What has been Australias Contribution to the Economic Success of Asian Region in the Past Decade - Assignment Example

Nevertheless, the relationship between Australia and Asia extends beyond just security concerns. Australia likewise has considerable economic and trade interests at stake in the region. In fact, AustralAsiaCentre and Asialink, the most notable custodians of the Australia- Asia relationship are stationed in Melbourne and raise awareness concerning Asian issues, mainly cultural, in Australia. In addition, Australia is a member state of APEC and has close links with ASEAN; a testament to the far-reaching and enduring relationship Australia has with the Asian region (Downer, 2007).

 AUSTRALIA’S CONTRIBUTION TO THE ECONOMIC SUCCESS OF ASIAN REGION IN THE PAST DECADEThe largely positive relationship between Australia and Asia has undoubtedly been very beneficial to the Asian region. Australia’s contribution to the success of the Asian region can by no means be understated, particularly in the last decade. As Nanto (1998) explains, following the 1997/ 98 Asian financial crisis, the region was in dire need of financial recovery and Australia was among several nations that played a significant role in the recovery of the region.

The region most affected by the crisis was East Asia and it is this region where Australia’s financial ties have been most strongly felt. Following the East Asian financial crisis that started in July 1997, the East Asian region experienced one of the greatest economic meltdowns in history, certainly one of the largest to hit any region of the world since the Great Depression. Millions of East Asians grappled with the serious effects of the crisis such as falling wages, higher living standards, widespread unemployment, and the rising cost of basic commodities.

At the same time, the general stability and social fabric of most East Asian countries were placed under severe duress (Australian Agency for International Development, 2000). This was a major setback, coming against the backdrop of an emerging East Asian economy whereby fast economic growth and improved living standards had begun to be experienced in the region. Recovery from this unprecedented crisis was of utmost importance at this time; not only for the East Asian region but also for Australia due to the diplomatic ties Australia had with East Asia in addition to the fact that the stability and economic progress of East Asia were key in her our own security and continued prosperity.