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date: 15 May 2021

Abstract and Keywords

This chapter explores the development of international economic law in Asia and the Pacific. International economic law (IEL), which is based on liberal economic theories, holds a special meaning for Asia because it has been associated with colonization, modernization, and globalization ever since it was first encountered by countries in the region. Asian countries’ subscription to IEL is thus a historical journey. Generally, Asia’s participation in the making of IEL has been rather limited, but a number of Asian countries—including China, India, Japan, Korea, and certain Southeast Asian countries—have benefited from the Western-dominated international economic order by making use of its rules, though at different times of history. The chapter then turns to several recent IEL related initiatives in Asia, including the Asian Infrastructure Investment Bank, the New Development Bank, and China’s Belt and Road Initiative.

Keywords: Japan, Republic of Korea, Asia, international economic law, India, China

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