Saburo Okita

Interest in the future of the Pacific region has been increased in the past year by dramatic events, notably the conclusion of a peace treaty between China and Japan and the normalization of relations between the United States and China. And, over a longer period, the realization has grown that the Western Pacific region-which includes Japan, Korea, Taiwan, Hong Kong, the ASEAN countries (the Philippines, Thailand, Malaysia, Singapore, and Indonesia) and China-is one of the most dynamic areas in the world in terms of economic growth and development.

Almost exactly a year ago, the members of the Organization of Petroleum Exporting Countries (OPEC) raised the price of their oil sharply. With subsequent adjustments, the average price of Middle East oil stood in late 1974 at about $10 per barrel, roughly four times the mid-1973 price.