Aiming to devise strategies for boosting regional economic collaboration in Asia, this research addresses the ascension of novel regional powers and the blossoming of emerging economies in the region. Amid global warming and economic challenges, Asia's unparalleled growth phase is notable. Issues like strategic economic planning, governance, and civil society engagement have sparked sustained global discussions. Rapid advancements in regional collaboration among Asian nations are actively shaping perspectives and propelling economic and sustainable geopolitical development issues to the top of the international agenda.
Introduction
This work seeks to analyze ways to promote regional economic cooperation in Asia. The rise of new regional powers in Asia, and the emerging economies of the Asian region have been developed at unprecedented growth in a period where the global warming and economic issues is at stake. The issue of strategic economic planning, governance, and civil society is generating sustained debate around the globe. Regional cooperation effort among Asian countries to actually engaging in expressing their views have progressed rapidly in placing the issue of economic and sustainable geo-political development on the forefront of the international agenda.
The interaction of economic progress and Asian culture appears to have generated a distinctly Asian variety of democratic institutions that had done good to some countries in Asia and enabled them to join the ranks of the newly-industrialized country which has enabled the government to be more proactive and innovative in planning its activities and promoting partnerships with the continent or its constituent regions in enhancing growth in developing member countries.
The desire on the part of Asia to construct a regional community by taking concrete steps to enhance trade and cooperation between and among member countries representing the fullest development of the contemporary Asia to achieved rapid and sustained economic expansion while at the same time maintaining Asian spirit and tradition by way of consensus and by developing mutual trust. The promotion of interaction among Asian countries and between the region and the rest of the world is indeed a worthy objective to sustain the growth momentum in the pursuit of economic prosperity and will inevitably exert influence on the pattern of global relations and allow the growth momentum to assume even greater vigour in the future.1
The purpose of this research is to address the urgent issue of mobilizing regional transitions of Asia to collaborate in building up a network for sharing costs, exchanging programmes and sharing ideas leading to sterile uniformity and conformity on a global scale. The bright prospects for Asian growth in the sophisticated modern world has progressed to a new stage of economic might that it will promote a regional and global outlook in the area of economic cooperation and serve as the catalyst for collaborative efforts on an Asian scale. In this regard, Asian region will remain the magnet for future investments and that countries within the group will be able to sustain a high level of economic growth for the foreseeable decades.
Promoting Partnerships in Trade and Investment
The growing prosperity of the Asian economies together with the rest of the East Asian community and a symmetry of economic strength among regions with variety of achievements and knowledge has emerge as a cohesive and positive force, in the global economic pace worldwide. It has generated meaningful condition in creating new ways to enhance and solidify Asia's capacity while also strengthening regional cooperation in environmental economics, business and finance.
The momentous initiative in making such understanding and partnership was instrumental in driving towards economic reforms and liberalization initiative. Regional prosperity of the region and the primacy of economics at present and in the future would bring about global economic development and prosperity to Asian community and enhances their relations to increasingly higher planes of co-operative endeavors to contribute to the collective cause that promote regional co-operation in general and to integration of its components as full partners in Asian Economic Caucus in particular.2
The combined economic strength of Asia has grown tremendously over the years establishing economic linkages within the areas identified as having growth potentials for investing greater resources in the task of economic and social development, and for extending the scope and the variety of collaboration with friends and neighbours and enhancing regional co-operation in pursuit of lasting peace and shared prosperity.
Regional economic integration of Asian governments in forging economic partnerships and collaborate in the making of a prosperous region is continuously being bombarded by new challenges as it moves up in the various phases of modernization and industrialization and has raised certain question regarding the association’s immediate and long-term future. One is how Asia can expand its ranks and enhances a sense of regional identity among its members to forge the new regional order of national interest and global competition and hence, contributing towards growth and development in other regions.3
Another is how Asia will succeed in its endeavors to help broaden participation in the national reconciliation and simultaneously widen and deepen regional co-operation with a satisfactory degree of success in both endeavors in the emergence of conflicts in the global economic system. And the last is how to address the challenge of success on the part of individual governments and leaders concerning what needs to be done to ensure the potential greatness of Asia to make further progress in economic and technological development can be harnessed to the cause of regionalism, and may ultimately encouraged the more successful Asian economies to make contributions based upon their respective knowledge, expertise and experience.
Given the scope and the complexity of the challenges, the task of conceptualizing, suggesting, and planning a committee on regional economic affairs and development is perhaps one of Asia’s greatest assets to further strengthen the Asia’s recipe for continued prosperity in an emerging newly industrialized world to discuss the challenges facing the continent and work directly or indirectly with inter-governmental organizations or foreign NGOs to contribute towards the expansion of global trade and represent points of convergence and cooperation between Asia and the international community. This must be considered a healthy development, for it indicates strong life-signs for Asia’s recovery to require more capital goods and technology to these activities of global economic forum and further develop international linkages and networks to unilaterally conduct the various bilateral and multilateral negotiations that are typical for developing nations.
The expansion of Asian membership, actual and prospective, at global, regional and country level which are widely forming a regional grouping with neigbouring nations may help a country share its fixed negotiating costs and increase its bargaining power and continued to exploit its potential to the fullest success on the swings of the economic cycle. The efficacy of government action, and the necessity of reshaping the strategic objectives of development with a view toward analyzing the fundamental pillars of the process of economic autonomy would deepen intra Asian economic linkages and progressively reduce our dependence on old economic arrangements, contributing to generate a new sense of confidence among Asian country to contribute towards orderliness and stability in the international marketplace and to enhance the role of the Asian government, to increase competition and move towards greater liberalization.4
The dynamism of the Asian economies, especially in the East Asia, had important consequences to the creation of a cohesive and economically successful nation where value is created through the brainpower of its citizens. Asia has the astonishing variety of individual resource-rich countries such as China, Japan and Korea who has rapidly developed into one of the world’s most dynamic and enterprising countries. They have made great strides towards becoming a vibrant, pluralist and modern Asian countries committed to develop mutually beneficial collaborations between regional government to maintain and improve its attractiveness and competitiveness to investors, whilst driving forward the regional economy in directing and spreading prosperity throughout the continent. 5
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1 Anwar Ibrahim. The Asian Renaissance. Singapore: Times Books International, 1996.
2 ibid
3 Sanchita Basu Das, ed. ASEAN economic community scorecard: performance and perception. Singapore: Institute of Southeast Asian Studies, 2013.
4 Kohama, Hirohisa, ed. External factors for Asian development. Singapore: Institute of Southeast Asian Studies, 2003.
5 Hanizah Hj. Idris, ed. Asia Tenggara kontemporari. Kuala Lumpur: Times Penerbit Universiti Malaya, 2006.
- Quote paper
- Ahmad Nabil Amir (Author), 2020, Boosting Regional Economic Collaboration. An Analysis of Asia's Unprecedented Growth Amid Global Challenges, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/1361722
