Chapter 1 introduces new Asian regionalism as a paradigm shift in international economic law. It discusses three waves of global regionalism with a focus on the Third Regionalism and its unique characteristics. To promote interdisciplinary dialogues, the chapter explores theoretical debates on regionalism and the normative framework of the New Regional Economic Order, which explains the changing North-South relations in the multilateral trading system. In the post-war era, Asian regionalism has been based on the ASEAN-centered regime known as the ASEAN Plus Six framework. Finally, the chapter provides an overview of the structure and objectives of the book.

Fast-growing trade and investment agreements in the Asia-Pacific have attracted tremendous academic and government attention. This book introduces theoretical lenses and assesses major regional economic initiatives and institutions, as well as trade policies of Asian powers, the EU and the United States. Distinct from the conventional country-specific approach to understanding regionalism, the book focuses on the ASEAN Plus Six framework and its international implications. Building on case studies in preceding chapters, this final chapter summarizes key findings and recommendations for the Global South and the multilateral trading system.

On 1 May 1990, during the 18th Special Session on international economic cooperation, the General Assembly passed a resolution supporting a ‘Declaration on International Economic Co-operation, in Particular the Revitalization of Economic Growth in Development of the Developing Countries’. The overarching framework of the Declaration is the ‘strong commitment to a global consensus to promote urgently international economic co-operation for sustained growth of the world economy’ and the revitalisation of economic growth in developing countries after the 1980s, ‘a decade lost to development’. The Declaration was the product of a ‘long and arduous negotiations’ and ‘protracted … discussions’ which, after its adoption, was celebrated as a ‘pioneering landmark in the annals of international economic co-operation’. In retrospect though, it has been all but forgotten.