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Crisis Reinforces Need for Stronger Trade and Financial Integration in Asia and the Pacific

In: Challenges and Opportunities for Trade and Financial Integration in Asia and the Pacific

  • Mia Mikic

    ()

    (United Nations Economic and Social Commission for Asia and the Pacific (ESCAP))

  • Ravi Ratnayake

    ()

    (United Nations Economic and Social Commission for Asia and the Pacific (ESCAP))

The Asian economies have become an epitome of "trade as an engine of growth" during the past several decades as they have been expanding economic and human development, using trade as a ladder. Most of the economies have become highly integrated into the world economy, either through direct export and import or by becoming an important link in the global supply chain. However, when demand for their production and exports plunged suddenly and sharply in the last quarter of 2008, a sharp contraction in trade flows put their growth and social security under series threat. On such occasions, issues of dependency on external markets, foreign exchange, foreign direct investment (FDI) and technology rise to the surface and chosen development strategies get reviewed. In Asia and the Pacific, this is accompanied by the concerns about the inability of the region's economies to enhance and deepen their regional integration. Expectedly, the latest crisis has accentuated the concerns about low levels of existing intraregional trade and investments as well as underdeveloped financial integration in Asia and the Pacific.

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This chapter was published in:
  • Mia Mikic (ed.), 2009. "Challenges and Opportunities for Trade and Financial Integration in Asia and the Pacific," STUDIES IN TRADE AND INVESTMENT, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), number tipub2563, December.
  • This item is provided by United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in its series STUDIES IN TRADE AND INVESTMENT with number tipub2563_chap1.
    Handle: RePEc:unt:ecchap:tipub2563_chap1
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