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To browse Academia. Biedenkopf, Katja. Leuven and Seoul. Patricia A. Nelson , Gauri Khandekar. Asia has considerably increased its regional share on world GDP over the past decade, and this trend is expected to continue.
It has become the most dynamic region in international trade and the rapid industrialisation of the area can potentially impact the Asian pattern of trade: a doubling of the share of manufactures in world exports is predicted by , while the share of primary products in world imports is expected to rise.
Moreover, regional participation on global value chains GVCs has substantially expanded, with China playing a leading role. The European Union is among the most important partner for Asian countries in these GVCs, but it has been generally less active in cultivating economic ties in the area compared to large countries in the region and to the USA.
The growth of preferential trade agreements is likely to continue in the future, given the centrality of Asia in the world markets.