Masaru Yoshitomi, Dean of ADBI, moderated the seminar

Regional Cooperation Urged Rather than ‘Regionalism’

Regional cooperation should focus on cross-border trade and investment and monetary arrangements rather than trade arrangements. This was the consensus view of the seminar on Regional Cooperation: The Way Forward at the ADB annual meeting. The seminar was led by Dr. Supachai Panitchapakdi, Director-General (Designate) of the World Trade Organization, and Professor Jagdish Bhagwati of Columbia University, Special Advisor to the UN on globalization.

Professor Bhagwati cautioned against the proliferation of regional trade agreements which could diffuse efforts to liberalize global trade. Dr. Supachai and Dr. Robert Devlin of the Inter-American Development Bank emphasized that regional cooperation had been most effective in cross-border investments and the movement of goods and people. Such efforts do not necessarily support regional trade agreements, they said.

Professor Yung Chul Park of Korea University talked on the key role of regional monetary arrangements in supporting IMF-led global efforts to curb liquidity crises caused by speculation in developing countries’ foreign exchange markets.