Economic integration in Asia has progressed over the last 30 years through the formation of greater trade and investment linkages, which have been driven by market-led integration, underpinned by international commitments. A strategy of economic development based on export orientation and integration into regional and global value chains (GVCs) has served the countries in the region well. For most of the period during which the Asian economies experienced rapid growth, they faced aÂ global economy that was growing and open to trade and was, therefore, conducive to their growth. East Asia experienced higher economic growth and growth in trade and investment than did other regions, even when Chinaâ€™s growth is not taken into account. Poverty rates also declined as a result of this growth, with more people in Asia moving out of poverty than anywhere else in the world. Trade has been the engine of growth for the region, with regional economic integration acting as a key driver. Expanding global trade outpaced and buoyed global economic growth, which Asia both benefited from and contributed toâ€”until the global f inancial crisis (GFC) in 2007â€“08.
|Title of host publication||ASIAN ECONOMIC INTEGRATION IN AN ERA OF GLOBAL UNCERTAINTY|
|Editors||SHIRO ARMSTRONG AND TOM WESTLAND|
|Place of Publication||Canberra|
|Publisher||ANU E Press|
|Publication status||Published - 2018|