Connectivity is the key building block of convergence and cohesion in any regional integration initiative. Development of connectivity across any region—especially of transportation linkages, energy pipelines, and information and communication technology— contributes to integration by...

The European experience offers three possible models for regional integration: a free trade arrangement, a single market, and a common currency area. This paper examines the effect of regional integration on total factor productivity to assess the long-run growth implications of each model. The...

This paper examines the determinants and trade effects of the South Asian Preferential Trading Arrangement (SAPTA) using empirical methods. An empirical specification of the gravity model is developed to analyze the determinants of trade flows for the South Asian Free Trade Area (SAFTA)...

Latin American has the longest history of regional integration efforts in the developing world. This paper analyzes the experience of regional monetary cooperation in Latin America over the past three decades. This experience has been overall successful but also uneven, both in terms of country...

As all eyes are on the strategy and policy measures of the People’s Republic of China (PRC) to push the international use of the yuan, this paper turns to the internationalization of the Japanese yen and compares it with what the PRC is doing. There are some fundamental differences in the...

In May 2013 the ASEAN+6 countries began to negotiate the Regional Comprehensive Economic Partnership (RCEP). The objective of this paper is to analyze the feasibility of constructing such a region-wide agreement and to examine ways to multilateralize it. The paper first reviews free trade...

The ASEAN Economic Community (AEC) was set up in 2003 with the objectives of creating a single market and production base, enhancing equitable economic development as well as facilitating the integration into the global economy. The AEC involves liberalization and facilitation of trade in goods,...

This paper investigates and analyzes the present status, potential, and prospects of Association of Southeast Asian Nations (ASEAN) free trade agreements (FTAs). The move towards the ASEAN Economic Community by 2015 and the attempts to broaden FTAs in East Asia present major challenges to ASEAN....

The Trans-Pacific Partnership (TPP) represents the chance to set a trade agenda for the future across a wide range of topics for countries throughout the Asia-Pacific region. This means that the agreement should not be settled in haste. It also means that key decisions need to be reached about...

This paper examines the changing relationship between trade policy, production networks, and economic growth in Asia. It traces East Asia’s rise to the coveted “Factory Asia” league with rapid growth over several decades through trade policy anchored on outward-oriented industrialization...