Author(s): Meena Singh

Email(s): Email ID Not Available

DOI: 10.5958/2321-5828.2020.00049.2   

Address: Dr. Meena Singh
Associate Professor, Motilal Nehru College, (University of Delhi). *Corresponding Author

Published In:   Volume - 11,      Issue - 4,     Year - 2020


ABSTRACT:
In this complex era of globalization almost all countries realize that most of their economic and social problems are cross-border in nature, the solution to which has to be sought by cooperating with each other. It is this recognition that has prompted the national governments to form various regional organizations, such as European Union in Europe and USMCA (NAFTA previously) (A new trade deal between US, Mexico and Canada is replacing the old NAFTA treaty with a new, revised NAFTA, which is now known as the United States-Mexico-Canada Agreement or USMCA. This new trade deal has been signed under the leadership of President Trump of United States of America on November 30, 2018.) in North America as well as SAARC and ASEAN in the Asia-Pacific region. One of their unique response by the Asian region has been in the form of sub-regional economic zones, which are popularly called as the "Growth Triangles". A very successful example of them in the ASEAN region has been the Indonesia-Malaysia-Singapore Growth Triangle (IMS-GT). The present article aims to throw some light on the process of economic cooperation and integration and assess how relevant these ‘growth triangles’ are in the present context, particularly when most of economies are suffering from the Corona pandemic. The article concludes that it is important for countries to coordinate their sub-regional growth efforts by taking joint measures for boosting trade and investment flows across the borders for promoting growth and face the socio-economic challenges of the Covid-19 pandemic.


Cite this article:
Meena Singh. Sub-regional Economic Cooperation in ASEAN: Relevance of ‘Growth Triangles’ in the Post-Covid Situation. Res. J. Humanities and Social Sciences. 2020; 11(4):307-312. doi: 10.5958/2321-5828.2020.00049.2


REFERENCES:
1.    A new trade deal between US, Mexico and Canada is replacing the old NAFTA treaty with a new, revised NAFTA, which is now known as the United States-Mexico-Canada Agreement or USMCA. This new trade deal has been signed under the leadership of President Trump of United States of America on November 30, 2018.
2.    Asian Development Bank, 2018. Regional Economic Outlook and Development Challenges, in “Asian Economic Integration Report: Highlights” P. 1, ADB, Manila, Philippines, accessed 19 February 2019.
3.    Underlying Importance of Cooperation, Regional Partnerships can build better future by helping states implement 2030 Agenda, Secretary General says”, the UN Secretary General Ban Ki-moon’s remarks at a meeting on ‘Regionalism and The 2030 Agenda for Sustainable Development’, SG/SM/18136-ENV/DEV/
4.    Nagesh Kumar, “Towards Broader Regional Cooperation in Asia”, Research and Information Systems for Developing Countries, Discussion Paper, Asia-Pacific Trade and Investment Initiative, UNDP Regional Centre in Colombo, Sri Lanka, December, 2007.
5.    Asian Development Bank (2008) “Emerging Asian Regionalism: A Partnership for Shared Prosperity-Highlights”, Available at http:/aric.adb.org/, accessed 8 September 2010.
6.    “Regional Cooperation For Development”, / UN/TDR/ 2007, UN Trade and Development Report, United Nations, New York and Geneva, 2007, available at http://unctad.org/, accessed March 16, 2009.
7.    The term ‘growth triangle’ and ‘sub-regional cooperation’ will be used interchangeably throughout the analysis as both the terms refer to the growth initiatives taken by the member countries of the Asia-Pacific region at the sub-regional level.
8.    Peripheral areas face some different kind of development challenges, as they are located far from more centrally located cities or the larger metropolitan areas. Yet, they may also possess good amount of resources and share the same potential, e.g. natural resources, unskilled and semi-skilled labour, innovative capabilities etc. which can be effectively used to the advantage of these less developed regions in these growth initiatives which may include these peripheral zones of the geographically proximate nations.
9.    Kotler, P., Jatu S S. and Maesincee, S. (1997). “The Marketing of Nations: A Strategic Approach to Building National Wealth, New York: The Free Press.
10.    Chia, S.Y., and Lee, T.Y (1992), “Sub-regional economic zones: A new motive force in Asia-Pacific development,” Paper presented at 20th Pacific Trade and Development Conference, Washington DC, Sep. 10-12.
11.    Peripheral areas face some different kind of development challenges, as they are located far from more centrally located cities or the larger metropolitan areas. Yet, they may also possess good amount of resources and share the same potential, e.g. natural resources, unskilled and semi-skilled labor, innovative capabilities etc. which can be effectively used to the advantage of these less developed regions in these growth initiatives which may include these peripheral zones of the geographically proximate nations.
12.    In 1979, The People's Republic of China decided to liberalize its economy by adopting an open-door policy to help increase its investment flows and improve its trade relations with its global partners. Four special economic zones in Southern China were set up initially for this, namely those in Shenzhen, Zhuhai, Xiamen: and Shantou. They were primarily chosen because of their geographical proximities to Hong Kong, Macau and Taiwan their vast overseas connections with the Chinese community in Thailand and Hong Kong.
13.    The setting up of the ASEAN Economic Community (AEC) in 2015 is a major milestone in the regional economic integration agenda in ASEAN. In 2014, AEC was collectively the third largest economy in Asia and the seventh largest in the world Through this, the ASEAN region has provided a huge market of US$2.6 trillion and over 622 million people to the region. The AEC Blueprint 2025 has now succeeded the AEC Blueprint (2008-2015).
14.    In the year 1994, its name was changed to the Indonesia-Malaysia-Singapore Growth Triangle (IMS-GT).
15.    “What the world can learn from regional responses to COVID-19” , online accessed from http://www.weforum.org, accessed 20 June, 2020.

Recomonded Articles:

Author(s): Sharad Mishra,

DOI:         Access: Open Access Read More

Author(s): Mallikarjun I. Minch

DOI:         Access: Open Access Read More

Author(s): Jitendra Kumar Premi

DOI:         Access: Open Access Read More

Author(s): Sadaf Nasir

DOI:         Access: Open Access Read More

Author(s): Sukharanjan Debnath, Prallad Debnath

DOI: 10.5958/2321-5828.2018.00120.1         Access: Closed Access Read More

Author(s): Alok Pandey,Chandra Shekhar Dwivedi

DOI: 10.5958/2321-5828.2016.00022.X         Access: Open Access Read More

Author(s): Manjushree Mishra, Ajeya Jha

DOI:         Access: Open Access Read More

Author(s): Abhijit Santra, Saptarshi Mitra, Debasish Debbarma

DOI: 10.5958/2321-5828.2018.00070.0         Access: Open Access Read More

Author(s): Gowsia Bashir, Mir Shahid Satar

DOI: 10.5958/2321-5828.2018.00109.2         Access: Open Access Read More

Author(s): Seema, Jagdeep Singh, Deepak

DOI: 10.5958/2321-5828.2018.00085.2         Access: Open Access Read More

Research Journal of Humanities and Social Sciences (RJHSS) is an international, peer-reviewed journal, correspondence in the fields of arts, commerce and social sciences....... Read more >>>

RNI: Not Available                     
DOI: 10.5958/2321-5828 


Recent Articles




Tags