grouped together in the Association of Southeast Asian Nations( asean ), and the three countries of Northeast Asia(China, Japan and South Korea), is fast becoming an entity in a region which is still considered highly diverse and divided. This paper will first look at the shifting strengths and difficulties of asean , China, Japan and the Koreas. It will then show how the relative »marginalization« of asean has led it to fully support the» asean +3« framework as»its saving grace«. Finally, it will discuss three different ap­proaches to enhanced economic cooperation in East Asia. The Flagging State of ASEAN asean was formed in 1967 to stabilize Southeast Asia during the Vietnam War and within the context of the Cold War. Initially, it comprised Indo­nesia, Malaysia, the Philippines, Singapore and Thailand, but was succes­sively enlarged, incorporating Brunei in 1983, Vietnam in 1995, Laos and Myanmar in 1997 and Cambodia in 1999. But today, asean is clearly at the crossroads of its own development. Some observers speak of a»mid­life crisis« while others even question the survival of the association. The international perception of asean today has come to be one of lethargy, fatigue and ineffectiveness. The Asian Crisis of 1997–98 has had important political, economic, fi­nancial and social consequences for asean countries. The six older mem­bers suddenly faced a»total« crisis of huge financial, economic, and then social and political proportions. The economic and social fabrics of their societies were savagely torn apart as bad loans, shaky financial systems, corporate bankruptcies, rising unemployment and plunging currencies suddenly engulfed them. First Indonesia and Thailand, but later on also the Philippines and Malaysia were»forced« into major political and social ipg 4/2002 Teo, East Asian Cooperation 143