Multilateralizing regional trade arrangements in Asia

East Asian economies have grown rapidly over the last four decades, driven by the expansion of international trade and foreign direct investment (FDI). They have now moved toward formal economic integration through bilateral and plurilateral free trade agreements (FTAs). The Association of Southeast Asian Nations (ASEAN) is emerging as the integration hub for FTAs in East Asia, while the People’s Republic of China, Japan, and the Republic of Korea also have formal economic ties with ASEAN, and India, Australia and New Zealand are joining the bandwagon. How can East Asia ensure that the region’s noodle bowl of FTAs can be consolidated into a single East Asian FTA – a stepping stone toward global integration?