Economics, Econometrics and Finance
4 years ago

New Regionalism in East Asia Shaping Future Economic Development Paradigm

Asean Economic Bulletin
New Regionalism in East Asia: How Does It Relate to the East Asian Economic Development Model?
Charles Harvie, Hyun‐Hoon Lee

Paper Summary

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A new trend of regional cooperation is emerging in East Asia, moving away from past multilateral approaches. Countries in the region are focusing on boosting trade within East Asia through agreements like ASEAN+3 and plans for a free trade area with ASEAN and China. This shift is changing the traditional East Asian Economic Development Model (EADM) after the 1997-98 crisis. The new model includes regionalism as a key factor for growth and development in East Asia.