Economic dimension

There are three main tasks involved in regional economic governance. The first is to stabilize the economic order, especially the financial order. In the current world economy, finance remains the key to all economic systems. Maintaining the health of the regional financial system requires countries to keep positive

Concepts and classifications of national governance 9 interactions with other currencies, like the dollar and euro, to establish a close connection with the International Monetary Fund and the World Bank, to build up regional investment and development banks, to formulate regional financial cooperation institutions and rules, to implement fiscal policies related to good financial order, etc. The second task is the construction of suitable regional trade arrangements. Trade is the key to regional economic cooperation. In terms of its member states, regional trade governance should focus on improving flexibility and liberalization, thus making trade more convenient within the area. Conversely, trade management toward outsiders should pay attention to controllability and enhance market access standards to gain the advantage of trade protection and take the leading position in global trade negotiations. The third task is to improve the operational efficiency of regional economic organizations. This task focuses on whether regional economic organizations have gained a mature decision-making process and cooperation regulations, whether they played a central role in organizing and coordinating regional economic cooperation, and whether they have enough efficiency in law enforcement and arbitration.

Cultural dimension

There are three primary considerations for improving regional strategy on cultural governance. First, it aims at promoting social integration within the area. Cultural roots are the most profound base of a nation’s ideology and represent the soul of a society. Thus, it is necessary to strengthen cultural cooperation to further regional cooperation on the social field. Second, it pursues regional cultural autonomy. Regional governance often takes place in a specific language and cultural circle. Hence, maintaining the survival and development of specific cultural circles will satisfy the vital interest of regional arrangement. The third is the will to protect world cultural diversity. The international society has reached a consensus that world cultural diversity needs to be preserved, which appeals for regions to carry out actions and practices on cultural management. Heretofore, there are three approaches to regional cultural governance. One approach is to launch soft power strategies, which absorb cultural elements into foreign policy-making and implementation. It will improve the quality of regional diplomacy while enhancing the reliability and sustainability of regional cooperation. The second is to support specific projects and actions in the cultural field. And. the last is the collaboration between different social sectors, such as combining cultural development with industrial development.

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