Rethinking Asia-Pacific regionalism and new economic agreements

Abstract

The neoliberal international order is facing a variety of pressing obstacles. One of the most contentious issues is the emergence of new Asian regionalism, which has been driven by the rising economic power of the region and integration based on the Association of Southeast Asian Nations (ASEAN) Plus Six framework. The legalization of the ASEAN way has propelled the New Regional Economic Order (NREO), which reinforces a trade-development nexus alternative to the Washington Consensus and will have far-reaching normative, economic, and geopolitical effects on the world. Given the proliferation of trade and investment initiatives including the ASEAN Economic Community and mega-regional trade agreements, this article investigates the influence of the Third Regionalism on Asian integration and beyond. Additionally, this article envisions the future of new Asian regionalism by uncovering the global and systemic implications of ASEAN and NREO developments.