Boao Forum for Asia Progress of Asian Economic Integration Annual Report 2013 Released

In 2012, the process of economic integration in Asia was significantly accelerated.

It is observed that Asia’s self-dependency on commodity trade increased from 53.1% in 2007 to 53.4% in 2009, further to 54.9% in 2010, while contracted slightly to 54.1% in 2011. And the ratio of Asia’s self-dependence on direct investment increased from 23% in 2008 to 29% in 2011. It is found that Asian investment gave certain degree of priority to own region, irrespective of from the point view of host or home economies. One prominent feature of the Asian tourism was still the Asian Tour. Specifically, more than 80% of inbound tourists for most major economies were from other Asian economies, and showed an upward trend. Moreover, it is observed that the self-dependence of merchandise trade in Asia is lower than that in European Union (27), but much higher than that in NAFTA. In one word, the self-dependence of trade in Asia reaches a relatively high level, but there is still potential to further development.

In summary, due to many uncertainties, the Asian economies experienced fluctuations in international trade and investment, while maintained high degree of dependence on trade and investment in 2012. This typical feature is an important foundation of the Asian economic integration. Several ongoing important FTA negotiations will accelerate the process of economic integration in Asia.

Looking into 2013, global economy is not optimistic. Hence, it is important for the Asian economies to intensify the efforts to cooperate at a regional level. There is a need to continue the cooperation to expand the region’s internal demand faced with the sagging state of external demand. It is also important to fully utilize the giant regional trade agreements to enhance the Asian production network, and to coordinate on the region’s future integration route to improve the quality of regional economic cooperation. Moreover, the GMS serves as an example of economic cooperation via specific economic projects, which contributes to the Asian integration process.

This year’s report represents the continued efforts by the Boao Forum for Asia to provide updated information and views on the progress of Asian economic integration. We hope that the report will stimulate more discussion and ideas on this topic. The aim is to improve welfare of the people in the region through better economic integration in Asia, and hence achieve economic prosperity and long-term peace.

Download: Progress of Asian Economic Integration Annual Report 2013 Part 1

                     Progress of Asian Economic Integration Annual Report 2013 Part 2

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