Somewhat incongruously, as global economic integration progressed, the trend towards regionalism also strengthened. This paper introduces readers to the contemporary wave of regionalism. It delves into the principle characteristics of the second wave of regionalism, how it is different from the first and what is its texture. It focuses on regionalism in the Asia-Pacific region, which was slow to adopt the concept in its modern form. Outward-oriented economic growth, which was a salient economic feature of several super-achievers among the Asia-Pacific economies, helped in promoting trade and investment including intra-regional trade and investment. Unlike Europe, this trend in Asia was essentially market-led. Institutional arrangements followed market initiatives. Transnational corporations also contributed to expansion of regionalism in Asia. Regionalism of this variety can have a synergy of its own and co-exist with globalism.
Keywords: Regionalization, globalization, second wave of regionalization, Asia-Pacific