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Asian Economic Integration and Cooperation: Challenges and Ways Forward for Pan-Asian Regionalism

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  • Rai, Durgesh K.

Abstract

As the Asian economies have grown larger and become more complex, they have also be-come more integrated at both the regional and the subregional level. Yet although economic integration has increased, regionalism in the sense of economic cooperation at both the pan-Asian and subregional levels has lagged behind. Regionalism or economic cooperation in terms of bilateral or multilateral FTAs is a relatively new phenomenon, but one that has in-creased rapidly in recent years. However, the progress of Asian regionalism faces several challenges. Also, the increasing number of FTAs could lead to a 'spaghetti-bowl-effect' and reduce trade volume instead of increasing it. In addition to resolving the existing challenges, actors in the region need to convert some of the existing FTAs into a broader one that can serve as a hub for further integration. Given the potential economic gains and future eco-nomic dynamism of the region, this paper suggests the pursuit of the Comprehensive Eco-nomic Partnership in East Asia (CEPEA) rather than the East Asia Free Trade Area (EAFTA).

Suggested Citation

  • Rai, Durgesh K., 2010. "Asian Economic Integration and Cooperation: Challenges and Ways Forward for Pan-Asian Regionalism," GIGA Working Papers 152, GIGA German Institute of Global and Area Studies.
    • Handle: RePEc:zbw:gigawp:152
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    References listed on IDEAS

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    1. Richard E. Baldwin, 2011. "Multilateralising Regionalism: Spaghetti Bowls as Building Blocks on the Path to Global Free Trade," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume I, chapter 2, Edward Elgar Publishing.
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    3. Josef T. Yap, 2005. "Economic Integration and Regional Cooperation in East Asia - A Pragmatic View," Trade Working Papers 22003, East Asian Bureau of Economic Research.
    4. Capannelli, Giovanni & Lee, Jong-Wha & Petri, Peter, 2009. "Developing Indicators for Regional Economic Integration and Cooperation," Working Papers on Regional Economic Integration 33, Asian Development Bank.
    5. Yap, Josef T., 2007. "Ten Years After: Financial Crisis Redux or Constructive Regional Financial and Monetary Cooperation?," Discussion Papers DP 2007-05, Philippine Institute for Development Studies.
    6. Yap, Josef T., 2005. "Economic Integration and Regional Cooperation in East Asia: A Pragmatic View," Discussion Papers DP 2005-32, Philippine Institute for Development Studies.
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    1. Sapkota, Jeet Bahadur & Acharya, Chakra Pani & Minowa, Mari & Neupane, Pramila, 2018. "Trade integration in Asia: Trends and determinants," MPRA Paper 106063, University Library of Munich, Germany.
    2. Tarun Bose & Jannatul Bristy, 2017. "Are Countries Participating into Regional Integration Performing Better in Growth and Liberalization Than Non-Participators? A Study on European Countries," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(2), pages 171-171, January.
    3. Sapkota, Jeet Bahadur, 2020. "Integrating South Asia into Asia: Evidence from Trade Statistics," MPRA Paper 106097, University Library of Munich, Germany.
    4. Sapkota, Jeet Bahadur & Shuto, Motoko, 2016. "Is Pan-Asian Economic Integration Moving Forward? Evidence from Regional Trade Statistics," MPRA Paper 106075, University Library of Munich, Germany.

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