Emerging Asian Regionalism: A Partnership for Shared Prosperity

Abstract

This study analyzes the nature of Asia’s emerging regionalism, providing a basis for understanding its dimensions and further discussion on ways to move forward. The dynamic and outwardlooking style of Asian regionalism can have a significant impact in an increasingly globalized world. Regionalism can be a stabilizing factor when shocks arise, whether region-based or externally imposed. Being pragmatic and flexible does not mean taking a laissez faire outlook. Regionalism carries the responsibility of proper management, effective communication, and (when required) policy coordination or the creation of common regional institutions. Regionalism can also be an effective policy tool to help markets adjust and adapt when a crisis looms. Whether providing new regional public goods, managing natural disasters and epidemics, easing trade in products and services, moving capital and people, building common positions in international forums, or working together in correcting global market failures, emerging Asian regionalism will rely on the sort of experience, research, and analysis that make up this study so they can develop and properly manage strategies that can effectively deal with the challenges Asia will face.