This book is an important contribution to the policy debate on the future of regional integration around the world, and in Asia in particular. The complex linkages between regional integration and regional cooperation, soft and hard integration, trade facilitation and regional infrastructure are all addressed competently in different chapters of this publication, which should be read by all of those concerned with the future of regional integration and cooperation in Asia. Antoni Estevadeordal, Inter-American Development Bank (IDB) As we emerge from the worst global economic setback in two generations, the momentum of Asian economies suggests that this region will redefine the geography of trade and growth even more quickly and decisively than expected. Because Asia offers the largest emerging markets, superior growth rates, and new patterns of trade diversification, this region is becoming the leading edge of the global economy for the next generation. This volume addresses the essential issues related to Asian trade and regionalism with intellectual authority and essential timeliness. Brooks and Stone have assembled leading experts, distilled evidence, and synthesized policy lessons on the salient issues and trends that will drive the world s most dynamic economic region. Their book should be a desk reference for policy-makers and leading private sector players who want to respond effectively to the momentous challenges and opportunities presented by the Asian century. David Roland-Holst, University of California, Berkeley, US This insightful book collects empirical analyses and case studies to clarify issues and draw policy recommendations for facilitating greater regional trade through increased cooperation. Asia s rapid development has been heavily dependent on markets external to the region. However, given the unlikely timely recovery of the United States or Europe there is an urgent need to develop domestic and regional markets. While greater integration has long been a regional goal, its importance has never been more pressing. To facilitate trade and promote growth and regional integration, and to counteract declining markets in other regions, Asian countries have announced large expenditures for developing infrastructure. Thus, a look at how investment in regional infrastructure promotes and supports interregional trade growth has never been timelier. While the focus is on informing policy-making in Asia, the findings also have relevance for other regions. The detailed studies in this book will be of particular interest to academic economists, policy-makers, and the broader development community.

This publication provides an overview of assessments from the 2017 global survey on trade facilitation and paperless trade in the Asia and Pacific region. The survey uses the final list of provisions included in the World Trade Organization's Trade Facilitation Agreement (WTO TFA) and the draft text of the regional United Nations (UN) treaty on cross-border paperless trade facilitation under negotiation at Economic and Social Commission for Asia and the Pacific (ESCAP). Implementation levels of 44 countries in Asia and the Pacific were calculated based on 31 trade facilitation and paperless trade measures. This study also describes trade facilitation projects that promote development through deepening regional cooperation and integration. It also discusses digital trade as a major opportunity for SMEs to better access international markets and global supply chains, giving them the chance to growth both quickly and sustainably. The progress and challenges in the regional and subregional trade facilitation efforts being made to streamline trade procedures are also presented. ADB and UNESCAP jointly prepared this publication.

The rise of Asia and the dynamics of Asian economic development have impacted global trade relationships and regional cooperation tremendously. While the WTO integrating national economies into global trade regulations has further liberalized trade relationships between developed and developing nations and amongst the emerging economies in particular in Asia, proliferation of free trade agreements in Asia has raised growing concerns regarding the fragmentation of the world economic order. World-renowned experts have here answered a variety of trade related issues ranging from China’s free trade agreements in its neighbourhood, the Tripartite Relationship between China, Japan and Korea, the Trans-Pacific Economic Partnership, the South Asian Association for Regional Cooperation as well human rights and environmental implications of free trade agreements. Contributors are: Jean-Marc F. Blanchard, Jianfu Chen, Won-Mog Choi, Ming Du, Henry Gao, Liyu Han, Jiaxiang Hu, Robert Irish, Tomoko Ishikawa, Md. Rizwanul Islam, Kwangkug Kim, Qingjiang Kong, Yong-Shik Lee, Wei Liang, Kuei-Jung Ni, Delei Peng, Yasuhei Taniguchi, Kim Van der Borght, Matthias Vanhullebusch, and Richard N. Watanabe, Shengxing Yu

This book reviews progress with regional cooperation and integration in Asia and the Pacific and explores how it can be reshaped to achieve a more resilient, sustainable, and inclusive future. Consisting of papers contributed by renowned scholars and Asian Development Bank staff, the book covers four major areas: public goods, trade and investment, financial cooperation, and regional health cooperation. The book emphasizes how the region can better leverage regional integration to realize its vast potential as well as overcome challenges such as the coronavirus disease (COVID-19) pandemic.

Trade facilitation increases trade flows, lowers trade cost, and ultimately contributes to sustainable and inclusive growth. This publication, jointly prepared by the Asian Development Bank and the United Nations Economic and Social Commission for Asia and the Pacific, reviews the state of play of trade facilitation and paperless trade in Asia and the Pacific. It investigates the evolution of trade costs in the region, examines trade facilitation and paperless trade implementation, and highlights the key initiatives and efforts in Central Asia, the Greater Mekong Subregion, South Asia, and the Pacific. It includes impact assessments of trade facilitation implementation and corridor performance on reducing trade costs and increasing trade.

It is an appropriate time to rethink the relationship between trade regionalism and multilateralism in the Asian context as we witness the proliferation of free trade agreements (FTAs) in Asia. In the 1980s and 1990s, many scholars and policymakers believed that Asian integration was market-based, rather than legal-based, and that Asian integration would never be codified through agreements. Yet today, there are a large number of FTAs signed and under negotiation in Asia.This book investigates the appropriate relationship between regionalism and multilateralism, with a special reference to recent FTAs in Asia. It is undeniable that past trade multilateralism-regionalism debates centered on the trade-in-goods aspect. However, the majority of recent FTAs in Asia cover issues beyond trade-in-goods and tariff liberalization, such as trade facilitation, services, and economic cooperation. While the General Agreement on Tariffs and Trade (GATT) Article XXIV governs regional integration initiatives in trade in goods, there is no (or at most a thin) World Trade Organization (WTO) Agreement that stipulates the relationship between regionalism and multilateralism in issue areas other than goods.Thus, this study carefully considers the meaning of “WTO-compatible FTAs” by distinguishing “WTO consistency” and “WTO friendliness”, going beyond GATT Article XXIV debates and proposes a general framework for examining the openness of regionalism in various issue areas by identifying tree-type questions to distinguish several types of exclusiveness. It then specifically asks the following questions: Can Asian FTAs that cover several issues be considered multilateralism friendly? How does the relationship between regionalism and multilateralism differ between trade-in-goods and non-goods issue areas? What are policies that might reduce the exclusiveness of regional initiatives? The study concludes by listing counterintuitive policy suggestions to make FTAs truly WTO compatible. The book also includes a comprehensive list of FTAs in Asia and several WTO Agreements relating to trade regionalism.

The trade performance of countries in South Asia over the past two decades has been poor relative to other regions. Exports from South Asia have doubled over the past 20 years to approximately USD 100 billion. In contrast, East Asia's exports grew ten times over the same period. The low level of intraregional trade has contributed to weak export performance in South Asia. The empirical analysis in this paper demonstrates gains to trade in the region from reform and capacity building in trade facilitation at the regional level. When considering intraregional trade, if countries in South Asia raise capacity halfway to East Asia's average, trade is estimated to rise by USD 2.6 billion. This is approximately 60 percent of the total intraregional trade in South Asia. Countries in the region also have a stake in the success of efforts to promote capacity building outside its borders. If South Asia and the rest of the world were to raise their levels of trade facilitation halfway to the East Asian average, the gains to the region would be estimated at USD 36 billion. Out of those gains, about 87 percent of the total would be generated from South Asia's own efforts (leaving the rest of the world unchanged). In summary, we find that the South Asian region's expansion of trade can be substantially advanced with programs of concrete action to address barriers to trade facilitation to advance regional goals.