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Opportunities and Challenges for Regional Economic Integration in the Indian Ocean

Author

Listed:
  • Ganeshan Wignaraja
  • Adam Collins
  • Pabasara Kannangara

Abstract

This article examines increasing regional economic integration in the Indian Ocean, along with the region’s rising importance in the global economy and outlines the challenges to greater regional integration. It finds that the strategically located Indian Ocean economy has become an increasingly important part of the global economy in the past two decades and has become more integrated within itself. Forecasts suggest that the Indian Ocean economy will likely account for around a fifth of global GDP by 2025 and its GDP per capita is expected to almost double. However, realising this outlook will depend on tackling several pressing challenges to regional integration, including improving port quality and logistics, lowering barriers to trade and investment, narrowing development gaps, and strengthening the regional economic governance. Tackling these challenges requires a combination of coherent national and regional policy measures. JEL Codes: F150, F410, F550

Suggested Citation

  • Ganeshan Wignaraja & Adam Collins & Pabasara Kannangara, 2019. "Opportunities and Challenges for Regional Economic Integration in the Indian Ocean," Journal of Asian Economic Integration, , vol. 1(1), pages 129-151, April.
    • Handle: RePEc:sae:jfasei:v:1:y:2019:i:1:p:129-151
    DOI: 10.1177/2631684619829958
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    References listed on IDEAS

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    1. Ganeshan Wignaraja, 2014. "Will South Asia Benefit from Pan-Asian Integration?," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 15(2), pages 175-197, September.
    2. Burgess, Robin & Stern, Nicholas, 1993. "Taxation and Development," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 762-830, June.
    3. Beelasingh Dabee & Mahinder Reddy, 2000. "Regional Agreements in the Indian Ocean," The World Economy, Wiley Blackwell, vol. 23(9), pages 1149-1160, September.
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    Cited by:

    1. Swetha Loganathan & Joshy Joseph Karakunnel & Vijay Victor, 2021. "India–European Union Trade Integration: An Analysis of Current and Future Trajectories," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 15(4), pages 484-504, November.
    2. Dr. Caroline Ntara, 2022. "What Does Africa Stand to Gain from the African Continental Free Trade Area?," International Journal of Science and Business, IJSAB International, vol. 16(1), pages 69-90.

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