Conceptual Framework for Growth Triangles

M. Aynul Hasan
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M. Aynul Hasan: Development Research and Policy Analysis Division, UN-ESCAP, Bangkok.

The Pakistan Development Review, 1999, vol. 38, issue 4, 805-822

Abstract: In recent years, while the significance of regional trade and trading blocs within Asia region (AFTA, APEC, ASEAN, SAARC, EAEC, etc.) has gained considerable interest among the policy-makers and researchers alike, tangible accomplishments, in terms of enhanced economic cooperation and trade liberalisation among the trading blocs, are still muted [Thant et al. (1998), p. 23]. Several reasons and problems have been cited for the limited success of these formal trading blocs, particularly in the Asia region, namely: (a) shortage of large volumes of internal and inter-regional trade; (b) absence of complimentary laws and regulations among the trading blocs in managing trade and investment flows; (c) inadequate transport and communication facilities and the lack of geographic proximity among many member countries; (d) presence of income disparities among several member countries may have negative effect on income distribution at the time of adjustments in trade flow; and (e) lack of political commitments and policy coordination among member countries. However, since the late 1980s, a new innovative genre of regional economic cooperation, bridging the differences between regional blocs and international trade, began to surface in the Asia region, which are now commonly known as “growth triangles” or, more appropriately, “growth zones” and they were also considered to be devoid of some of the predicaments noted above for regional trading blocs.

Date: 1999
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