As drastic economic changes have emerged across the world, the Asian continent has been the center of economic interests. During the 19th century, most of the Asian economies, including the economic giants like China, Japan and Korea, were just emerging economies, which were yet to realize their economic potentials. Major elements that make globalization possible include international trade, foreign exchange activities, tourism or the hospitality industries, technological advancements, industrialization, and the international politics that influence interactions between nations.
Globalization forces have brought significant economic transformations to China, Japan, Korea, Malaysia and other major economies in the Asian Pacific zone that have entered into bilateral and multilateral trade agreements. The Association of Southeast Asian Nations (ASEAN) agreements are now thriving.
Sharing of ideas and resources among these economies, especially the marveling bilateral trades that China conducts with the European Union (EU) and Japan conducts with the USA have brought massive economic transformations to the Asian economies. Moreover, globalization has resulted in infrastructural developments within the Asian Pacific nations due to the increasing demand for information. For instance, information sharing and communication is indispensable among international corporations in the European Union, the United States, and Asia.
Owing to globalization forces tycoons have developed powerful multinational corporations that have emerged as important facets of economic growth for China, Dubai, Japan, South Korea and the UAE economies. Proliferation of multinational companies in Asia has created business hub, where the expansion of trade links between nations flourish. The advancement in information technology in China, Japan, South Korea, Thailand, Malaysia, and Australia have contributed to emergence of the Asian economic giants, which trade with major European nations in global stock markets. Through globalization, trading in technology, stock markets, industrial products, and hospitality products are among the factors that have spurred changes in the economic growth in Asia.