Britain geographically is an island.
Britain financially is a hub.
Britain linguistically is an import-exporter.
Britain culturally is by dint of its linguistic sponge like nature also an import-exporter.

Is Britain culturally more US related or EU related? Or is it like Hong Kong a gateway for the West to China? IMDHO Britain is a partner with the US as they have a lot of shared values, likewise Britain is a partner with the EU for similar reasons.

In the end of the day we are debating this around the world. So really what do borders count for?

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Ausrailia may try to become part of Asia but it never will be seen as that by the other members of that region.
Economically it will trade with Asia but culturally it will never be Asian and when one is trying to carve a place in an pan Asian community that element of non aisianess will be an problem.

In effect the other asian countries will see oz as western they will feel ok trading with oz but not much more than that.
25% of Australians are born overseas. A lot of these are British and a lot are Mediterranean. Plenty of Europeans of all forms. We also have a large Indian, Asian, African and American (Brazilian seem to dominate). End of the day it is a multi-culture. Probably very much like Britain.

We do more then trade with asian countries...and they do more then trade with us. I would say we are a western country on the Pacific Rim. I think it is language not genetics that is our biggest trade and cultural barrier. Its pretty easy to go around Sydney and see plenty of couples who are definitely not ethnically related, to see that there isn't that big a barrier for the exchange of ideas at a national level if all the people are choosing partners based on common values and ideas yet coming up with a plethora of combinations.