Dynamics of Economic Integration in Asia Pacific: From Multilateralism to Regionalism to Bilateralism

Abstract

With its dynamic economy and rich cultural variety, the Asia Pacific area is fast expanding in importance and is poised to play a key and essential role in the globe as the twenty-first century unfolds. The region's ability and desire to cooperate with one another across a wide variety of activities will be a significant component in its success. In terms of regional economic integration, the Asia-Pacific area has been a late starter. In comparison to North America and Western Europe, Asia's regional economic integration is still in its infancy. Accordingly, this paper explore that how economic integration has shaped the Asia – Pacific region in last 50-60 years by studying the effects of various regional trade agreements on the export volumes of the significant countries of this region. Further, the comparative analysis is undertaken in terms of various clauses or provisions among major regional and bilateral groups of Asia – Pacific. Additionally, the paper will analyze the emerging dynamics of this region focusing on the role played by small Pacific Islands and India in development of this region. Finally, we conclude that increasing regional and bilateral trade agreements among Asia Pacific countries are shaping the current scenario of economic integration in this region and also leading to increasing the share of exports volumes among themselves, resulting in economic growth worldwide.