Globalization and the increased flows of goods, services, and factors of production across borders brought new challenges such as dealing with cross-border infrastructure, clean energy, environment, natural disaster response, and communicable diseases in Asia and the Pacific. Tackling these cross-border challenges through promoting regional public goods (RPGs), the region would likely benefit further from deepening regional cooperation and integration.
The concept of RPGs draws on the rationale that regional economies share common challenges for development, which can be addressed more effectively and efficiently at a regional level through collective action and cooperation. For example, regionally shared infrastructure, power, water, and health care are essential to take on development challenges, but may not be adequately provided by national governments, given the nature of substantial cross-border externalities.
The role of RPGs is also crucial in achieving sustainable and inclusive growth because of its non-excludable and non-rivalrous properties. RPGs generate economies of scale and have the potential to benefit economies involved with increased trade or investment as well as stable financial flows. Well-established RPGs can help attract private and public investment to the region as a whole.
Amid the increasing importance of RPGs, there is growing demand for comprehensive studies on RPG provision and institutional arrangements that can be delivered in the region. The workshop will help gather ideas and directions on RPG research for leading academics, policymakers, and international organizations to broadly discuss theories, practice, their related issues and policy implications, including political economy, of RPGs provision.