ERIA Launches ‘The Comprehensive Asia Development Plan 3.0’ at Special Event during the ASEAN Economic Ministers and Related Meetings
Siem Reap, 17 September 2022: Whilst COVID-19 had negative impacts on the economy, it also revealed the resilience of international production networks and has expedited digitalization in the East Asia region. Based on that, the Economic Research Institute for ASEAN and East Asia (ERIA) developed the Comprehensive Asia Development Plan 3.0 (CADP 3.0) to examine regional social and economic developments through the lens of digitalization and with a focus on (i) integration, (ii) innovation, (iii) inclusiveness, and (iv) sustainability.
The CADP 3.0 was launched on the side lines of the ASEAN Economic Ministers’ and Related Meetings at a special event for East Asia Summit officials. Professor Hidetoshi Nishimura, President of ERIA, presented the publication to His Excellency PAN Sorasak, the Minister of Commerce of the Royal Government of Cambodia in the presence of His Excellency Satvinder Singh, the Deputy Secretary General for the ASEAN Economic Community, stating, ‘This publication is the first step toward the further development of regional economies.’
CADP 3.0 comprises 18 original chapters divided into four topic areas: integration, innovation, inclusiveness, and sustainability:
Integration: CADP 3.0 claims that integration is at the core of development strategies. ASEAN and developing East Asia could use three forms of the international division of labour simultaneously. To stimulate economic growth, the region should adhere to globalisation.
Innovation: CADP 3.0 asserts that digital technology has transformed the nature of innovation. ASEAN and East Asia must move from intensive research and development to technology deployment. Combining incremental and disruptive innovation could revive creative manufacturing.
Inclusiveness: CADP 3.0 declares that inclusiveness in its three dimensions – geographical, industrial, and social – is a core value for ASEAN and East Asia. Before resorting to income/welfare redistribution, the region should employ economic forces to achieve inclusiveness wherever practicable.
Sustainability: CADP 3.0 affirms that sustainability must be realised through economic expansion and improved well-being. Decarbonisation, resource management, and disaster management are not just long-term objectives but also present challenges. The use of new technology will facilitate international cooperation in establishing a circular economy.
The CADP 3.0 contains a wealth of valuable information and analysis that can serve as the basis for evidence-based policymaking in the ASEAN and EAS regions.
The Comprehensive Asia Development Plan (CADP) 3.0: Towards an Integrated, Innovative, Inclusive, and Sustainable Economy