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Asia’s Strategic Participation in the Group of 20 for Global Economic Governance Reform: From the Perspective of International Trade

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  • Bark, Taeho

    ()
    (Seoul National University)

  • Kang, Moonsung

    ()
    (Korea University)

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    Abstract

    After considering the background to the G20 summit meetings after the recent global economic and financial crisis, this paper aims to identify the trade agenda that represents Asia’s concerns for the global and regional trading system. Asia, in particular East Asia, has played an important role in evolving the global production and trade networks. The regional production network in East Asia became the major transmission mechanism of the crisis, resulting in a trade collapse, but Asia experienced a relatively quick rebound, demonstrating that its network was not derailed. Asian economies have also shifted their policy focus from multilateralism to regionalism, even though there are several challenges such as underuse and a shallowness of their regional trade agreements. This paper recommends that the Seoul Summit seek tangible results on resolving the stalemate of the Doha Development Agenda to strengthen the credibility of G20, integrate individual free trade agreements into broader regional trade agreements, and link the development agenda to trade.

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    File URL: http://aric.adb.org/pdf/workingpaper/WP74_Bark_Kang_Asia%27s_Strategic_Participation.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 74.

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    Length: 36 pages
    Date of creation: 01 Feb 2011
    Date of revision:
    Handle: RePEc:ris:adbrei:0074

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    Related research

    Keywords: global governance and Group of Twenty (G20); international and regional trade; global and regional production networks; global and regional trade systems;

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    1. Yap, Josef T. & Majuca, Ruperto P. & Park, Cyn-Young, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Discussion Papers DP 2010-11, Philippine Institute for Development Studies.
    2. Dr. Mitsuyo ANDO & Dr. Fukunari Kimura, 2009. "Fragmentation in East Asia: Further Evidence," Working Papers DP-2009-20, Economic Research Institute for ASEAN and East Asia (ERIA).
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