Over the past few decades, Asia has succeeded in expanding and integrating its regional economy and has established strong linkages with the global financial system. So far, the existing institutions and arrangements have served the region well. But progress of regionalism has remained uneven across subregions and thematic sectors. By most measures, East Asia is more extensively integrated than South Asia, Central Asia, or the Pacific. As a result, across the region, there is serious rethinking and discussion on the institutional framework needed to lock-in the realized gains and support the next steps for enhanced regional cooperation and integration.

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