Mari Pangestu and Shiro Armstrong 1. Economic integration in Asia has progressed over the last 30 years through the formation of greater trade and investment linkages, which have been driven by market-led integration, underpinned by international commitments. A strategy of economic development based on export orientation and integration into regional and global value chains GVCs has served the countries in the region well. Poverty rates also declined as a result of this growth, with more people in Asia moving out of poverty than anywhere else in the world. Trade has been the engine of growth for the region, with regional economic integration acting as a key driver.
Asia Regional Integration Center
Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. The objectives of the agreement could range from economic to political to environmental, although it has typically taken the form of a political economy initiative where commercial interests are the focus for achieving broader socio-political and security objectives, as defined by national governments. Regional integration has been organized either via supranational institutional structures or through intergovernmental decision-making , or a combination of both. Past efforts at regional integration have often focused on removing barriers to free trade in the region, increasing the free movement of people, labour , goods , and capital across national borders , reducing the possibility of regional armed conflict for example, through Confidence and Security-Building Measures , and adopting cohesive regional stances on policy issues, such as the environment, climate change and migration. Intra-regional trade refers to trade which focuses on economic exchange primarily between countries of the same region or economic zone.
Asian Economic Integration Report
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated. Regional economic integration in Asia: The track record and prospects. This is the season for regional-integration initiatives in Asia. There is talk of region-wide FTAs, and there are east-Asian initiatives on financial and monetary cooperation. But grand visions for Asian regional blocs are not achievable.
The Asia Pacific region, with its dynamic economy and rich cultural diversity, is growing rapidly in significance and is set to play a critical and important role in the world as the 21st century unfolds. For many observers of the world economy, the 21st century will belong to the Asia Pacific region. The sheer dynamism of its peoples and its huge economic and technological potential do indeed bode well for the future. At the same time it is a highly diverse region, and although interdependence has increased in recent years — driven primarily by market forces — there is room for further progress. The pace towards greater interchange may now be gathering speed, as countries in the region show growing interest in, and place greater emphasis on, more formal co-operation.