Asian Integration and Implications for Global Growth

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    EL I``GoGEH Q}KHGoESGIL I` SnM E_GEL CMPMHIQJMLS KELD x ;151

    E_GEL GLSMb{ESGILELC GJQHGoESGIL_`I{ bHIKEH b{IrSn

    3?{c Ell}eh Jmmglb i` nm Kie{ci` Bipm{li{s( Sesndml( ]vkmdgsel

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    ;151 Legileh E}s{ehge Keld Hgjgmc EKL 5; 113 133 7?2 E@_H ;?10>0 JOE1?51,

    JGLCGLB

    WI][K]_GLM__,Legileh E}s{ehge Keld Hgjgmc dlirs nir i jglc wi}{ k}sglmss kmoe}sm gs

    i}{s ii, I}{ E}s{ehesgel m~qm{gsm elc bhikeh {meon jmels lelogeh glsg}gils

    `{ij E}s{ehge( Esge( Lmr Vmehelc( M}{iqm elc nm ]_ oel nepm e oijjgmc qe{lm{`i{ ehh {elseogils, @{ij sgjqhm oesn jelebmjml( ri{dglb oeqgeh sm{pgoms( {gsd

    jelebmjml n{i}bn i s{}o}{mc( o{mcg elc oeqgeh je{dms sih}gils }{l i

    Legileh E}s{ehge Keld,

    Rm dlir wi}{ k}sglmsskmoe}sm rm dlir i}{ k}sglmss,

    On{gs @isdm

    Bhikeh Nmec @GB Kelds elc Cgpm{sgmc @glelogehs

    ;3= Qe{d Epml}m( ;>n @hii{ Lmr Wi{d( LW 51502S6 $5 ;5; 750 7==5 M6 on{gsiqnm{,`isdmAleklw,oij

    Elc{mr Rghhgejsil

    Nmec i` Kelds & Cgpm{sgmc @glelogeh Glsg}gils( E}s{ehge

    Hmpmh ;3( ;== Bmi{bm _( _wclmw

    S $05 .1'; 7;?2 5073 M6 elc{mr,rghhgejsilAlek,oij,e}

    Oileo }srrr,rnihmsehm,lekb{i}q,oij

    rrr,lekesge,oij

    Nire{c On}g

    Nmec i` @glelogeh Glsg}gils( Esge

    Hmpmh ;2( Ilm Qeogo Qheom( >> U}mmlsrew( Nilb DilbS $>=; ;>;; 7>== M6 nire{c,on}gAlekesge,oij

    Gel B{g`l

    Cg{moi{( @glelogeh Glsg}gils B{i}q( Kelds & C@Gs

    >> Riic _{mm( Hilcil MO;P 2UU

    S $33 .1';1 2251 ;35= M6 gel,b{g`lAm},lekb{i}q,oij

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    ;151, Snm mlg{m oilmls i ngs q}khgoegil e{m q{imomc kw oiqw{gbn, Ehh {gbns {msm{pmc, Li qe{ i ngs q}khgoegil jew km {mq{ic}omc( si{mc

    gl e {m{gmpeh swsmj( i{ {elsjgmc gl elw i{j i{ kw elw jmels6 mhmo{ilgo( jmonelgoeh( qniioiqwglb( {moi{cglb i{ inm{rgsm( rgni} nm q{gi{

    qm{jgssgil i nm q}khgsnm{, Snm pgmrs elc iqglgils m~q{mssmc kw glcmqmlcml e}ni{s elc oil{gk}i{s gl ngs q}khgoegil e{m q{ipgcmc gl nm

    r{gm{s qm{sileh oeqeoggms elc e{m nmg{ sihm {msqilsgkghgw, Snmg{ q}khgoegil cims li gjqhw ne nmw {mq{msml nm pgmrs i{ iqglgils i nm Esgel

    Cmpmhiqjml Keld i{ Lmrscmsd Jmcge Glo, elc j}s lmgnm{ km {mbe{cmc es oilsg}glb ecpgom il elw jem{ rnesimpm{( li{ km glm{q{mmc es

    s}on, Ecpm{gsglb i elw sqmogo oijjm{ogeh q{ic}o( q{iomss( sm{pgom kw {ecm lejm( {ecmje{d( jel}eo}{m{( i{ inm{rgsm( gl ngs q}khgoegil

    cims li oilsg}m i{ gjqhw ECKs mlci{smjml( {moijjmlcegil( i{ epi{glb i elw i nm q{ic}o i{ nm mlgw nm{mi, Snm {mq{ic}ogil i

    ecpm{gsmjmls gl ngs q}khgoegil cims li gl elw rew gjqhw mlci{smjml kw Lmrscmsd Jmcge Glo i q{ic}os i{ sm{pgoms {mm{{mc i nm{mgl

    Q}khgsnm{ Ell U}il

    B{i}q Mcgi{geh Cg{moi{ Oheg{m Jel}mh

    M~mo}gpm Mcgi{ M{go Nmehw

    Mcgi{*gl*Ongm @hiwc Rnehmw

    Jelebglb Mcgi{ He}{ml [ism*_jgn

    _}k*Mcgi{s Lgod Bi{cil

    _ejelne B}m{{glg

    B{i}q E{ Cg{moi{ Cepgc Oiiqm{

    E{ Mcgi{s Lgodw Jeo{i

    Fejms Rngm

    Veo Oesmw

    B{i}q _ehms Cg{moi{ Elc{mr Nire{c

    _ehms Jelebm{ Fejms Finlsil

    _ehms M~mo}gpms Cepgc Ejis

    Bm{ehcglm [i}~

    Ehm~ _jgn

    Ohgml [mhegils Cg{moi{ Leehgm Ohm}{

    Pgom Q{msgcml K}sglmss Cmpmhiqjml Jewsiil Degklg

    Cmq}w Ongm M~mo}gpm N}bn [ikglsil

    Q}khgsnm{ elc Ongm M~mo}gpm Ehel _qmlom

    Qgo}{ms6 Esgel Cmpmhiqjml Keld( Oi{kgs( Bmw( QE Qniis( [m}m{s,

    Oipm{ gjebm6 Qe}h _i}cm{s)Oi{kgs

    Q{glmc kw I{gmleh Q{mss .]D' Hc

    G_KL6 72>*5*710731*5>*>

    Q}khgsnmc kw6

    Snm Esgel Cmpmhiqjml Keld

    0 ECK Epml}m(

    Jelceh}wilb Ogw 5==1( Qnghgqqglms

    Smh6 $0?; 0?; 3333

    rrr,eck,i{b

    Gl qe{lm{sngq rgn6

    Lmrscmsd Jmcge Glo,

    211 5;n _{mm( LR( _}gm 211

    Resnglbil( C,O, ;111=

    Smh6 $5 .;1;' 713 ;3;?

    @e~6 $5 .;1;' 713 ;3;3

    rrr,lmrscmsdjmcge,oij

    Lmrscmsd Jmcge B{i}q q}khgsnms e rgcm {elbm

    i k}sglmss elc o}sijm{ q}khgoegils, @i{}{nm{ gli{jegil qhmesm oileo Ehel _qmlom(Ongm M~mo}gpm I`om{ i{ Jewsiil Degklg(Pgom Q{msgcml K}sglmss Cmpmhiqjml,Lmrscmsd Jmcge Glo, gs e jmjkm{ i nmLmrscmsd Jmcge B{i}q i oijqelgms,

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    OILSMLS

    GLS[IC]OSGIL

    55 Ne{}ngdi D}{iceQ{msgcml i nm Esgel Cmpmhiqjml Keld(

    Oneg{jel i ECKs Kie{c i Cg{moi{s

    5= [}sej Evgjip @g{s Cmq}w Q{gjm Jglgsm{ elc

    Jglgsm{ i @glelom( [mq}khgo i]vkmdgsel( elc Oneg{ i nm Kie{c iBipm{li{s i nm ECK

    ;5 Iqqi{}lggms enmecRmhoijm i nm 3?{c Ell}eh Jmmglb

    i nm Kie{c i Bipm{li{s i nmEsgel Cmpmhiqjml Keld

    BIpM[LI[_ JM__EBM_

    ;? B}c{}l DiqqBipm{li{ i{ Bm{jelw gl nm ECK

    ;2 Q{elek J}dnm{fmmBipm{li{ i{ Glcge gl nm ECK

    ?? ^gm ^}{mlBipm{li{ i{ nm Qmiqhms [mq}khgo i

    Ongle gl nm ECK

    ?= Fiedgj _wjlmBipm{li{ i{ _rmcml gl nm ECK

    ?2 Di{l OnegdepelgfBipm{li{ i{ Sneghelc gl nm ECK

    ?7 Lmeh RihglCmq}w _mo{me{w( ],_, S{mes}{w

    G__]M_ `EOGLB E_GE ELC SnM QEOG`GO

    3? Q{ijiglb nm ?[s[mc}om( [m}sm(elc [mowohmO{meglb {msi}{om*mogml moilijgms elc

    vm{i*resm oggms

    3> Esge elc nm Qeog`o ri{dglbibmnm{ i s{mlbnml nmbhikeh moilijwEl glmb{emc Esge elc Qeogoselcs nm kms onelom i q{ijiglb

    gloh}sgpm b{irn c}{glb nm bhikehmoilijgo cirl}{l

    => @glcglb nm bhikeh nm{jiseEsge elc Qeogo legils e{m cmpmhiqglbs{embgms i nmec i` e ohgjemonelbm cgsesm{

    03 E qen i} i nm riicsEs Esge hiids kmwilc nm bhikeh moilijgoo{gsgs( legils e{m {mcmlglb nmg{ b{irn

    elc cmpmhiqjml s{embgms

    3>=>

    >1

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    OILSMLS_

    ECK GL SnM _QIShGBnS

    25 ECKs ngsi{w i sm{pgom@i}{ cmoecms ri{dglb gl Esge elc

    nm Qeogo

    23 Oeehwvglb glpmsjmlECKs qe{lm{sngqs rgn nm q{gpemsmoi{ e{m e qirm{}h iih i{ }lcglb{msqilsgkhm cmpmhiqjml

    22 _{embw ;1;1S{elsi{jglb nm EsgelCmpmhiqjml Keld i {msqilc i e

    onelbglb {mbgil

    >1 Jmnelm6 {ij qihh}gili sih}gilEl gllipegpm q{ifmo gl nm Qmiqhms

    [mq}khgo i Ongle gs gjq{ipglb nmmlpg{iljml elc nm moilijw

    >? Sedglb oe{m i ejghgms@ejghw nmehn omlm{s gl Sefgdgselk{glb oe{m i {}{eh oijj}lggms

    >= Q}glb nm Qnghgqqglms gl nmes helmECKs s}qqi{ i{ nm {mlipegil ie ngbnrew li{n i nm Qnghgqqglmsoeqgeh i Jelghe nes {elsi{jmc nme{mes moilijgo helcsoeqm

    >> Jmes}{glb i{ s}oomssE lmr {mpgmr swsmj i{ jmes}{glb

    ECKs m`mogpmlmss gs qepglb nm rewi{ e ji{m ohgml*io}smc({ms}hs*c{gpml i{belgvegil

    ]vKMdG_SEL ELC OMLS[Eh E_GE

    GL SnM _QIShGBnS

    71 Oml{eh Esge [mbgileh Moilijgo

    Oiiqm{egil q{ib{ej qe{lm{sngq

    snirglb {ms}hsSnm Oml{eh Esge [mbgileh MoilijgoOiiqm{egil q{ib{ej gs k{glbglb ibmnm{

    nm cgpm{sm legils i Oml{eh Esge

    73 ECK q{ifmos hgld nm legils iOml{eh EsgeQ{ifmos gl Oml{eh Esge oipm{ {ecm({elsqi{( mlm{bw( elc e k{iec {elbmi inm{ smoi{s

    77 ]vkmdgsel e nm nme{ iOml{eh EsgeSnm Oi}l{ws jelw essms jedm geqqmehglb i e rgcm {elbm i glpmsi{s

    ^^

    >=

    71

    >>

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    K}ghcglbs

    Oijj}lgoegils

    Mc}oegil

    Mlm{bw

    Mlpg{iljml

    Nmehn

    Glc}s{w

    Glm{legileh cmpmhiqjmlIgh elc bes

    S{elsqi{

    ]{kel cmpmhiqjml

    Rem{

    HMECGLB SNM REW @I[ E

    _]_SEGLEKHM @]S][ME Ji JeoCilehc rm e{m eccglb peh}m il e nis i` Esgel Cmpmhiqjml Keld `}lcmc q{ifmos

    n{i}bn s}seglekhm sih}gils elc gllipegpm gcmes, Rm }sm i}{ bhikeh m~qm{gmlom elc

    q{i`mssgileh m~omhhmlom i gjqhmjml he{bm*soehm }{kel gl`{es{}o}{m q{ifmos mloijqessglb

    rem{ s}qqhw( c{eglebm( sihgc resm( {iecs( selgegil elc oijj}lgw k}ghcglbs, Rm k{glb kms

    q{eogom( o}glb mcbm sih}gils elc nihgsgo ngldglb i meon q{ifmo elc gs cmpmhiqjml( i

    I}{ j}hgcgsogqhgle{w oeqekghgw i{ }{kel gl`{es{}o}{m q{ifmos i` pe{wglb sgvm elc oijqhm~gw(

    oipm{ nm oijqhmm sqmo{}j i` sm{pgoms {ij q{ifmo cmsgbl( oilomq}eh qhellglb( siogeh

    essmssjml elc sedmnihcm{ elehwsgs( sgm qhellglb( jesm{ qhellglb( cmeghmc mesgkghgw s}cgms(

    }{kel {mf}pmlegil elc {mbmlm{egil i cmeghmc mlbglmm{glb( oils{}ogil s}qm{pgsgil elc q{ifmo

    jelebmjml,

    rrr,jijeo,gl

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    SM[E Glm{legileh B{i}q( Glo, m~q{mssms re{j b{mmglbs i ehh qe{gogqels

    gl nm ECKs 3?{c Ell}eh Jmmglb gl Sesndml, Rm eqq{mogem nepglb nm

    iqqi{}lgw i oil{gk}m i}{ m~qm{gsm i ECK eogpggms `i{ cmpmhiqjml

    gl ehh OE[MO jmjkm{ oi}l{gms elc inm{s( gloh}cglb Kelbhecmsn( Hei QC[(

    elc _{g Helde, G res el nili{ i{ SM[E i essgs gl nm cmpmhiqjml i` nm

    OE[MO S{elsqi{ elc S{ecm @eoghgegil _{embw elc Eogil Qhel( kesmc il

    rngon ECK gs gjqhmjmlglb e rgcm {elbm i` q{ifmos n{i}bni} nm OE[MO

    {mbgil, Rm rgsn wi} e s}oomss`}h jmmglb elc hiid i{re{c i oilgl}glb i

    ri{d ibmnm{ gl k}ghcglb e q{isqm{i}s elc s}seglekhm }}{m i{ Esge,

    ?= wme{s i` oilsgsml qm{`i{jelom

    Ji{m nel ?11 q{ifmos ri{hcrgcm

    L}jm{i}s ECK q{ifmos gl nm st{s

    cmoecm i` nm Jghhmllg}j

    SM[E Glm{legileh B{i}q( Glo,

    Oi{qi{em i om6 _m{hglb( Pg{bglge( ]_E

    Qm{jelml i oms6 Kmgfglb( Q[O4 Jelghe(

    Qnghgqqglms4 Gselk}h( S}{dmw4 Kgsndmd(

    Dw{bwv [mq}khgo4 ]heelkeee{( Jilbihge

    M*jegh6 gl`iAm{egl,oij

    Smonlgoeh

    Essgselom

    C}m Cghgbmlom

    @mesgkghgw _}cgms

    Qhellglb & Cmsgbl Oils{}ogil

    _}qm{pgsgil

    Oeqeogw

    Cmpmhiqjml

    & S{eglglb

    rrr,m{egl,oij

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    @I[MRI[

    E {MbGIL I`

    _S{MLbSn ELC{M_GHGMLoM

    b{ir elc q m {mbgils seghg e {gsd,Sm bhieh {gsgs es eccmc i m ehhmlbms

    elc sm ed q{ib{mss il egmglb m Jghhmllgj Cmmhiqjml Biehs, Ss( es m {mbgilmjm{bms il m qe i {mim{( g js ri{de{c i s{mlbml gs {msghgmlm i {m {gsms

    elc q{ijim m sseglmc gb b{ir e gsmssmlgeh i{ qim{ {mcgil,

    Dm i gs gs e {mehelglb i b{ir ire{c

    ji{m cijmsg ilsjqgil elc ji{m {ecmrggl m {mbgil, Esgeelc m ri{hcesmlmmc {mjmlcish {ij m iqml {mbgilehgsj b{ir jicmh rm{mgl {mbgileh ehm egls

    em q{icmc leh q{ics i{ m~qi{ i ji{mecelmc ri{hc je{dms, Sgs iqml {mbgilehgsjlmmcs lir i m ijqhmjmlmc jmes{ms erghh ehhir Esge gsmh i m e b{mem{ ilsjm{ i

    gs irl biics elc sm{gms,E m cijmsg hmmh( Esgel il{gms lmmc i

    cmmhiq qihggms elc s{mlbml sigeh sem lms

    i q ji{m {msi{ms gl m elcs i glcggcehs( ejghgms( sjehh elc jmcgjsgmc mlm{q{gsms._JMs'( elc sm{gm glcs{gms em{glb i cijmsg cmjelc

    Im{ m hes ri me{s( Esge( hgdm m{ms i m ri{hc( es mml em{mc

    m bhieh milijg cirl{l(rg cmmqh emmc gs m~qi{glb

    milijgms, Rghm m {gsgs gs li m im{( Esge(es e rihm( es mbl i mjm{bm elc sihc siil

    {m{l i meh {ems i b{ir, Gl e( g gsEsges ugd {milc e gs hmecglb m ri{hc ii bhieh {mmssgil,

    Sm{m gs( irmm{( li {iij i{ ijqheml,Cmsqgm cmecms i {eqgc milijg elc sigehq{ib{mss( m Esge elc Qeg {mbgil gs sghh ijmi m jefi{g i m ri{hcs qii{, Rgcm cgsqe{g

    gms gl glijm elc hgglb selce{cs qm{sgselcglcmmc e{m b{irglbi rggl Esges cmmhiqglb milijgms elc ejilb mj, Emss i {ggehqhg sm{gms s es hmel rem{( q{iqm{ selge

    gil( q{gje{ meh e{m( elc esg mcegil gscmlgmc i jghhgils i m {mbgils qmiqhm, Qidmsi m~{mjm qim{ m~gs gl {{eh elc {el e{mes

    ehgdm, Sm hiijglb {me i hgjem elbm rghhm~em{em msm q{ihmjs( rg ecm{sm mmsil rem{( iic( mh( elc hgmhgiics, @egh{m iecc{mss msm jefi{ ehhmlbms rghh ejqm{ {m

    J, ne}gdi D}ice

    Q{msgcml i` nm EsgelCmmiqml Keld

    Oneg{el i` ECKsKie{c i` Cg{moi{s

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    @I[MRI[C

    RM E[M _S[MLBSnMLGLB

    I}[ QE[SLM[_nGQ_ RGSnISnM[ CMpMHIQJMLS

    GL_SGS}SGIL_( oIJJ}LGSw*

    kE_MC I[BELGvESGIL_ ELC

    SnM Q[GpESM _MoSI[

    E m {mbgileh hmmh( Esgel elc Qeg il{gmsem m elim{ jefi{ ehhmlbm( elc e sgblgel

    iqqi{lgi emhm{em {mbgileh iiqm{egilelc glmb{egil i egmm mg{ se{mc qimlgehelc ijjil esqg{egils, Si ci gs rghh {mug{me{c ri{d il jel {ils( {ij gjq{iglb qs

    geh illmgg i {mjiglb e{{gm{s i gl{e{mbgileh {ecm( qe{ghe{h mglcmi{cm{isehms i {mm{ {ecm gl biics elc sm{gms,

    E sglbhm( {mbgilrgcm {mm {ecm eb{mmjml( i{ m~ejqhm(rihc mli{ebm

    qe{ggqegil {ijhirglijm il{gms elc {mcm{ecm{mhemc sglmss

    iss( qe{ghe{hi{ _JMs, Esge ehsilmmcs i gjq{im m

    glmsjml hgjem(s{mlbml cijmsg lelgeh je{dms( elcsqqi{ m msehgsjml i {mbgileh eqgehje{dms i mm{ eq elc jighgm m {mbgils

    ejqhm {msi{ms,Sm Esge elc Qeg {mbgil es gjm elc

    ebegl q{iml i m e {mbgil i b{me s{mlb elc{msghgmlm, nir g elchms gs sselgeh ehhmlb

    ms es g mjm{bms {ij m bhieh {gsgs rghh emel gjqe li ilh il glcggceh il{gms elcm {mbgil gsmh ehsi il m ri{hc e he{bm

    ECk gs {jh ijjgmc i mhqglb m {mbgiljelebm gs ehhmlbms elc egmm gs esqg{egilsi{ cmmhiqjml,

    I{ _{emb ;1;1 q{igcms m {ejmri{d(

    rg el mjqesgs il glhsgm milijg b{ir(mlg{iljmlehh sseglehm b{ir( elc {mbgileh iiqm{egil elc glmb{egil, G gcmlgms

    m q{gem smi{( biic bim{lelm( bmlcm{mug( dlirhmcbm elc qe{lm{sgqs es dm c{gm{s

    i elbm( elc ismsi{ glmsjmls gl

    gl{es{{m( mlg{iljml( {mbgileh iiq

    m{egil elc glmb{egil(lelm smi{ cmmhiq

    jml elc mcegil,Rg sgblgelh

    gl{mesmc {msi{ms(

    i{ eqeg i sqqi{m {mbgils cmmhiqjml es m~qelcmc

    c{ejegehh, Rm e{m s{mlbmlglb i{ qe{

    lm{sgqs rg im{ cmmhiqjml glsggils(ijjlgesmc i{belgegils elc m q{gemsmi{ i hmm{ebm ji{m lelglb elc m~qm{gsm(elc i mhq ghc eqeg ejilb ehh qe{lm{s i{

    m {mbgils cmmhiqjml,G ej b{emh i ehh ri em il{gmc mg{

    gmrs gl gs ihhmgil i e{ghms( rg {m`ms

    sijm i m gssms e rghh m cgsssmc c{glbi{ Elleh Jmmglb m{m gl Sesdml

    ECK Q[M_GCMLS

    NE[]NGDI D][ICE

    pG_GS_ E _MOILCE[w

    _ONIIh GL pGMS LEj

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    Jedm wi}{ rew n{i}bn nm si{j rgn B}w Oe{qmlm{,

    nm glc}s{ws iq q{i`mssgilehs( jis ecpelomc iihs elc

    mhgekhm elehwgos kmm{ mu}gq wi} i `eom icews onehhmlbms(

    i wi} oel smgvm mpm{w iqqi{}lgw elc jipm oil`gcmlhw

    ire{cs e k{gbnm{ }}{m, Oileo wi}{ B}w Oe{qmlm{ k{idm{

    { pgsg BOOeqgehGcmes,oij,

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    ]lhiodglb ]vkmdgsel

    ]vkmdgsel oilegls sijm i` nm jis

    q{ijgsglb glpmsjml iqqi{}lggms gl nm ri{hc(

    elc sijm i` nm jis sekhm oilcggils gl nm

    OG_, Nirmpm{( es rgn ehh mjm{bglb je{dms( nm

    dmw i s}oomss`}hhw }lhiodglb nm }qsgcm gs

    m``mogpmhw i oipm{ nm cirlsgcm,

    Li gls}{elom oijqelw gs kmm{ qheomc i i``m{

    wi} qihggoeh {gsd gls}{elom `i{ glpmsjml gl elc

    {ecm rgn ]vkmdgsel nel e K{ggsn {mbgsm{mc

    oijqelw sqmogehgvmc il qihggoeh {gsds gls}{elom

    ilhw * ]vkmdglpms Glm{legileh Gls}{elom

    Oijqelw Hgjgmc,

    ]vkmdglpms Glm{legileh Gls}{elom Oijqelw

    nes eoomss i kin }l{gpehhmc hioeh dlirhmcbm

    elc }lqe{ehhmhmc glm{legileh m~qm{gsm, Es

    s}on g gs nm pgeh dmw i }lhiodglb s}oomss`}h

    glpmsjml gl ngs {mje{dekhm je{dm,

    ]vkmdglpms Glm{legileh Gls}{elom Oijqelw HgjgmcSnm One{gs K}ghcglb( => @mlon}{on _{mm( Hilcil MO?J 3EKSmh6 $33 .1';1 27=3 >?72 @e~6 $33 .1';1 27=3 >>2; rrr,}vkmdglpms*hilcil,oij

    ]vkmdglpms Glm{legileh Gls}{elom Oijqelw Hgjgmc gs e}ni{gsmc elc {mb}hemc kw nm @glelogeh _m{pgoms E}ni{gw .@_E li,6 ;1;7;?',[mbgsm{mc gl Mlbhelc6 oijqelw l}jkm{ ;772>3=,

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    I[MRI[

    RMHoIJM SISE_nDMLS

    Snm cmogsgil nm ECK Kie{c i Cg{moi{s

    jecm ngs me{ i hmlc ]vkmdgsel #, kghhgili lelom gjqhmjmlegil i s{embgo q{ifmosgloh}cglb oils{}ogil i {mbgileh jii{res(jicm{lgvegil i nm mlm{b smoi{ elc cmpmhiq

    jml i jgo{ileloglbgs mpgcmlom i nm ngbnhmpmh i i}{ oiiqm{egil, ECKs qi{ihgi i lelogeh essgselom i ]vkmdgsel nes n}s glo{mesmc i

    #, kghhgil,Snm ECKhmc {mbgileh oiiqm{egil q{ib{ej

    gl Oml{eh Esge nes {meonmc e lmr sebm rgn nmeogpm gjqhmjmlegil i ECKs {mbgileh q{if

    mos egjmc e s}qqi{glb nm cmpmhiqjml i nm{mbgils sems( elc jis gjqi{elh( nm {moipm{ i nm siogeh elc moilijgo gl{es{}o}{mi Ebnelgsel,

    Snm hmecm{sngq i ]vkmdgsel nes oilsgsmlhgjqhmjmlmc jmes}{ms i s}qqi{ ECK glggegpmselc q{ifmos il nm moilijgo cmpmhiqjml i

    Ebnelgsel, E nm {mu}ms i ECK( nm [mq}khgoi ]vkmdgsel nes eb{mmc i nm oils{}ogil inm _}{dnelLegkekecDek}h {elsjgssgil hglm(n}s glo{mesglb nm mgsglb {elsjgssgil oeqeo

    G gs e b{me nili{ elc qhmes}{m i{ ]vkmdg

    sel i nis nm Esgel Cmpmhiqjml Kelds.ECK' {s mpm{ Ell}eh Jmmglb i nmKie{c i Bipm{li{s gl Oml{eh Esge, G gs e

    sgblgoel mpml kin i{ ECK jmjkm{ oi}l{gms

    elc i{ nm ri{hc oijj}lg, Il kmneh i nmqmiqhm elc Bipm{ljml i ]vkmdgsel( G ri}hchgdm i rmhoijm j mhhir Bipm{li{s i nm ECK(

    nm cmhmbems i nm Kelds 02 jmjkm{ oi}l{gms(iksm{pm{s {ij j}hghem{eh i{belgvegils( jmcge{mq{msmlegpms elc inm{ cgsglb}gsnmc b}mss,

    Snm jmmglb oil{js elc s{mlbnmls nm

    sihgc {mhegilsngq kmrmml ]vkmdgsel elc nmECK( rngon kmbel gs cmpmhiqjml qe{lm{sngqgl , Cmsqgm nm oilgl}glb ri{hc lelogehelc moilijgo o{gsgs( ]vkmdgsel gs mqm{gmloglb

    e clejgo moilijgo {elsi{jegil ne gs {mcmlglb gs {ihm gl nm {mbgil elc e{i}lc nm ri{hc,Snm [mq}khgo nes kmml s}oomss}hh gjqhmjml

    glb gs elgo{gsgs q{ib{ej elc s{}o}{eh {mi{js}lcm{ nm b}gcelom i Q{msgcml Gshej De{gjip,Snm ECK nes kmml e s{ilb elc hesglb qe{lm{ glngs q{iomss

    C, {}ej Egjip

    g{s Cmq} Q{gjm Jglgsm{elc Jglgsm{ i glelom([mq}kgo i ]kmgsel(elc Oeg{ i m Kie{ci Bim{li{s i m ECK

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    I[MRI[C

    g gl i{cm{ i s}qqh Dek}h rgn mhmo{go qirm{ ni}{s e ce, ]vkmdgsel nes kmml e qe{lm{ i

    ECK gl nm oils{}ogil i nm {s {egh{iecgl Ebnelgsel il nm Ne{eilJeve{m_ne{g{i}m, Snm oils{}ogil elc }ghgvegil inm {egh{iec rghh oil{gk}m i siogeh elc moilij

    go cmpmhiqjml elc s{mlbnmlglb sekghggl Ebnelgsel,

    Snm Bipm{ljml i ]vkmdgsel elc nm ECK

    sne{m nm bieh i {mc}oglb qipm{ elc gjq{ipglbqmiqhms hgpms, Snm ri{d rm ci e ngs jmmglb gspgeh i }{nm{glb ngs bieh,

    Gl eccggil i nm iogeh q{ib{ej( elc gjqi{

    el k}sglmss i nm jmmglb( rm niqm nm benm{glb rghh sm{pm es e i{}j i{ nm cgso}ssgil inm moilijgo( siogeh elc cmpmhiqjml gss}ms

    eoglb Oml{eh Esge(

    elc nm Esge elcQeogo {mbgil es ernihm( elc gjqhm

    jmlegil i elgo{gsgs q{ib{ejs inm {mbgils sems enm gjm i oilgl}

    glb ri{hc o{gsgs, Snm cgpm{sm qe{gogqels i nmjmmglb im{ el gjqi{el iqqi{}lg i k}ghc

    elc s{mlbnml {mhegilsngqs ejilb nm jelsmoi{s i siogm glpihpmc,

    Ehilb rgn iogeh mpmls( nm ]vkmdgselI{belgvglb Oijjgmm nes q{mqe{mc e o}h}{eh

    mpmls q{ib{ej i bgpm Ell}eh Jmmglb qe{gogqels elc b}mss nm iqqi{}lg i eou}eglnmjsmhpms rgn ]vkmdgsels o}h}{eh nm{gebm

    elc ngsi{goeh jil}jmls( gloh}cglb nm }lgu}me{ongmo}{m i elogml Sesndml( _eje{delc(K}dne{e( elc Dngpe,

    Snm jmmglbs nis og( Sesndml( gs eji}s es

    ilm i nm ri{hcs sogmlom elc o}h}{eh omlm{s,Snm Eoecmjgo Iqm{e elc Kehhm Snme{m e{m e{ongmo}{ehh }lgu}m s{}o}{ms( rnghm Snme{goeh_u}e{m im{s jmmglb qe{gogqels e qheom i {mhe

    elc mlfi nm ejkgmlom i ngs ngsi{go og,Hm jm ilom ebegl rmhoijm ehh qe{gogqels i

    nm {c Ell}eh Jmmglb i nm Kie{c i Bipm{

    li{s i nm ECK, G niqm i} mlfi i}{ kme}g}hoi}l{ elc k{glb ilc jmji{gms i i}{ mqm{gmloms nm{m i i}{ oihhmeb}ms( {gmlcs elc ejghgms e nijm

    SNM BIPM[LJMLS I@

    ]VKMDG_SEL ELC SNM

    ECK _NE[M SNM BIEH I@

    [MC]OGLB QIPM[Sw ELC

    GJQ[IPGLB QMIQHM_ HGPM_

    SnM ]vKMdG_SEL

    I[BELGvGLBOIJJGSSMM nE_Q[MQE[MC E

    O]hS][Eh MpMLS_

    Q[IB[EJ I[QE[SGOGQELS_ ELCB]M_S_ I SnM ECK

    ELL]Eh JMMSGLB

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    @GMHC I@ M^QM[SG_M6

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    CME[ QE[SLM[_ ELC OIHHMEB]M_

    Snm iqml figl*siod oijjm{ogeh keld ]vkmd Glc}s{geh elc Oils{}ogil Keld gs ilm

    i` nm hmecglb }lgpm{seh oijjm{ogeh kelds i` nm [mq}khgo, G leloms he{bm glpmsjml

    q{ifmos gl smoi{s s}on es igh elc bes( elc nm mlm{bw elc onmjgoeh glc}s{w, G ehsi

    q{ipgcms e rgcm {elbm i` keldglb sm{pgoms i sjehh*soehm elc q{gpem k}sglmss, Snmkeld gs kmoijglb glo{mesglbhw glpihpmc gl he{bm*soehm s{}o}{eh {els`i{jegils( elc

    glpmsjml q{ifmos il jicm{lgvegil( monlgoeh elc monlihibgoeh {m*mu}gqjml i`

    glc}s{w( s}qqi{ elc lelogeh gjq{ipmjml i` mlm{q{gsms( elc cwlejgo glo{mesm i`

    {msi}{om kesms, Oilselhw msoeheglb glpmsjml qimlgeh( ngbn hmpmhs i` oeqgehgvegil(

    elc cgpm{sgoegil i` lelogeh {msi}{oms mls}{m ne nm keld nes el eogpm {ihm gl nm

    [mq}khgos glpmsjml q{ib{ej elc msekhgsnms nm IF_OK ]vq{ijs{iwkeld es ilm

    i` nm he{bms glpmsjml omlm{s i` ]vkmdgsel icew,

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    Snm ngbn hmpmh i` sm{pgom( {mhgekghgw q{ipmc kw gjm( m~oh}sgpm q{i`mssgilehgsj i`

    jelebmjml( m`ogmlow gl ri{d( }loilcggileh sem s}qqi{( elc ecmu}em oeqgehgvegil

    ehhir nm keld i snir sekhm lelogeh {ms}hs i` eogpgw `{ij wme{ i wme{,

    Rm m~q{mss sglom{m eqq{mogegil i sne{mnihcm{s( ohgmls elc qe{lm{s `i{ nmg{ {}s(

    j}}eh }lcm{selcglb elc s}oomss`}h oiiqm{egil, Rm ess}{m nmj ne nm IF_OK

    ]vq{ijs{iwkeld rghh `ihhir nm q{gi{ggms i` smecw bipm{ljml elc m``mogpm

    cmpmhiqjml( elc ne g rghh k{glb gs ri{nw oil{gk}gil i nm cmpmhiqjml i`

    ]vkmdgsels moilijw,

    Rm e{m ehrews iqml `i{ lmr qe{lm{s elc oiiqm{egil,

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    @{ij Silbe i Sesndml(ECK gs k{gcbglb

    qmiqhm elc qheoms,ECK nes e jgssgili {mc}om qipm{w elc gjq{ipm nm u}ehgw i hg m

    i qmiqhm gl Esge elc nm Qeog go, Rmpm kmml e g i{ ji{m nel 31 wme{s,

    @}lcglb s}seglekhm gl`{es{}o}{m i k{glb mlm{bw( ohmel rem{( elc selgegil i ehh,

    E nm i{m`{il i ohgjem onelbm m``i{s, _}qqi{glb {elsqi{ elc

    oijj}lgoegil q{ifmos, I``m{glb jgo{i glelom i rijml, Q{ipgcglb qihgow s}qqi{

    elc m~qm{gsm i legileh elc hioeh bipm{ljmls, Q{ijiglb {mbgileh oiiqm{egil

    elc cmpmhiqjml, K{gcbglb qmiqhm elc qheoms rnm{mpm{ rm ri{d,

    @{ij 5 i 3 Jew( cmhmbems {ij 02 jmjkm{ oi}l{gms rghh oijm ibmnm{ gl

    Sesndml( ]vkmdgsel( i{ ECKs 3?{c Ell}eh Jmmglb i nm Kie{c i Bipm{li{s i

    cgso}ss cmpmhiqjml gss}ms i{ nm {mbgil, Si glc i} ji{m( pgsg rrr,eck,i{b,

    rrr,eck,i{b

  • 8/9/2019 Asian Integration and Implications for Global Growth

    21/104E_GEL CMPMHIQJMLS KELD x ;151 ;

    GLS[IC]OSGI

    SNG_ wME[_ JMMSGLB RGHH

    GLOH]CM E [IK]_S JML]

    I@ _MJGLE[_ GL RNGON ECK

    I@@GOGEH_( BIPM[LJMLS

    HMECM[_( ELC Q[GPESM

    _MOSI[ M~QM[S_ RGHH

    KM EKHM SI QE[SGOGQESM

    Snm ell}eh jmmglbs i nm Esgel Cmpmhiqjml Keld .ECK' e{m se}i{

    iooesgils i{ nm Bipm{li{s i ECKsjmjkm{s i q{ipgcm b}gcelom il ECK

    ecjglgs{egpm( lelogeh( elc iqm{egileh cg{mogils, Snm jmmglbs q{ipgcm iqqi{}lggms i{

    jmjkm{ bipm{ljmls i glm{eo rgn ECK se4lilbipm{ljml i{belgvegils4 jmjkm{s i nmjmcge4 elc {mq{msmlegpms i iksm{pm{ oi}l{gms(

    glm{legileh i{belgvegils( eoecmjm( elc nmq{gpem smoi{,

    Ell}eh jmmglbs( rngon e{m nmhc gl e jmjkm{oi}l{ gl hemEq{gh i{ me{hJe meon me{( e{m

    emlcmc k jglgsm{s i lelom elc moilijgoqhellglb( smlgi{ bipm{ljml iogehs( {mq{msml

    egpms i nm j}hghem{eh cmpmhiqjml keld

    oijj}lg( glpmsjmlkeldm{s( {mq{msmlegpmsi lilbipm{ljml i{be

    lgvegils( elc jmjkm{si nm jmcge,

    ECKs {c Ell}ehJmmglb( i km nmhc

    e nm ]vmqioml{mOml{eh Mngkggil Nehh(

    Rmhoijm i nm {c Ell}eh Jmmglb i nm Kie{ci Bipm{li{s i nm Esgel Cmpmhiqjml Keld

    IQQI{S]LGSGM_ EnMECgl Sesndml( ]vkmdgsel( rghh glpihpm eki} (cmhmbems elc rghh je{d nm {s gjm ne ECK

    nes nmhc gs ell}eh jmmglb gl Oml{eh Esge,Sngs me{s jmmglb rghh gloh}cm e {ik}s jml}

    i smjgle{s e rngon ECK iogehs( bipm{ljmlhmecm{s( elc q{gpem smoi{ mqm{s rghh km ekhm i

    qe{gogqem gl cgso}ssgils cmcgoemc i dm gss}ms,Snm Qmiqhms [mq}khgo i Ongle( Glcge( nm HeiQmiqhms Cmjio{ego [mq}khgo( elc nm nis oi}l

    { ]vkmdgsel rghh ehsi im{ q{msmlegils,Snm smjgle{s gloh}cm6 Oggms i{ nm s Oml}

    { elc nm Lmr Jel{e i [s[mc}om( [m}sm([moohm4 Esgel Glmb{egil elc Bhikeh B{irn4

    Cmpmhiqjml Mmogpmlmss [mpgmr 6 ECK_oi{moe{c4 @gleloglb Ohgjem Onelbm elc_}seglekhm Cmpmhiqjml Eogil gl Esge elc nmQeogo4 [mi{j i nm Bhikeh Jilme{ _smj4

    Hgldglb Esges Oeqgeh Je{dms .sqilsi{mc k_elce{c & Qii{s'4 Glsg}gileh Glpmsi{s [i}lcekhm6 B{mml _niis i [moipm{Q{isqmos i{

    Esge gl nm Lmr Moilij4 elc Qis O{gsgs Ebmlce i{ Esge,

    ECKs {c Ell}eh Jmmglb i nm Kie{c iBipm{li{s rghh im{ e cgpm{sm {elbm i pigoms

    cgso}ssglb nm moilijgo elc cmpmhiqjml gss}msi nm {mbgil,

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    L]JKM[ ILM

    __E Gss}m{ gl nm je{dm

    rrr,j}lgstl,st

    J}lgogqehgw @}lcglb Qho

    JSL*g6 Je{dms Onigom( __E Gss}m{ i` nm Wme{,

    J}lgogqehgw @glelom Qho gs nm jis {mhgekhm( eogpm

    elc gllipegpm o{mcg glsg}gil ne i``m{s e cgpm{sm

    {elbm i` stlelogeh sm{pgoms `i{ j}lgogqeh smoi{

    glpmsjmls elc sem*s}ksgcgsmc ni}sglb q{ic}ogil

    gl @glhelc,

    J}lgogqehgw @glelom Qho

    nes kmml smhmomc kw he{bm

    glm{legileh kelds es

    hes wme{s kms gss}m{ gl

    nm q}khgo smoi{ mlggms

    oembi{w, Hm }s u}im i}{

    pim{s6

    G gs li ilm nglb ne jedms nmj biic(

    k} e rnihm qeodebm q} ibmnm{,

    *]_ Keld*

    Snm{m e{m pe{gi}s hghm nglbs ne sm nmj

    eqe{, Snmw e{m iqml i ehh wqms i` `}lcglb(

    pelghhe elc s{}o}{mc, Snmw e{m nm gss}m{

    ne sews wms,

    *M}{ivilm Keld*

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    BIPM[LI[_ JM__EBM

    _}QQI{SGLb E_GE_Q{GPESM _MoSI{

    Snmw e{m nm keodkilm i nm moilijw, G gsnm{mi{m pgeh ne nmsm oijqelgms gl qe{go}he{

    {momgpm s}qqi{,Snm q{gpem smoi{ ehsi qhews el gjqi{el {ihm gl

    q{ijiglb moihibgoehhw s}seglekhm cmpmhiqjml,[mlmrekhm mlm{bw elc mlm{bw mogmlow e{m e{mes

    rnm{m q{gpem mlm{q{gsms oel jedm sgblgoeloil{gk}gils gl nm bn ebegls ohgjem onelbmkw {elsm{{glb nmg{ mlpg{iljmlehhw {gmlchw

    monlihibgms i cmpmhiqglb oi}l{gms,Nirmpm{( gl jelw qe{lm{ oi}l{gms s{}o*

    }{eh cmogs sghh nglcm{ nm cmpmhiqjml i eoijqmggpm q{gpem smoi{, Gl i{cm{ i o{mem e

    k}sglmss*{gmlchw mlpg{iljml elc ism{ cwlej*go ml{mq{mlm}{geh eogpggms( nm qihggoeh( hmbehelc glsg}gileh {ejmri{d j}s km gjq{ipmc,

    Eoomss i lelogeh sm{pgoms( gl qe{go}he{ i{

    jgo{i( sjehh elc jmcg}j*sgvmc oijqelgms( gso{}ogeh gl ngs oilm~,

    Bm{jelw }hhw s}qqi{s ECKs eogpggms gl

    m{js i }{nm{glb nm cmpmhiqjml i nm q{gpemsmoi{ gl gs cmpmhiqglb jmjkm{ oi}l{gms, Glqe{go}he{( rm rmhoijm nm eo ne ECK glmlcsi soehm }q gs eogpggms gl s}qqi{ i nm q{gpem

    smoi{ sgblgoelhw es qe{ i gs _{embw ;1;1(elc ne cmpmhiqjml m`mogpmlmss elc {ms}hs*i{gmlegil e{m i oi{m gjqi{elom i ECK,

    Rm hiid i{re{c i e q{ic}ogpm jmmglb gl

    nm ngsi{go ogw i Sesndml elc e pgk{el cgso}s*sgil i nm gjqi{el gss}ms eoglb Esge elcnm Qeogo

    Snm 3?{c Ell}eh Jmmglb i nm EsgelCmpmhiqjml Keld .ECK' gs edglb

    qheom c}{glb e o{}ogeh gjm i{ nm Esgeelc Qeogo {mbgil, Es nm ri{hc {moip*

    m{s {ij nm bhikeh moilijgo o{gsgs( s}qqi{ i{cmpmhiqjml gl nm {mbgil elc ri{hcrgcm gs lir

    ji{m gjqi{el nel mpm{,Bm{jelw( e i}lcglb jmjkm{ i nm Esgel

    Cmpmhiqjml Keld( gs nm ng{c he{bms sne{mnihc*

    m{ ejilb gs lil*{mbgileh jmjkm{s, Bm{jelwgs e pgbi{i}s s}qqi{m{ i siogehhw gloh}sgpm elcmoihibgoehhw s}seglekhm moilijgo cmpmhiqjmlri{hcrgcm, Gl i{cm{ i nmhq nm qii{( Bm{je*

    lw ism{s cmpmhiqjml n{i}bn kin kghem{ehgls{}jmls elc j}hghem{eh i{belgvegils s}ones ECK,

    Ilm ioeh e{me i s}qqi{ }lcm{ nm lmr

    Bm{jel bipm{ljml gs nm cmpmhiqjml i nmq{gpem smoi{, Bm{jelw gs nm he{bms kghem{ehcili{ gl ngs e{me, Rm e{m oilpglomc ne s}qqi{*

    glb nm q{gpem smoi{ gs nm jis m`mogpm rew io{meglb mjqhiwjml elc gloijm, Q{gpem smoi{eogpgw gs dmw i jikghgvglb cijmsgo {msi}{omselc bnglb qipm{w elc i o{meglb el mlpg{il*

    jml i {mmcij gl rngon ehh glcgpgc}ehs oel {meh*gvm nmg{ moilijgo qimlgeh,

    Eooi{cglb i nm ]lgmc Legils Glc}s{gehCmpmhiqjml I{belgvegil .]LGCI'( jgo{i(

    sjehh elc jmcg}j*sgvmc mlm{q{gsms oilsg}m 71qm{oml i ehh oijqelgms ri{hcrgcm elc mjqhiw01 qm{oml i qmiqhm gl cmpmhiqglb oi}l{gms

    Snm Niliekhmbcl Diqq

    Bipm{li{ i{ Bm{jelwgl nm EsgelCmpmhiqjml Keld

    Qe{hgejmle{w _em_mo{me{w

    @mcm{eh Jglgs{w `i{Moilijgo Oiiqm{egil elcCmpmhiqjml( Bm{jelw

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    BIPM[LI[_ JM__EBM

    BHIKEH B[IRSNELC E_GE

    g ked ec k kehe* jeeb*j, Gcge ugc e jc gjh ek; q g BCQ j gg(

    cjegb g keg eh b ec

    g g bheg,E kehegb br ed qhe g bhkeh

    j( G rhc

    hgd gbhgb ecq gbegrgg Ege *jg e jehh

    k`geh keg rhcqgc e rgcr qqg ehh

    g Ege eqgeh*gv b gke *

    jg g bg ec hq g cgb d

    j e bhkeh gg, Hgdeb kr gbkgbg hq g jgb eh egec khd ec qgcgb gjqc e jed G gd e e qgeh cjec g

    E

    3?c Eeh Jgb Ege Chqj Ked .ECK'(r be e egb gc

    heb e b bhkeh gg(

    jedgb k e bhc rhrhc, Rg ghg e Ege jgqc e( r

    r e ked qe br, Re k ekh h eg

    cejeb k eh beg e kegehhec g *

    egehjg ec bhkeh j,

    G ej eqq e Gcge( ehb rg j

    jg g Ege( re e g re*gb bhkeh cr k e je, Gcge e c rhh g jgee hgd bhe qgg eqgehgve*

    Snm Nili{ekhmQ{elek J}dnm{fmm

    Bipm{li{ `i{ Glcge gl mEgel Cmpmiqjml Kel

    Jglgm{ i` @glelm(Bipm{ljml i` Glcge

    GlCGE( EHilB RGn

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    Gl EsGE( REs i{}lEm

    Gl RmEnm{GlB nm BHiKEH

    CiRl}{l Kmm{ nEl

    JElw inm{s

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    BIPM[LI[_ JM__EBM_

    bg( qeg*heh g Qqh

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    OILLMOS

    E@[GOE

    SI SNM

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    BIPM[LI[_ JM__EBM

    QIHGoGM_ ELCJME_}{M_ `I{

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    gjq{ipmc qihgogms i{ }qb{ecglb nm s{}o}{m ioils}jqgil gl ni}sglb( jii{ pmngohms( mo,

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    Sm niliekhm^gm ^ml

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    BIpM[LI[_ JM__EBM

    RIJML_ MoILIJGoMJQIRM{JMLS

    eoomss i nmehn elc mc}oegil gs e c{gpglb i{om

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    Snm Esgel Cmpmhiqjml Keld nes el gjqi{el{ihm i qhe gl mlekhglb q{ib{mss elc q{ijiglbrijmls {ihm es moilijgo eoi{s, Snm{m gs e lmmci {mjipm ke{{gm{s i mjehm ml{mq{mlm}{sngq(

    mloi}{ebm gloh}sgpm lelogeh sm{pgoms elc {ecmqihgogms( elc i mls}{m mu}eh eoomss i cmoml elcq{ic}ogpm ri{d, Gl jel qheoms( jgo{io{mcg

    gs eoomssgkhm i rijml k} s}on sonmjms ci liehres ecc{mss nm gss}m i nm sgvm elc c}{egili hiels rijml je lmmc, Jmes}{ms i ecc{mssnmsm gss}ms oi}hc gloh}cm glpmsglb gl q{ic}o

    cmpmhiqjml ne {msqilcs i nm lmmc i{ he{bm{hiels elc hilbm{ m{js gl jgo{io{mcg q{ib{ejs,Oi}l{gms lmmc i {moiblgvm elc {mj}lm{emrijml gl nmg{ o{ggoeh {ihm es eb{go}h}{eh q{ic}o

    m{s( elc lmmc essgselom gl ipm{oijglb {ms{gogpmheki{ je{dms es rmhh es siogeh elc o}h}{m li{jsne {ms{egl rijmls eogpggms,

    Rm dlir ne nm mjqirm{jml i rijmlrghh nmhq qirm{ moilijgo b{irn, Hm }s figlhoilgl}m ngs gjqi{el ri{d, Esge oelli ei{ci moh}cm neh i gs ri{di{om

    Rijml gl Esge mqm{gmlom e

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    ell}ehh, Rijmls moilijgo mjqirm{jmlgs gjqi{el i mls}{m bmlcm{ mu}ehg, G ehsis{mlbnmls moilijgo b{irn elc cmpmhiqjml,Glm{legileh {msme{on gs pm{ ohme{ il ngs, Gl

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    gileh hmbeh {ejmri{d, Snm beqs kmrmml rijmlelc jml nepm le{{irmc, Onelbm gs qissgkhm, K}

    cmsqgm nm q{ib{mss( nm{m e{m e{mes i oilom{l,Rijml e{m iml sghh cmlgmc iqqi{}lggms ihme{l( s}c( ri{d elc mlfi nmg{ }lcejmlehn}jel {gbns, Bmlcm{ glmu}ehggms {ms}h gl s}k

    iqgjeh {msi}{om ehhioegils( elc nepm e lmbegpmgjqeo il b{irn,

    Ilm i nm jis mogml res i gjq{ipm

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    J, Fiedgj _jlm

    Bim{li{ i{ _rmcml gl mEsgel Cmmiqjml Kel

    _em _mo{me{ iGlm{legile CmmiqjmlOiiqm{egil

    Jglgs{ i{ i{mgblEeg{s( _rmcml

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    CPM[SG_GLB @MES][M

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    BIpM[LI[_ JM__EBM

    SnEGHELC_ MoILIJGoHELC_oEQMS

    nm bhikeh moilijgo o{gsgsgs {msneqglb Sneghelcs moilijgo elclelogeh helcsoeqm, Q{gi{ i nm o{gsgs

    nm bhikeh moilij res nmepgh gl}mlomc k nm Rms( rgn nm oils}jqgili{gmlmc],_, moilij mpm{glo{mesglb sqmlcglb( hmecglb ie he{bm eoo}j}hemc o}{{ml eooi}l cmog es nm

    mqi{c{gpml oi}lm{qe{s onellmhmc nm s}{qh}skeod i s}qqi{ }{nm{ sqmlcglb, Gl inm{ ri{cs(nm bhikeh moilij es e rnihm res ii cmqmlcml

    il nm mm{leh cmjelcs i Rmsm{l moilijgms,Rnml ngs cmjelc ehm{mc gl nm oilm i elmjm{bglb }{jigh gl nm lelogeh ssmj( nm bhikeh moilijgo o{gsgs res }lepigcekhm,

    Rnghm nm{m nepm kmml glcgoegils ne nm ri{si nm moilijgo o{gsgs gs kmnglc }s gl ngs {mbgil(nm bhikeh moilij {mjegls e {gsd {ij mlcmjgomoilijgo elc lelogeh gjkeheloms rngon e{m li

    s}seglekhm, Gl nm qiso{gsgs helcsoeqm( jismqi{c{gpml moilijgms e{m e {gsd {ij nmbhikeh {mkeheloglb q{iomss rngon rghh smm hgjgmc

    mm{leh cmjelc {ij {ecggileh Rmsm{l moilijgms elc ji{m piheghm oeqgeh irs, Cmpmhiqglbmoilijgms j}s {mqisggil nmjsmhpms i{ e lmrb{irn qe{ecgbj,

    Gl {msqilsm i nm gjqmlcglb onehhmlbms {ijngs bhikeh {mkeheloglb q{iomss( nm [ieh SnegBipm{ljml nes eciqmc n{mm s{embgms, Snm {ss{emb gs i s{mlbnml i}{ cijmsgo moilij

    n{i}bn nm Bipm{ljmls oijq{mnmlsgpm jmcg}jm{j glpmsjml q{ib{ej ri{n Ken ,{ghhgil .]_C kghhgil', Snm Glpms i{ _{mlbn

    oejqegbl gs jish oiloml{emc ilne{c elc si gl{es{}o}{m q{ifmos( rngon rghhli ilh glo{mesm cijmsgo oils}jqgil( jedmSneghelc hmss cmqmlcml il mm{leh cmjelc( k}

    ehsi he e sihgc i}lcegil i{ nm q{gpem smoi{soijqmggpmlmss gl nm jmcg}j m{j,

    Snm smoilc s{emb gs i q{ijim {ecm rgngl

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    Sneghelc kmhgmpms ne OJGJ gs e o{}ogeh lel

    ogeh gls{}jml rngon ri}hc q{ipgcm gjjmcgemlelogeh s}qqi{ n{i}bn o}{{mlo sreq {elseogils i nm OJGJ qe{gogqels eoglb kehelomiqejmls elc sni{m{j hgu}gcg, Ji{mipm{(

    Sneghelc elc inm{ E_MEL$ oi}l{gms nepmeb{mmc i msekhgsn e {mbgileh moilijgo s}{pmghhelom }lg es el me{h re{lglb jmonelgsj i

    cmmo sgbls i el gjqmlcglb moilijgo i{ lelogeh }{jigh, Snmsm jmonelgsjs rghh q{ijimsekghg gl lelogeh je{dms elc je nmhq iq{mpml }}{m lelogeh o{gsgs

    _nE{M I` SnEG M^QI{S_ .-'

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    I`om(Jglgs{w i @glelom( Sneghelc

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    oijq{mnmlsgpms{mlbn,,,cgpm{sm oeqekghggms

    Je{whelcGlm{sem G*7= _mogil

    511 Oi{{gci{6

    #5 kghhgil ]_C q{ib{eji ecc m~q{mss ihh helms

    Cmsgbl( cmsgbljelebmjml(q{io}{mjml( elcoils{}ogil ipm{sgbnjelebmjml i{ 5=oil{eos

    Sihh bel{w elc ihhgl`{es{}o}{m cmsgbl({e``go iqm{egilehelehwsms

    _}oomss`}h cmhgpm{w i`q{ib{ej il sonmc}hmelc rgngl k}cbm

    Q}m{si [goiGshelc*rgcm S{elsqi{

    Qhel6

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    Sn{mm ehm{legpm

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    S{epmh cmjelc jicmh ielehwvm ngbnrew swsmjlmmcs

    Lmr Cmhng

    Oeqeogw Cmpmhiqjml`i{ nm LO[QK6

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    Cmeghmc q{ifmo {mqi{si {egl LO[QK glq{ifmo q{mqe{egilq{iomssms

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    Jilbihge@mesgkghgw _}cw i`

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    Besn}}l _}dneg

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    _}cw i` ehgbljml

    iqgils

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    Q{mqe{egil i` iqm{egil

    elc qm{`i{jelomjilgi{glb swsmjs

    Q{ifmo se{ }q gl ;151

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    @I[MRI[

    M~QELCGLb EooM__

    SI @GLELoM GLE@bnELG_SELelc oijjm{ogeh keldslmomsse{w i bmlm{emmoilijgo eogpgw elc hew nm i}lcegil i{{mbgileh {ecm elc glpmsjml, Gl qe{lm{sngq rgninm{ jefi{ cili{s( nm ECK nes hmc bhikeh mi{s

    i nmhq ilm i gs irl i}lcglb jmjkm{ semsjedm {meh q{ib{mss ire{cs eongmpglb e ji{m sekhmelc smo}{m }}{m i{ bmlm{egils i oijm,

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    jml nism mi{s rgn e io}s il m~qelcglbeoomss i lelogeh sm{pgoms( msqmogehhw gl Ebnelg*sels {}{eh e{mes,

    Sicew( hmss nel = qm{oml i Ebnels }sm kelds

    elc nm i{jeh lelogeh swsmj, Snm {ms i nmqiq}hegil {mhgms il sjehh*soehm qm{sileh sepglbsi{ sni{*m{j hiels {ij {gmlcs elc ejghw( i{jedms ci rgni}, Rgni} eoomss i lelom(

    Ebnel ml{mq{mlm}{s oelli b{ir nmg{ k}sg*lmssms( e{jm{s oelli glpms gl lmr iihs i{mu}gqjml( elc ejghgms oelli lc o{mcg i

    gjq{ipm nmg{ hgpms, M~qelcglb eoomss i lelomgl Ebnelgsel gs e onehhmlbm, Ebnel kelds heodkin nm qnwsgoeh q{msmlom elc nm sqmogo m~qm{*gsm lmmcmc i k}ghc e oijjm{ogehhw s}seglekhm

    Snm ]lgmc _ems oilb{e}hems nm

    Esgel Cmpmhiqjml Keld .ECK' il gs3?{c Ell}eh Jmmglb i nm Kie{c iBipm{li{s, Es e i}lcglb jmjkm{ i

    nm Keld( nm ]lgmc _ems gs q{i}c i nm ECKseooijqhgsnjmls ipm{ nm hes i}{ cmoecms elcoijjgmc i nm cmpmhiqjml biehs elc ikfmo*gpms i ECKs jmjkm{ sems, @i}lcmc gl e

    qm{gic i qis*oil`go {moils{}ogil( rnmljelw jmjkm{ sems rm{m nmjsmhpms mjm{bglb{ij moilijgo cgshioegil elc }{jigh( nm ECK

    nes {mqmemchw jm nm onehhmlbm i nmhqglb gsjis p}hlm{ekhm jmjkm{ sems k}ghc moilijgoswsmjs( o{mem fiks( elc ehhmpgem qipm{w i{

    Esges qii{ms,

    @ihhirglb gl ngs hilb {ecggil( rm oijjmlcnm Kelds s}seglmc mlbebmjml rgn Ebnel*gselilm i nm jis gjqi{el cmpmhiq*jml onehhmlbms eoglb nm glm{legileh cili{

    oijj}lgw icew, Rne neqqmls gl Ebnelgselrghh nepm e{ {meonglb oilsmu}mloms i{ nm mlg{moilglml elc( glcmmc( nm ri{hc,

    Snm ECK gs ilm i nm he{bms cili{s i Ebnelg*sel, Ipm{ nm qes mgbn wme{s nm ECK nes kmmlgls{}jmleh gl nmhqglb k}ghc Ebnelgsels gl{e*s{}o}{m{iecs qirm{ qhels g{{gbegil swsmjs

    J{, Lmeh Rihgl

    Cm} _m{me{ i` mS{mes}{( ]mc _emsi` Em{e

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    @I[MRI[C

    k}sglmss i}sgcm i nm jefi{ }{kel omlm{s,Nirmpm{( nm onehhmlbm gs li gls}{ji}lekhm(

    elc nm ECK oel qhew e dmw {ihm gl nmhqglb iecc{mss g,

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    sgvm mlm{q{gsms elc eb{go}h}{eh smoi{ hmlcglb,Sn{i}bn nm ECK( cili{s oel q{ipgcm keldsrgn nm {eglglb elc monlgoeh essgselom nenmw rghh lmmc i essmss oihhem{eh elc o{mc*

    gri{nglmss gl {}{eh e{mes, Sngs rghh ehhirhmlcglb i km oijjm{ogehhw s}seglekhm( rgni}nepglb i {mhw il oishw elc cgsi{gile{w bipm{l*jml s}ksgcgms,

    _moilc( rm oel essgs Ebnel kelds gl cmpmh*iqglb mhmo{ilgo qhei{js ne rghh ehhir nmji {meon {}{eh o}sijm{s rgni} nepglb i k}ghc

    el m~qmlsgpm k{elon lmri{d eo{iss nm oi}l{w,Si q{ipgcm nm b{mems {meon e nm hirms ois(el mhmo{ilgo swsmj rghh km lmomsse{w( rnmnm{pge jikghm qnilms sje{ oe{cs i{ el m~qelcmc

    mhmo{ilgo }lcs {elsm{ lmri{d, Snm{m e{mmonlgoeh( oijjm{ogeh( elc {mb}hei{w onehhmlbmsi smglb }q s}on e legil*rgcm swsmj( k} nm

    s}oomss}h m~ejqhms i jikghm elc mhmo{ilgoqewjml swsmjs mhsmrnm{m gl nm ri{hc q{ipmne g oel km cilmelc ne g oel nmhq {els*

    i{j hgpms i nm {}{eh qii{,Sngs gs e o{ggoeh qm{gic i{ Ebnelgsel elc el

    iqqi{}lgw i{ ehh cili{s( msqmogehhw nm ECK(i jedm e hesglb cgm{mlom gl e oi}l{w mjm{b*glb {ij bmlm{egils i oil`go, Rm glpgm nm

    ECK i qe{lm{ rgn nm ]lgmc _ems i nmhqm~qelc eoomss i {}{eh lelom gl Ebnelgsel,

    Es rm hiid i nm }}{m( nm{m nes lmpm{ kmml e

    ji{m gjqi{el gjm i cmmqml elc oilsihgcemcili{ mlbebmjml rgn i}{ Ebnel qe{lm{s,

    Snm ]lgmc _ems gs qhmesmc i nepm cmmq*mlmc i}{ qe{lm{sngq rgn nm ECK i{ ji{m

    nel i}{ cmoecms, Rm hiid i{re{c i oilgl}*glb i}{ qe{lm{sngq rgn nm ECK( qe{go}he{hwil Ebnelgsel( si ne nm Ebnel qmiqhm

    e{m e q{ic}ogpm elc qisggpm i{om i{ onelbmgl nm Esge*Qeogo {mbgil i{ bmlm{egilsi oijm

    M~qElCglb

    EooM__ SI @glEloMgl E@bnElg_SElg_ E onEhhMlbM(

    E_ @MRM[ SnEl

    = qM[oMlS I@E@bnEl_ ]_M kEld_ElC SnM @I[jEh

    @glElogEh _w_SMj

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    E M{ls & Wi}lb( rm{m q{i}c i s}qqi{

    Esgel Cmpmhiqjml Keld gl gs jgssgil i`Jmmglb nm onehhmlbm i` bhikeh b{irn,

    Hmpm{ebglb hmssils hme{lmc gl kin

    nm bipm{ljml elc oijjm{ogeh smoi{s(

    rm nmhq k{glb e `{msn qm{sqmogpm i wi}{

    iqm{egils( nmhqglb i jedm nmj hmelm{

    elc ji{m m``mogpm,

    K}ghcglb e kmm{ iji{{ir {mehhw jedms

    e cg``m{mlom,

    mw,oij)bqs

    K}ghcglb snm `}s}{m9

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  • 8/9/2019 Asian Integration and Implications for Global Growth

    43/104E_GEL CMPMHIQJMLS KELD x ;151 3

    G__]M_ EOGLB E_GE ELC SnM QEOGG

    OGSGM_ J]_S

    hMEC SnM REwGL Q[IJISGLB[M_I][OM

    OIL_M[pESGILGLGSGESGpM_S

    i km {msqilsgkhm i{ ehjis qm{oml

    i legileh gloijm cims li oijm

    rgni} e ois, Es nm jis ebb{mssgpm rmehnjedm{s elc fik q{ipgc

    m{s( Esgel oggms ehsi }sm eki} qm{oml i nm

    mlm{b oils}jmc k nmsm oi}l{gms elc bmlm{em eki} 2 qm{oml i nmg{ b{mmlni}sm besmjgssgils, Qm{ oeqge oe{kil cgigcm mjgssgilse{m ehjis es ngbn es nism i Rmsm{l oggms, Snm

    {mbgil gs ehsi nijm i jghhgil }{kel qii{(elc gs rglmssglb el ipm{ehh qiq}hegil kiij i qm{oml qm{ me{, [gsglb qihh}gil elc sme hmpmhs

    q} {ghhgils i cihhe{s i moilijgo i}q} elcn}lc{mcs i jghhgils i qmiqhm e {gsd, Bgpml nmsqmmc e rngon oggms e{m b{irglb( g gs glo{mes

    glbh cgo}h i gbli{m nm n}bm mlpg{iljmlehonehhmlbms glpihpmc,

    Snm s{egl il lil{mlmrekhm elc lgm {msi}{oms gs ipm{rnmhjglb rgn jghhgil qmiqhmfiglglb oggms meon me{mu}gpehml i (qmiqhm kmglb eccmc meon ce, Sngs cegh glo{mesm

    {mu}g{ms nm oils{}ogil i ji{m nel (lmr crmhhglbs( dghijmm{s i lmr {iecs( elceccggileh gl{es{}o}{m i s}qqh ji{m nel

    0 jmbehgm{s i qiekhm rem{,Lir ji{m nel mpm{( rm oil{il nm qm{ghs i

    ni}bnhmss {msi}{om oils}jqgil( resm bmlm{egil( elc b{mmlni}sm bes mjgssgils, Snm onigoms

    rm jedm ice rghh cmm{jglm nm mml i i}{oggms hgpekghg elc s}seglekghg gl nm }}{m,

    Q{IJISGLb SnM?{s {MC]oM( {M]_M(ELC {MowoHM

    O{meglb {msi}{ommogml moilijgms elc vm{iresm oggms

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    []LLGLB nMEC

    ;151 x E_GEL CMPMHIQJMLS KELD33

    RnES oGSGM_ oEL CI

    Jedglb i}{ oggms ohmelm{ elc ji{m {msi}{ommogml {mu}g{ms lmr eqq{ieonms( lmr i{js imlbebmjml( elc kihcm{ oijjgjmls, Oggms j}shmec nm re gl q{ijiglb glggegpms ne jedm

    {msi}{om oilsm{pegil e re i hgm, Es omlm{s iqiq}hegil( k}sglmss( elc mc}oegil( nm oel kmmmogpm onejqgils i{ ehm{glb o}{{ml q{ic}o

    gil elc oils}jqgil qem{ls( elc oel q{ipgcmjicmhs ne legileh bipm{ljmls oel eciq,Sire{cs ngs mlc( nm [s .{mc}om( {m}sm( elc{moohm' eqq{ieon gs e biic se{glb qigl,

    ]{kel cmpmhiqjml {mu}g{ms e cmhgoem kehelomkmrmml moilijgo q{ic}ogpg( siogeh mu}g(elc moihibgoeh q{imogil, ]li{}lemh( nmmogmlo rgn rngon nm {mbgils helc( mlm{b(

    gl{es{}o}{m( elc {elsqi{egil e{m }smc gl nm

    {mbgil {mjegls hir k bhikeh selce{cs( hmecglb ingbn hmpmhs i resm qm{ }lg i i}q}, K jeleb

    glb {msi}{oms ji{m mogmlh( oggms oel mhgjglemsijm i nmg{ resm elc o} cirl il nm lmmc i{{er jem{gehs,

    Si eongmpm e og{o}he{ moilij( g gs lmomsse{i ecc{mss nm cgsoillmo kmrmml qhellm{s elcsm{pgom q{ipgcm{s( }{kel qhellglb elc leloglb( elc jis sgblgoelh {msi}{om qhellglb elc

    }{kel cmpmhiqjml {ejmri{ds, E rnihmssmjeqq{ieon lmmcs i km eqqhgmc gl nm cmsgbl ik}ghcglbs( helcsoeqms( elc sm{pgom gl{es{}o}{mi {mmo nm bieh i o{meglb vm{iresm( smh

    s}ogml oggms,Bgpml nmg{ le{{ir soeh kesms elc hgjgmc

    eoomss i je{dmkesmc lelom( oggms lmmc e biicjg i gloijmbmlm{eglb eogpggms( k}cbm {els

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    []LLGLB nME

    E_GEL CMPMHIQJMLS KELD x ;151 3

    SnM ECK*_]QQI[SMChEnMLCILBBMISnM[JEh

    QhELS( GL JELECI(

    GLCILM_GE(nE[LM__M_ SnMME[Sn_ QIRM[

    SI Q[IpGCM OhMEL(_]_SEGLEKhM MLM[Bw

    m{s( glomlgpms( elc o{megpm {mb}hei{ qihgogms

    i iqgjgvm {msi}{om }sm,Glc}s{gms ne }sm q{ingkgmc jem{gehs( o{mem

    momssgpm qihh}gil( i{ mommc hgjgs il {erjem{gehs sni}hc eom hmbeh elc lelogeh qmleh

    gms, Sn{i}bn vilglb( k}ghcglb oicms( elc nmqm{jgglb q{iomss( oggms oel mloi}{ebm k}ghcglb cmsgbls ne oilsm{pm mlm{b elc {msi}{oms,Mlm{q{gsm cmpmhiqjml oel ehsi s}qqi{ hir

    mlm{b( vm{ioe{kil( elc {moohglb monlihibgms(elc oel q{ipgcm glomlgpms i{ nm sem {m}sm iglc}s{geh kq{ic}os, Mejqhms i }sglb nm

    je{dm i mlnelom {mb}hegils gloh}cm nm M}{iqmel ]lgil Mjgssgil S{ecglb _smj elc nm oeqelc{ecm qihgogms gl{ic}omc gl nm ]lgmc _emsgl nm s i {mc}om eogc {egl, Si km mmogpm(

    qihgogms j}s km s{ilb mli}bn i mls}{m oijqhg

    elom k} mgkhm mli}bn i eooijjicem sqmogoeqq{ieonms i jmm nm sejm {mu}g{mjmls,

    Bipm{ljmls sni}hc oijqhmjml nmsmjmes}{ms k s}qqi{glb gllipegils gl mlm{bs}qqh gl{es{}o}{m( mlm{b mogmlo monlihi

    bgms( {msi}{omsepglb q{goglb sonmjms( selce{cskesmc {mb}hegil i{ mlm{b mogmlo( elc }{kelcmjils{egil qghi q{ib{ejs,

    Og jelebm{s lmmc gjmh gli{jegil il{msi}{omsepglb eqq{ieonms ne nepm kmml

    s}oomss}h mhsmrnm{m elc oel km eqqhgmc hioehhelc ji{m k{iech, Res j}s km i}lc i cgssmjglem q{eogoeh dlirnir elc mqm{gmloms n{i}bn

    qmm{ lmri{ds( {mbgileh dlirhmcbm n}ks( oijqmggpmlmss elehsms( og pgsgilglb mm{ogsms( elcs}qqi{ i{ mlpg{iljmleh cmjils{egil qghiq{ib{ejs, Hesh( nm{m gs e lmmc i mlbebm oggvmls

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    47/1043E_GEL CMPMHIQJMLS KELD x ;151

    G__]M_ EOGLB E_GE ELC SnM QEOGG

    E S[GOwOhM ]_GLBhGu]MGMC

    QMS[IhM]J BE_,E_GEL OGSGM_ J]_SJILGSI[ SnMMLpG[ILJMLSEh

    GJQEOS_ I SnMG[Q[IC]OSGIL ELCOIL_]JQSGIL

    gl k}cbmglb( glpmsjml qhellglb( elc q{ipgcglbmmckeod il sm{pgom cmhgpm{ n{i}bn s}{pms( oggvml {mqi{ oe{cs( elc qm{i{jelom kmlonje{ds,

    Q{IJISGLb SnM oG{o]HE{ MoILIJwSnm [s eqq{ieon nes kmml e{i}lc i{ cmoecms(qe{go}he{h gl nm e{mes i sihgc resm jelebm

    jml( mlm{b oilsm{pegil( qihh}gil oil{ih( elcrem{ {m}sm, Nirmpm{( gs eqqhgoegil gs he{bmhsqi{ecgo elc sjehhsoehm( elc g gs {e{mh gloh}cmcgl legileh hmbgshegil, _i e{( f}s ilm cmpmhiq

    glb Esgel oi}l{ nes eciqmc ngs eqq{ieon es eoml{eh qheld i gs legileh qihgo i ecc{mss nmmlpg{iljmleh oiss i {eqgc b{irn,

    Gl ( nm Qmiqhms [mq}khgo i Ongle .Q[O'

    eciqmc nm Og{o}he{ Moilij eqq{ieon i jegls{mej eogpggms ne {mc}om( {m}sm( elc {moohmjem{gehs elc jglgjgvm mlpg{iljmleh gjqeos, G

    glmb{ems ohmelm{ q{ic}ogil elc glc}s{geh moihib gl e k{iecm{ ssmj mloijqessglb glc}s{geh{js( lmri{ds i{ onegls i {js( moiglc}s{geh

    qe{ds( elc {mbgileh gl{es{}o}{m i s}qqi{{msi}{om iqgjgvegil,

    ]lhgdm og{o}he{ moilij hers gl cmpmhiqmcoi}l{gms( nm Q[Os s{embgo ikfmogpm gs ieongmpm mlm{b mogmlo {enm{ nel i {mc}om

    resm, _}qqhglb mlm{b i mmc nm b{irglb moilij nes kmoijm e sm{gi}s oilom{l gl nm Q[O( elcq{ijiglb nm og{o}he{ moilij gs ilm {msqilsm,

    Snm og{o}he{ moilij her jelcems ne jel}eo}{m{s li ilh {moohm rnml g gs moilijgoehhecpelebmi}s( k} ehsi sepm rem{( {m{egl {ij}sglb om{egl igo jem{gehs( elc lc res i

    {m}sm i{ smhh glc}s{geh resm, G ehsi {mu}g{ms he{bm

    oggms i {me e hmes 2 qm{oml i nmg{ resmrem{ elc ikhgbms glc}s{geh mlm{q{gsms i }sm{moohmc resmrem{,

    Es e {ms}h( nm{m gs lir e cmjelc i{ resmrem{ {mejml qhels i smhh ngbnu}ehg {moohmc resmrem{ i glc}s{geh mlm{q{gsms, Sngsjicmh {mc}oms b{i}lcrem{ elc s}{eom rem{

    }sm elc q{ipgcms eccggileh {mpml}m i{ nm {mejml qhels, Elinm{ q{ijgsglb jicmh gs nmq{ijigil i resmrem{ {m}sm i{ helcsoeqglb(

    b{mmlglb( elc {mo{megil qe{ds gl jefi{ glc}s{geh oijqhmms, [m}sglb {memc resmrem{ neseh{mec kmlmmc jis i nm Q[Os oggms elcmoilijgo vilms,

    Rnghm nm hers }hh i{om nes m i km {mehgvmc(nm Q[O nes edml nm {s smqs i one{ e lmroi}{sm, Inm{ Esgel oi}l{gms oel hme{l {ij nmoi}l{s mqm{gmloms gl gjqhmjmlglb qihgo(

    k}ghcglb oeqeog( elc mlhgsglb q}khgo s}qqi{ ieongmpm e og{o}he{ moilij,

    JIPGLb SIRE{C E _JEHHM{MLPG{ILJMLSEH `IISQ{GLSJegleglglb b{irn gl nm oilm i {eqgc}{kelgvegil {mu}g{ms Esgel oggms i mejglm

    nm mlpg{iljmleh gjqeos i nmg{ q{ic}ogilelc oils}jqgil kmilc nm og i{ j}lgogqeh f}{gscgogil, Sngs ehsi jmels bgpglb sm{gi}soilsgcm{egil i nm lgm le}{m i {msi}{oms gl

    nm rgcm{ legileh( {mbgileh( elc glm{legilehoilms, Ohme{ e{bms( s}qqi{mc k mlekhglbhmbgshegpm( qihggoeh( monlgoeh( elc lelogeh

    jmes}{ms( oel jglgjgvm nm moihibgoeh iiq{gli Esges oggms,

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    Gss}ms @eoGlb esGe elc nm QeoG@Go

    El glmb{emc Esge elc Qeogo selcs nmkms onelom i q{ijiglb gloh}sgpm b{irnc}{glb nm bhikeh moilijgo cirl}{l

    E_GE ELC SnM QEoG`GoRI{DGLb SIbMSnM{

    SI _S{MLbSnML SnMbHIKEH MoILIJw

    _glom mjm{bglb {ij nm lelogeh o{gsgs i

    5772577>( Esgel oi}l{gms nepm qheomcb{mem{ mjqnesgs il ri{dglb ibmn*m{, Kmm{ cgehib}m( glo{mesmc qmiqhm*

    i*qmiqhm m~onelbm( ji{m moilijgo gms( elc

    gjq{ipmc qnwsgoeh oillmogpgw nepm k}gh s{il*bm{ hglds n{i}bni} nm {mbgil,

    Es Esgel legils b{eqqhm rgn nm oilsm*

    u}mloms i nm o}{{ml bhikeh moilijgo cirl*

    }{l( {mbgileh oiiqm{egil elc glmb{egil nesedml il b{mem{ }{bmlow elc ngbnhgbnmc lmr

    e{mes i oilom{l,Snm o}{{ml o{gsgs nes ngbnhgbnmc nm lmmc i{

    ji{m mmogpm elc ni}bn}h lelogeh {mb}hegil,

    Snm ]lgmc _ems elc nm oi}l{gms i M}{iqmnepm wm i oijm }q rgn e }lgmc i{ ne{ji*lgvmc eqq{ieon4 elc gl Esge( rnm{m moilijgoelc siogeh cgm{mloms e{m pm{w q{ili}lomc( nm

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    49/104E_GEL CMPMHIQJMLS KELD x ;151 3

    Gss}ms @eoGlb esGe elc nm QeoG@G

    gl{glsgo {mhegilsngqs kmrmml oii{cglegil i{mbgileh jilme{w elc soeh qihgogms i{ b{mem{

    m`ogmlow elc glmb{egil,

    E_GEL GLSMb{ESGIL GL GS_ GL`ELow

    ]lhgdm gl M}{iqm( rnm{m bipm{ljmls cmhmbemc

    smpm{eh qirm{s i s{ilb {mbgileh glsg}gils(

    glmb{egil gl Esge si e{ nes kmml c{gpml kwje{dms, Esgel glmb{egil {mjegls io}smc ji{mil moilijgo gss}ms nel il qihggoeh oilom{ls(

    elc g gs }lohme{ i rne m~ml legils gl nm{mbgil ri}hc km mebm{ i oijq{ijgsm nmg{sipm{mgblw i figl ibmnm{,

    K} es el moilijgo i{om( Esgel oi}l{gmsnepm j}on i begl {ij b{mem{ glmb{egil, Es

    Esge oilgl}ms i b{ir( gs moilijgo elc lel*ogeh qirm{ nes kmoijm s}kselgeh, Kw ;1;1(

    Esges b{iss cijmsgo q{ic}o gs hgdmhw i km =1qm{oml he{bm{ nel ne i nm M}{iqmel ]lgili{ Li{n Ejm{goe( eooi{cglb i Mjm{bglb Esgel

    [mbgilehgsj( E Qe{lm{sngq `i{ _ne{mc Q{isqm{gw( e

    helcje{d s}cw il Esgel glmb{egil oilc}omckw nm Esgel Cmpmhiqjml Keld .ECK',

    Jis gjqi{elhw( nm q{ifmogils s}bbms ne

    Esges {mbgileh hglds e{m hgdmhw i glmlsgw }{nm{6il nm cmjelc sgcm( nm {mbgils sqmlcglb qirm{gs sm i i}s{gq b{irn gl nm {ms i nm ri{hc4il nm s}qqhw sgcm( gs q{ic}ogil oeqekghggms e{m

    hgdmhw i oilgl}m i m~qelc elc cgpm{sgw( nms}cw segc,

    Qihgow jedm{s gl Esge elc nm Qeogo rghh kmesdmc rgn cmm{jglglb nir ohismhw nmg{ oi}l*

    {gms elc moilijgms sni}hc km gmc ibmnm{( elcrne s}qqi{ swsmjs rghh lmmc i km gl qheom ijedm nmg{ qhels s}oommc,

    _ijm iksm{pm{s e{b}m ne nm kms*oesm somle{giri}hc km el Esge rgn oijqhmmhw iqml ki{cm{selc iqml {ecm( s}on es nm pgsgil q{msmlmc kw

    onehhmlbms i s}on {mb}hegil e{m mpml b{mem{,

    Snm {mbgil nes cgpm{sm swsmjs i lelogeh {mb}*hegil rgn cgm{ml ebmlogms gl cgm{ml oi}l*{gms nelchglb cgm{ml }logils elc {msqilsg*

    kghggms, E dmw u}msgil gs6 nir rghh Esge( rgn gscgpm{sm swsmjs( km ekhm i q{ipgcm e {mbgil*rgcm{msqilsm i nm onehhmlbms i s{mlbnmlglb lel*ogeh {mb}hegil9

    Snm {mbgil ehsi lmmcs i {mkehelom gs b{irn kwglo{mesglb nm oil{gk}gil ne cijmsgo cmjelcelc gloijm oel q{ipgcm i moilijgo b{irn,Sngs( gl }{l( gjqhgms e sng ire{c sm{pgoms elc e

    kmm{ u}ehgw i hgm i{ Esgel oggvmls gl nm hilb{}l, Es cijmsgo cmjelc glo{mesms( nm {elsggili Esges q{ic}ogil {ij q{gje{ghw el m~qi{

    glc}s{wri*ng{cs i q{ic}os q{ic}omc glEsge e{m m~qi{mc {ij nm {mbgili el m~qel*sgil i {mbgileh m~qi{s rghh km e dmw onehhmlbmi{ {mbgileh oiiqm{egil gl wme{s i oijm,

    Snm bhikeh moilijgo cirl}{l nes q{ipgcmcsijm gjqi{el glsgbns gli nm ri{dglb i

    el eoohegjmc jicmh i moilijgo glmb{egil6nm eqq{ieon i jilme{w }lgil ihhirmc kw

    nm M}{iqmel ]lgil, Snm M}{iqmel ]lgil gseoglb q{ikhmjs essiogemc rgn e heod i soehne{jilgvegil i oijqhmjml nm oijjil

    o}{{mlow elc nm jilme{w qihgow cmogsgilsedml gl @{eld}{, Snm M}{iqmel Oml{eh Keldsms jilme{w qihgow i{ nm m}{ivilm( k} gsjmjkm{ legils cmogcm nmg{ irl soeh qihgow,

    Sngs jicmh gs lir {mpmehglb gsmh i km gloil*b{}ml rgn nm lmmcs i{ e oijqhmm {mbgilehmoilijgo }lgil, Gl inm{ ri{cs( nm cmsgbl inm jilme{w }lgil cmogcmc rgn nm Jees{gon

    S{mew i 577; eqqme{s i km gloijqhmm, Esgesonehhmlbm( es g ri{ds i s{mlbnml jilme{wqihgow oii{cglegil gl nm {mbgil( gs i hme{l

    {ij M}{iqms m~qm{gmlom elc i {mehgvm nm

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    Hmlcglb i mjm{bglb je{dms {mjegls el glmb{eh qe{ i` i}{ oi{m eogpggms `i{ nm wme{s enmec,

    E nm sejm gjm( J}hghem{ehs( s}on es ECK( e{m dmw qhewm{s gl q{ipgcglb stleloglb sih}gils i `ism{

    {ecm elc b{irn, Sicews hilb*selcglb {mhegilsngq kmrmml _iog Bl{ehm Oi{qi{em elc

    Glpmsjml Keldglb elc J}hghem{eh Glsg}gils gs q{ipglb i km glo{mesglbhw eqq{iq{gem i{ i}{ ohgmls

    gl nm o}{{ml bhikeh moilijgo ohgjem, Hghgelm H} elc _mqnel Ehmssgi( M~qi{ @glelom M~qm{s,

    rrr,sbogk,oij

    Hghgelm H}

    _mqnel Ehmssgi

    EO[I__ SNM RI[HC(

    RM _SELC KW WI] RGSN M^QM[S _IH]SGIL_ GL M^QI[S @GLELO

    HMECM[_ GL S[ECMEre{cs

    ;117

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    Rm selc kw wi}

  • 8/9/2019 Asian Integration and Implications for Global Growth

    51/104E_GEL CMPMHIQJMLS KELD x ;151 =

    Gss}ms @eoGlb esGe elc nm QeoG@G

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  • 8/9/2019 Asian Integration and Implications for Global Growth

    52/104;151 x E_GEL CMPMHIQJMLS KELD=;

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    bgileh {ecm eb{mmjmls nepm j}hgqhgmc gl {momlwme{s, Gl eccggil i {ecm( nmsm eb{mmjmlsbmlm{ehhw ecc{mss lelogeh oilsgcm{egils( s}on

    es glpmsjmls( elc egj i o{mem moilijgms isoehm ne oel oijqmm rgn nism eongmpmc kwnm Q[O elc Glcge,

    Oilsihgceglb nmsm j}hgqhm elc ipm{heqqglb

    {mm {ecm eb{mmjmls gli e sglbhm Mes Esgel {mm{ecm eb{mmjml oi}hc nmhq jggbem nm ne{j}hliichm kirh mmos i cgm{ml {}hms i i{gbglelc selce{cs( lims nm _mqmjkm{ ;112 ECK

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  • 8/9/2019 Asian Integration and Implications for Global Growth

    53/104

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  • 8/9/2019 Asian Integration and Implications for Global Growth

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  • 8/9/2019 Asian Integration and Implications for Global Growth

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  • 8/9/2019 Asian Integration and Implications for Global Growth

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  • 8/9/2019 Asian Integration and Implications for Global Growth

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  • 8/9/2019 Asian Integration and Implications for Global Growth

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