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Towards an Asian Economic Community: Vision of a New Asia

Nagesh Kumar (Editor)
Synopsis The 1990s have witnessed a strong trend in different parts of the world especially the developed countries to form regional trading blocs, such as EU and NAFTA. The formation of these trade blocs has led to substantial diversion of trade and investment away from the rest of the world economy affecting the growth process in other regions that are not part of these blocs. The Asian countries on the other hand have faithfully pursued multilateralism in their trade and investment policy except for few subregional attempts such as the ASEAN Free Trade Area (AFTA) or the South Asia Free Trade Agreement (SAFTA). However, there is now a growing recognition in Asia of the importance of regional economic integration for generating growth impulses from within, especially in the wake of the East Asian Crisis. Against that backdrop, this book makes a case for an Asian Economic Community that would be broader in coverage than the current programs for economic cooperation in the region. It argues that the community is evolving in a phased manner with Japan, ASEAN, China, India and Korea (JACIK) providing the initial core group that can be expanded to cover other parts of Asia subsequently, as in Europe. The analysis presented in the book shows that regional economic integration could act as a new engine of growth and generate hundreds of billions of additional output and assist Asia regain its place in the world economy that it had until the eighteenth century. The book also examines the emerging patterns of regional integration in JACIK region and presents an analysis of the potential and prospects of cooperation in the areas of trade, money and finance, technology and investments. This book will be useful to Asian policy-makers and scholars looking for a vision in making the 21 century an Asian century.
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About the author

Nagesh Kumar

Professor Nagesh Kumar is Director General at the Research and Information System for Developing Countries, New Delhi. From 1993 to 1998, Dr Kumar served on the faculty of the United Nations University – Institute for New Technologies (UNU/INTECH), Maastricht, the Netherlands, and directed its research on FDI and technology transfers in developing countries. He has also served as a consultant to the World Bank, UNDP, UNCTAD, UNIDO, UN–ESCAP, ILO, among other organizations. He graduated with a PhD in Economics from the Delhi School of Economics, University of Delhi. He received the Exim Bank of India’s first International Trade Research Award and a GDN medal for best research in Tokyo for 2000. He serves as the Editor of the South Asia Economic Journal. Professor Kumar has written extensively on the developmental impact of MNEs and FDI, industrial and technology development policies, WTO issues, new technologies for development and on regional economic co-operation, among other themes. His recent books include Globalization, Foreign Direct Investment and Technology Transfers: Impact on and Prospects for Developing Countries (Routledge, 1998) and Globalization and the Quality of Foreign Direct Investment (OUP, 2002).

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Bibliographic information

Title Towards an Asian Economic Community: Vision of a New Asia
Author Nagesh Kumar
Format Softcover
Date published: 01.01.2004
Edition 1st ed.
Language: English
isbn 8171220940
length xvi+203p., Tables; Figures; 23cm.