Asia, the biggest continent with the biggest population, is the main driving force of the globalization. This year’s conference, entitled “Globalism at a crossroads - Asia's next move”, discussed challenges and solutions for Asia’s future in the globalization process.

Asia taking the lead in integration

A new era of cooperation began in Asia in late 2000s. China’s expanding influence, the signing of Free Trade Agreements, and India’s increasing role in Southeast Asia have affected Asia’s future. Asia’s development has seen the rise of countries like Singapore, now the world’s most dynamic economy, South Korea, now the world’s 11^th largest economy, and China, the world’s 2^nd largest economy, whose amazing growth rate has lifted hundreds of millions of people out of poverty.

In recent years regional economic integration has been enhanced by major FTAs such as the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership. In all, Asia has signed 150 FTAs, 58% of the world’s total cooperative agreements. China has established the Asia Infrastructure Investment Bank, involving almost all Asian countries and many Western countries. China’s “Belt and Road” Initiative has realized its vision for regional cooperation.

India’s presence has been important in mechanisms such as the ASEAN forum, the East Asia Summit, and the ASEAN Defense Ministers’ Meeting Plus. Since 1991 India worked to enhance trade relations with ASEAN countries as part of its “Look East Policy”. ASEAN is India’s 4^th largest trade partner, after China, the EU, and the US.

The establishment of the ASEAN Economic Community was seen as a success of regional trade integration. ASEAN cooperation has removed barriers between countries and expanded their overseas influence. ASEAN is the world’s 4^th largest exporter, accounting for 7% of global export revenue.

Challenges

Opportunities always come with challenges and instability. Territorial disputes, extremism, and nationalism have threatened globalization. Terrorism, missile tests on the Korean Peninsula, tensions in the East China Sea, and the East Sea have generated risks for regional security, and freedom of aviation and navigation. Climate change, epidemics, natural disasters, and cultural intrusion are affecting the traditional values of Asian countries.

At the Conference on the Future of Asia, leaders agreed that countries must work together to maintain peace, prosperity, and stability. Countries should act responsibly on the basis of mutual respect, international law, freedom, and equality, without religious or racial discrimination.