Asia Is Closer, but Future Cooperation Will Be Hard Won

Press Release – Asian Development Bank Asia has become increasingly integrated over the past decade, led by growing trade and tourism and, most recently, as the region faced down the global financial crisis and subsequent eurozone crisis, according to a new integration index published in …New Index Shows Asia Is Closer but Future Cooperation Will Be Hard Won Manila, Philippines, 5 March 2013 – Asia has become increasingly integrated over the past decade, led by growing trade and tourism and, most recently, as the region faced down the global financial crisis and subsequent eurozone crisis, according to a new integration index published in the Asian Development Bank’s (ADB) latest Asian Economic Integration Monitor. “Going forward, greater integration will be harder won as the remaining areas of cooperation are more complex,” said Lei Lei Song, Principal Economist in ADB’s Office of Regional Economic Integration. “Asia needs to avoid complacency and continue to work together in this post-crisis period.” The report warns that the struggles of the eurozone and the fear of the contagion that accompanies greater integration could give Asia’s policymakers pause as they assess the way forward for their region. The index, which monitors foreign direct investment, capital markets, output correlations, trade, and tourism across Asia, shows the level of integration rising from a base level of 100.00 in 2001 to a peak of 233.27 in 2010, when the...

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