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The Trump administration declared the “Free and Open Indo-Pacific” (FOIP) strategy as the new U.S. policy on Asia in 2017. This new strategy will have far-reaching implications for U.S.-Asia relations and global governance. The FOIP is conventionally perceived to focus on security dimensions. By “free,” the United States expects all countries “to exercise their sovereignty free from coercion by other countries.”1 The qualifier, “open,” is meant to refer to regional connectivity, in particular including freedom of navigation.2 Notably, the economic dimensions of this component also envision “fair and reciprocal trade” and “transparent agreements.”

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This book provides the first systematic analysis of new Asian regionalism as a paradigm shift in international economic law. It argues that new Asian regionalism has emerged amid the Third Regionalism and contributed to the New Regional Economic Order, which reinvigorates the role of developing countries in shaping international trade norms. To substantiate the claims, the book introduces theoretical debates and evaluates major regional economic initiatives and institutions, including the ASEAN+6 framework, APEC, the CPTPP and the RCEP. It also sheds light on legal issues involving the US-China trade war and the COVID-19 pandemic, as well as trade policies of Asian powers, the European Union and the United States. Hence, the legal analysis and case studies offer a fresh perspective of Asian integration and bridge the gap between academia and practice.