Open Discussion

A new dynamic and integrated Asia is emerging with the resurgence of China and India as engines of growth, recovery of Japan from a decade old recession, rise of Asian middle class as source of final demand, high and growing proportion of intra-regional trade and investments. There is also an attempt to build on this growing ‘functional’ interdependence to more institutionalized forms of cooperation. ASEAN has played an important role in evolving a framework for broader cooperation by bringing together major Asian countries like Japan, China, India and South Korea as dialogue partners. These dialogue partners are all working on ASEAN+1 FTAs and are also studying bilateral FTAs between themselves. Through the emerging web of FTAs a virtual Asian economic community is evolving. There is need for building on these sub-regional and bilateral attempts a broader regional framework to provide a seamless market facilitating exploitation of synergies more effectively. Different Asian leaders have spoken of the importance of broader regional cooperation in Asia asserting the Asian identity. However, Asia lacked a forum for dialogue for such cooperation. The East Asia Summit (EAS) launched in Kuala Lumpur in 2005 with participation of ASEAN10, Japan, China, South Korea, India and also of Australia and New Zealand provided such a forum. EAS could be of far reaching consequence for promoting broader regional cooperation in Asia. By giving to the leaders of the largest and most dynamic economies of Asia a forum for dialogue it is expected to facilitate the cause of community building in Asia. It is likely that future Summits will take steps towards concretizing Asian regional cooperation in a number of areas thereby hastening the reemergence of Asia as the centre of gravity of the world economy. Against that backdrop, the Panelists at this session will discuss the relevance and possible approaches for pan-Asian economic integration and the challenges that it may face.

RIS

RIS is an autonomous public-funded, non-profit, policy think-tank, based in New Delhi, devoted to trade and development related issues. Its work programme focuses on multilateral trade negotiations, regional economic cooperation in Asia, South-South cooperation, new technologies and development, among other issues. The work of RIS is published in the form of research Reports, books, discussion papers and journals. For more information about RIS and its work programme, please visit its website: www.ris.org.in or contact dgoffice@ris.org.in.