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date: 24 July 2019

Abstract and Keywords

Asia is gradually changing the landscape of regional and global economic cooperation. Institutional reforms are underway to respond to its growing economic clout and pluralism. External expectations of Asian participation in collective goals are growing. But Asians have been major beneficiaries of the global economic system, and remain more comfortable with incremental change than with leading new initiatives or with enforcing global norms and rules. This reticence combined with reluctance of existing players to revamp governance structures in global institutions means that the existing order will continue to function. Economic cooperation in many areas, including new areas such as climate change, is therefore likely to be sluggish as countries face tradeoffs between their domestic priorities and the collective interest.

Keywords: global economic governance, Asian economic growth, international cooperation, globalization, interdependence, WTO, trade policy

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