| Abstract: | Abstract: Notwithstanding the existence of considerable intra‐regional trade, the Asia‐Pacific region was slow to catch onto the concept and phenomenon of regionalism. Not many regional integration arrangements were created in the region and the ones that were created did not go far. Over the preceding three‐and‐a‐half decades, the high performing Asian economies adopted outward‐oriented strategies, promoting brisk trade expansion trade and foreign investment. Asia‐Pacific regionalism was essentially market‐led and uninstitutionalised. Regional production networks were the consequence of market‐led economic dynamics in the region. Large corporations, including transnationals, contributed to the growth of a pan‐Asian industrialisation process and trade expansion. This scenario underwent a transformation in the 1990s, particularly during the Asian crisis of 1997–98. Conscious economic and monetary co‐operation with institutional support increased considerably. Asia‐Pacific economies are more committed to regionalism – both economically and institutionally – now than ever before. |
