But regional integration is the only viable way to create scale for your economies.” We absolutely need to move beyond pious statements and seriously pursue what C. Y Thomas calls a model of “Open Regionalism”, based on an outward-looking market-oriented framework in which the private sector is expected to take the lead.
In addition to the liberalization of trade in goods and services, this model involves the free movement of labour and capital, a regional strategic sectoral plan, the adoption of a harmonized investment code and the development of a regional capital market. Greater integration along these lines could be a critical input in improving competitiveness.