MANILA, Feb. 26 — Economic integration in Asia-Pacific "now ranks close" to that of the European Union (EU) in terms of regional value chains and social integration, reported Xinhua quoting a report released by the Asian Development Bank (ADB) on Monday.
Based on the Asia-Pacific Regional Cooperation and Integration Index, the region shows integration comparable to the EU in regional value chains, along with people and social integration, according to the Asian Economic Integration Report 2024.
"The most significant progress is observed in Asia and the Pacific's technology and digital connectivity dimension, driven by the adoption of digital transformation policies by many economies, the pace of which went up during the coronavirus disease (COVID-19) pandemic," the report said.
According to the ADB report, regional integration has become "a crucial buffer against global shocks" and has helped mitigate their negative effects.
While rising protectionism and the risks of global fragmentation compound economic challenges, increased cooperation and investment in connectivity can strengthen economic resilience and provide mutual benefits, the report mentioned.
"Closer dialogue and discussion on regional policies will help Asian economies better meet the challenges and risks of supply chain vulnerability and climate change," it said.
— Bernama
