Year : 2020, Volume : 11, Issue : 4
First page : ( 307) Last page : ( 312)
Print ISSN : 0975-6795. Online ISSN : 2321-5828. Published online : 2020  05.
Article DOI : 10.5958/2321-5828.2020.00049.2

Sub-regional Economic Cooperation in ASEAN: Relevance of ‘Growth Triangles’ in the Post-Covid Situation

Singh Meena^1,*, Dr.Associate Professor

¹Motilal Nehru College, (University of Delhi).

*Corresponding Author Email:

Received:  07  ,  2020; :  26  ,  2020; Accepted:  06  October,  2020.

Abstract

In this complex era of globalization almost all countries realize that most of their economic and social problems are cross-border in nature, the solution to which has to be sought by cooperating with each other. It is this recognition that has prompted the national governments to form various regional organizations, such as European Union in Europe and USMCA (NAFTA previously) (A new trade deal between US, Mexico and Canada is replacing the old NAFTA treaty with a new, revised NAFTA, which is now known as the United States-Mexico-Canada Agreement or USMCA. This new trade deal has been signed under the leadership of President Trump of United States of America on November 30, 2018.) in North America as well as SAARC and ASEAN in the Asia-Pacific region. One of their unique response by the Asian region has been in the form of sub-regional economic zones, which are popularly called as the “Growth Triangles”. A very successful example of them in the ASEAN region has been the Indonesia-Malaysia-Singapore Growth Triangle (IMS-GT). The present article aims to throw some light on the process of economic cooperation and integration and assess how relevant these ‘growth triangles’ are in the present context, particularly when most of economies are suffering from the Corona pandemic. The article concludes that it is important for countries to coordinate their subregional growth efforts by taking joint measures for boosting trade and investment flows across the borders for promoting growth and face the socio-economic challenges of the Covid-19 pandemic.

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Keywords

Regional and Sub-regional Cooperation, Regionalism, ASEAN, IMS-Growth Triangle, Covid- 19 Pandemic.

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