The Dynamics of the New and Open Regionalism and Economic Integration in Asia and the Pacific Regions

Abstract

The purpose of the study reviewed the dynamics of new and open regionalism in Asia and the Pacific regions. It was highlighted that both in the Asia Pacific and Latin America, there is considerable confusion and ambiguity surrounding the notion of what “New Open Regionalism” is all about, which questions the relevance for practical purposes. The research approach primarily reviews various relevant literature in the field of study. Studies indicated that with few institutional or government-led initiatives, Asia's rapid economic expansion offered a strong basis for intra-regional trading and investment flows as well as inter-firm linkages. In terms of originality, No study has looked at the dynamics and the many uses and conceptions of the idea and investigated the contexts in which the concepts of "openness" and "regionalism" clash. For the implications, the article clarifies the possible relationship with both open regionalism and regional integration before asking under what circumstances regionalism might serve for the advancement of multilateralism. The study concluded that in a dynamic situation, it is difficult to determine whether regionalism and multilateralism complement each other. Much is determined by the design and content of the negotiated regional trade agreements (RTAs), as well as the characteristics of the member nations.

Keywords

• new open regionalism
• integration
• multilateralism
• intra-regional
• economies