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In this report, we shall explore the reasons for the shift from multilateralism to bilateralism, which is rapidly emerging in the wake of the 1997-98 economic crisis and we shall also focus upon the role of regionalism in East Asia in recent years.
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Chapter 1: Introduction Since the 1997-98 financial crisis, a new trade arrangement has begun to emerge in East Asia that represents a clear break from the region's strong history of multilateralism. The countries of East Asia are now giving more attention to ways of expanding intra regional trade that include the establishment of regional trade agreements; plans to establish a free trade area involving the economies of ASEAN and China; as well as moves towards bilateral trade agreements. Such a development is important given that an export-led growth and development strategy has provided the platform for the region's remarkable and prolonged period of high and sustained economic growth since the 1960s. Thus this trend towards bilateralism and the new regionalism, the motivations behind them, their impacts upon the region, their future evolutions and prospects are of profound regional and also global significance. Therefore in this report, we shall explore...
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