Regionalism and the Asia-Pacific Economy: Perspectives and Challenges

The current trends of regional initiatives for economic cooperation in the Asia-Pacific seem favorable, but there remain some problems, such as trade imbalances. that make us uncertain about whether such cooperation will lead to the harmonization of national interests of the diverse economies in the region. It is necessary, therefore, for the Asia-Pacific countries to think seriously about harmonization and coordination of their policies and pinpoint guidelines and initiatives to achieve a better policy to imporve upon the current situation. Of particular important is the common interst these countries share in keeping international trade as open as possible, within the framework of the GATT principle.