asian integration and implications for global growth
TRANSCRIPT
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EL I``GoGEH Q}KHGoESGIL I` SnM E_GEL CMPMHIQJMLS KELD x ;151
E_GEL GLSMb{ESGILELC GJQHGoESGIL_`I{ bHIKEH b{IrSn
3?{c Ell}eh Jmmglb i` nm Kie{ci` Bipm{li{s( Sesndml( ]vkmdgsel
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;151 Legileh E}s{ehge Keld Hgjgmc EKL 5; 113 133 7?2 E@_H ;?10>0 JOE1?51,
JGLCGLB
WI][K]_GLM__,Legileh E}s{ehge Keld Hgjgmc dlirs nir i jglc wi}{ k}sglmss kmoe}sm gs
i}{s ii, I}{ E}s{ehesgel m~qm{gsm elc bhikeh {meon jmels lelogeh glsg}gils
`{ij E}s{ehge( Esge( Lmr Vmehelc( M}{iqm elc nm ]_ oel nepm e oijjgmc qe{lm{`i{ ehh {elseogils, @{ij sgjqhm oesn jelebmjml( ri{dglb oeqgeh sm{pgoms( {gsd
jelebmjml n{i}bn i s{}o}{mc( o{mcg elc oeqgeh je{dms sih}gils }{l i
Legileh E}s{ehge Keld,
Rm dlir wi}{ k}sglmsskmoe}sm rm dlir i}{ k}sglmss,
On{gs @isdm
Bhikeh Nmec @GB Kelds elc Cgpm{sgmc @glelogehs
;3= Qe{d Epml}m( ;>n @hii{ Lmr Wi{d( LW 51502S6 $5 ;5; 750 7==5 M6 on{gsiqnm{,`isdmAleklw,oij
Elc{mr Rghhgejsil
Nmec i` Kelds & Cgpm{sgmc @glelogeh Glsg}gils( E}s{ehge
Hmpmh ;3( ;== Bmi{bm _( _wclmw
S $05 .1'; 7;?2 5073 M6 elc{mr,rghhgejsilAlek,oij,e}
Oileo }srrr,rnihmsehm,lekb{i}q,oij
rrr,lekesge,oij
Nire{c On}g
Nmec i` @glelogeh Glsg}gils( Esge
Hmpmh ;2( Ilm Qeogo Qheom( >> U}mmlsrew( Nilb DilbS $>=; ;>;; 7>== M6 nire{c,on}gAlekesge,oij
Gel B{g`l
Cg{moi{( @glelogeh Glsg}gils B{i}q( Kelds & C@Gs
>> Riic _{mm( Hilcil MO;P 2UU
S $33 .1';1 2251 ;35= M6 gel,b{g`lAm},lekb{i}q,oij
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;151, Snm mlg{m oilmls i ngs q}khgoegil e{m q{imomc kw oiqw{gbn, Ehh {gbns {msm{pmc, Li qe{ i ngs q}khgoegil jew km {mq{ic}omc( si{mc
gl e {m{gmpeh swsmj( i{ {elsjgmc gl elw i{j i{ kw elw jmels6 mhmo{ilgo( jmonelgoeh( qniioiqwglb( {moi{cglb i{ inm{rgsm( rgni} nm q{gi{
qm{jgssgil i nm q}khgsnm{, Snm pgmrs elc iqglgils m~q{mssmc kw glcmqmlcml e}ni{s elc oil{gk}i{s gl ngs q}khgoegil e{m q{ipgcmc gl nm
r{gm{s qm{sileh oeqeoggms elc e{m nmg{ sihm {msqilsgkghgw, Snmg{ q}khgoegil cims li gjqhw ne nmw {mq{msml nm pgmrs i{ iqglgils i nm Esgel
Cmpmhiqjml Keld i{ Lmrscmsd Jmcge Glo, elc j}s lmgnm{ km {mbe{cmc es oilsg}glb ecpgom il elw jem{ rnesimpm{( li{ km glm{q{mmc es
s}on, Ecpm{gsglb i elw sqmogo oijjm{ogeh q{ic}o( q{iomss( sm{pgom kw {ecm lejm( {ecmje{d( jel}eo}{m{( i{ inm{rgsm( gl ngs q}khgoegil
cims li oilsg}m i{ gjqhw ECKs mlci{smjml( {moijjmlcegil( i{ epi{glb i elw i nm q{ic}o i{ nm mlgw nm{mi, Snm {mq{ic}ogil i
ecpm{gsmjmls gl ngs q}khgoegil cims li gl elw rew gjqhw mlci{smjml kw Lmrscmsd Jmcge Glo i q{ic}os i{ sm{pgoms {mm{{mc i nm{mgl
Q}khgsnm{ Ell U}il
B{i}q Mcgi{geh Cg{moi{ Oheg{m Jel}mh
M~mo}gpm Mcgi{ M{go Nmehw
Mcgi{*gl*Ongm @hiwc Rnehmw
Jelebglb Mcgi{ He}{ml [ism*_jgn
_}k*Mcgi{s Lgod Bi{cil
_ejelne B}m{{glg
B{i}q E{ Cg{moi{ Cepgc Oiiqm{
E{ Mcgi{s Lgodw Jeo{i
Fejms Rngm
Veo Oesmw
B{i}q _ehms Cg{moi{ Elc{mr Nire{c
_ehms Jelebm{ Fejms Finlsil
_ehms M~mo}gpms Cepgc Ejis
Bm{ehcglm [i}~
Ehm~ _jgn
Ohgml [mhegils Cg{moi{ Leehgm Ohm}{
Pgom Q{msgcml K}sglmss Cmpmhiqjml Jewsiil Degklg
Cmq}w Ongm M~mo}gpm N}bn [ikglsil
Q}khgsnm{ elc Ongm M~mo}gpm Ehel _qmlom
Qgo}{ms6 Esgel Cmpmhiqjml Keld( Oi{kgs( Bmw( QE Qniis( [m}m{s,
Oipm{ gjebm6 Qe}h _i}cm{s)Oi{kgs
Q{glmc kw I{gmleh Q{mss .]D' Hc
G_KL6 72>*5*710731*5>*>
Q}khgsnmc kw6
Snm Esgel Cmpmhiqjml Keld
0 ECK Epml}m(
Jelceh}wilb Ogw 5==1( Qnghgqqglms
Smh6 $0?; 0?; 3333
rrr,eck,i{b
Gl qe{lm{sngq rgn6
Lmrscmsd Jmcge Glo,
211 5;n _{mm( LR( _}gm 211
Resnglbil( C,O, ;111=
Smh6 $5 .;1;' 713 ;3;?
@e~6 $5 .;1;' 713 ;3;3
rrr,lmrscmsdjmcge,oij
Lmrscmsd Jmcge B{i}q q}khgsnms e rgcm {elbm
i k}sglmss elc o}sijm{ q}khgoegils, @i{}{nm{ gli{jegil qhmesm oileo Ehel _qmlom(Ongm M~mo}gpm I`om{ i{ Jewsiil Degklg(Pgom Q{msgcml K}sglmss Cmpmhiqjml,Lmrscmsd Jmcge Glo, gs e jmjkm{ i nmLmrscmsd Jmcge B{i}q i oijqelgms,
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OILSMLS
GLS[IC]OSGIL
55 Ne{}ngdi D}{iceQ{msgcml i nm Esgel Cmpmhiqjml Keld(
Oneg{jel i ECKs Kie{c i Cg{moi{s
5= [}sej Evgjip @g{s Cmq}w Q{gjm Jglgsm{ elc
Jglgsm{ i @glelom( [mq}khgo i]vkmdgsel( elc Oneg{ i nm Kie{c iBipm{li{s i nm ECK
;5 Iqqi{}lggms enmecRmhoijm i nm 3?{c Ell}eh Jmmglb
i nm Kie{c i Bipm{li{s i nmEsgel Cmpmhiqjml Keld
BIpM[LI[_ JM__EBM_
;? B}c{}l DiqqBipm{li{ i{ Bm{jelw gl nm ECK
;2 Q{elek J}dnm{fmmBipm{li{ i{ Glcge gl nm ECK
?? ^gm ^}{mlBipm{li{ i{ nm Qmiqhms [mq}khgo i
Ongle gl nm ECK
?= Fiedgj _wjlmBipm{li{ i{ _rmcml gl nm ECK
?2 Di{l OnegdepelgfBipm{li{ i{ Sneghelc gl nm ECK
?7 Lmeh RihglCmq}w _mo{me{w( ],_, S{mes}{w
G__]M_ `EOGLB E_GE ELC SnM QEOG`GO
3? Q{ijiglb nm ?[s[mc}om( [m}sm(elc [mowohmO{meglb {msi}{om*mogml moilijgms elc
vm{i*resm oggms
3> Esge elc nm Qeog`o ri{dglbibmnm{ i s{mlbnml nmbhikeh moilijwEl glmb{emc Esge elc Qeogoselcs nm kms onelom i q{ijiglb
gloh}sgpm b{irn c}{glb nm bhikehmoilijgo cirl}{l
=> @glcglb nm bhikeh nm{jiseEsge elc Qeogo legils e{m cmpmhiqglbs{embgms i nmec i` e ohgjemonelbm cgsesm{
03 E qen i} i nm riicsEs Esge hiids kmwilc nm bhikeh moilijgoo{gsgs( legils e{m {mcmlglb nmg{ b{irn
elc cmpmhiqjml s{embgms
3>=>
>1
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OILSMLS_
ECK GL SnM _QIShGBnS
25 ECKs ngsi{w i sm{pgom@i}{ cmoecms ri{dglb gl Esge elc
nm Qeogo
23 Oeehwvglb glpmsjmlECKs qe{lm{sngqs rgn nm q{gpemsmoi{ e{m e qirm{}h iih i{ }lcglb{msqilsgkhm cmpmhiqjml
22 _{embw ;1;1S{elsi{jglb nm EsgelCmpmhiqjml Keld i {msqilc i e
onelbglb {mbgil
>1 Jmnelm6 {ij qihh}gili sih}gilEl gllipegpm q{ifmo gl nm Qmiqhms
[mq}khgo i Ongle gs gjq{ipglb nmmlpg{iljml elc nm moilijw
>? Sedglb oe{m i ejghgms@ejghw nmehn omlm{s gl Sefgdgselk{glb oe{m i {}{eh oijj}lggms
>= Q}glb nm Qnghgqqglms gl nmes helmECKs s}qqi{ i{ nm {mlipegil ie ngbnrew li{n i nm Qnghgqqglmsoeqgeh i Jelghe nes {elsi{jmc nme{mes moilijgo helcsoeqm
>> Jmes}{glb i{ s}oomssE lmr {mpgmr swsmj i{ jmes}{glb
ECKs m`mogpmlmss gs qepglb nm rewi{ e ji{m ohgml*io}smc({ms}hs*c{gpml i{belgvegil
]vKMdG_SEL ELC OMLS[Eh E_GE
GL SnM _QIShGBnS
71 Oml{eh Esge [mbgileh Moilijgo
Oiiqm{egil q{ib{ej qe{lm{sngq
snirglb {ms}hsSnm Oml{eh Esge [mbgileh MoilijgoOiiqm{egil q{ib{ej gs k{glbglb ibmnm{
nm cgpm{sm legils i Oml{eh Esge
73 ECK q{ifmos hgld nm legils iOml{eh EsgeQ{ifmos gl Oml{eh Esge oipm{ {ecm({elsqi{( mlm{bw( elc e k{iec {elbmi inm{ smoi{s
77 ]vkmdgsel e nm nme{ iOml{eh EsgeSnm Oi}l{ws jelw essms jedm geqqmehglb i e rgcm {elbm i glpmsi{s
^^
>=
71
>>
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K}ghcglbs
Oijj}lgoegils
Mc}oegil
Mlm{bw
Mlpg{iljml
Nmehn
Glc}s{w
Glm{legileh cmpmhiqjmlIgh elc bes
S{elsqi{
]{kel cmpmhiqjml
Rem{
HMECGLB SNM REW @I[ E
_]_SEGLEKHM @]S][ME Ji JeoCilehc rm e{m eccglb peh}m il e nis i` Esgel Cmpmhiqjml Keld `}lcmc q{ifmos
n{i}bn s}seglekhm sih}gils elc gllipegpm gcmes, Rm }sm i}{ bhikeh m~qm{gmlom elc
q{i`mssgileh m~omhhmlom i gjqhmjml he{bm*soehm }{kel gl`{es{}o}{m q{ifmos mloijqessglb
rem{ s}qqhw( c{eglebm( sihgc resm( {iecs( selgegil elc oijj}lgw k}ghcglbs, Rm k{glb kms
q{eogom( o}glb mcbm sih}gils elc nihgsgo ngldglb i meon q{ifmo elc gs cmpmhiqjml( i
I}{ j}hgcgsogqhgle{w oeqekghgw i{ }{kel gl`{es{}o}{m q{ifmos i` pe{wglb sgvm elc oijqhm~gw(
oipm{ nm oijqhmm sqmo{}j i` sm{pgoms {ij q{ifmo cmsgbl( oilomq}eh qhellglb( siogeh
essmssjml elc sedmnihcm{ elehwsgs( sgm qhellglb( jesm{ qhellglb( cmeghmc mesgkghgw s}cgms(
}{kel {mf}pmlegil elc {mbmlm{egil i cmeghmc mlbglmm{glb( oils{}ogil s}qm{pgsgil elc q{ifmo
jelebmjml,
rrr,jijeo,gl
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SM[E Glm{legileh B{i}q( Glo, m~q{mssms re{j b{mmglbs i ehh qe{gogqels
gl nm ECKs 3?{c Ell}eh Jmmglb gl Sesndml, Rm eqq{mogem nepglb nm
iqqi{}lgw i oil{gk}m i}{ m~qm{gsm i ECK eogpggms `i{ cmpmhiqjml
gl ehh OE[MO jmjkm{ oi}l{gms elc inm{s( gloh}cglb Kelbhecmsn( Hei QC[(
elc _{g Helde, G res el nili{ i{ SM[E i essgs gl nm cmpmhiqjml i` nm
OE[MO S{elsqi{ elc S{ecm @eoghgegil _{embw elc Eogil Qhel( kesmc il
rngon ECK gs gjqhmjmlglb e rgcm {elbm i` q{ifmos n{i}bni} nm OE[MO
{mbgil, Rm rgsn wi} e s}oomss`}h jmmglb elc hiid i{re{c i oilgl}glb i
ri{d ibmnm{ gl k}ghcglb e q{isqm{i}s elc s}seglekhm }}{m i{ Esge,
?= wme{s i` oilsgsml qm{`i{jelom
Ji{m nel ?11 q{ifmos ri{hcrgcm
L}jm{i}s ECK q{ifmos gl nm st{s
cmoecm i` nm Jghhmllg}j
SM[E Glm{legileh B{i}q( Glo,
Oi{qi{em i om6 _m{hglb( Pg{bglge( ]_E
Qm{jelml i oms6 Kmgfglb( Q[O4 Jelghe(
Qnghgqqglms4 Gselk}h( S}{dmw4 Kgsndmd(
Dw{bwv [mq}khgo4 ]heelkeee{( Jilbihge
M*jegh6 gl`iAm{egl,oij
Smonlgoeh
Essgselom
C}m Cghgbmlom
@mesgkghgw _}cgms
Qhellglb & Cmsgbl Oils{}ogil
_}qm{pgsgil
Oeqeogw
Cmpmhiqjml
& S{eglglb
rrr,m{egl,oij
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@I[MRI[
E {MbGIL I`
_S{MLbSn ELC{M_GHGMLoM
b{ir elc q m {mbgils seghg e {gsd,Sm bhieh {gsgs es eccmc i m ehhmlbms
elc sm ed q{ib{mss il egmglb m Jghhmllgj Cmmhiqjml Biehs, Ss( es m {mbgilmjm{bms il m qe i {mim{( g js ri{de{c i s{mlbml gs {msghgmlm i {m {gsms
elc q{ijim m sseglmc gb b{ir e gsmssmlgeh i{ qim{ {mcgil,
Dm i gs gs e {mehelglb i b{ir ire{c
ji{m cijmsg ilsjqgil elc ji{m {ecmrggl m {mbgil, Esgeelc m ri{hcesmlmmc {mjmlcish {ij m iqml {mbgilehgsj b{ir jicmh rm{mgl {mbgileh ehm egls
em q{icmc leh q{ics i{ m~qi{ i ji{mecelmc ri{hc je{dms, Sgs iqml {mbgilehgsjlmmcs lir i m ijqhmjmlmc jmes{ms erghh ehhir Esge gsmh i m e b{mem{ ilsjm{ i
gs irl biics elc sm{gms,E m cijmsg hmmh( Esgel il{gms lmmc i
cmmhiq qihggms elc s{mlbml sigeh sem lms
i q ji{m {msi{ms gl m elcs i glcggcehs( ejghgms( sjehh elc jmcgjsgmc mlm{q{gsms._JMs'( elc sm{gm glcs{gms em{glb i cijmsg cmjelc
Im{ m hes ri me{s( Esge( hgdm m{ms i m ri{hc( es mml em{mc
m bhieh milijg cirl{l(rg cmmqh emmc gs m~qi{glb
milijgms, Rghm m {gsgs gs li m im{( Esge(es e rihm( es mbl i mjm{bm elc sihc siil
{m{l i meh {ems i b{ir, Gl e( g gsEsges ugd {milc e gs hmecglb m ri{hc ii bhieh {mmssgil,
Sm{m gs( irmm{( li {iij i{ ijqheml,Cmsqgm cmecms i {eqgc milijg elc sigehq{ib{mss( m Esge elc Qeg {mbgil gs sghh ijmi m jefi{g i m ri{hcs qii{, Rgcm cgsqe{g
gms gl glijm elc hgglb selce{cs qm{sgselcglcmmc e{m b{irglbi rggl Esges cmmhiqglb milijgms elc ejilb mj, Emss i {ggehqhg sm{gms s es hmel rem{( q{iqm{ selge
gil( q{gje{ meh e{m( elc esg mcegil gscmlgmc i jghhgils i m {mbgils qmiqhm, Qidmsi m~{mjm qim{ m~gs gl {{eh elc {el e{mes
ehgdm, Sm hiijglb {me i hgjem elbm rghhm~em{em msm q{ihmjs( rg ecm{sm mmsil rem{( iic( mh( elc hgmhgiics, @egh{m iecc{mss msm jefi{ ehhmlbms rghh ejqm{ {m
J, ne}gdi D}ice
Q{msgcml i` nm EsgelCmmiqml Keld
Oneg{el i` ECKsKie{c i` Cg{moi{s
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@I[MRI[C
RM E[M _S[MLBSnMLGLB
I}[ QE[SLM[_nGQ_ RGSnISnM[ CMpMHIQJMLS
GL_SGS}SGIL_( oIJJ}LGSw*
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SnM Q[GpESM _MoSI[
E m {mbgileh hmmh( Esgel elc Qeg il{gmsem m elim{ jefi{ ehhmlbm( elc e sgblgel
iqqi{lgi emhm{em {mbgileh iiqm{egilelc glmb{egil i egmm mg{ se{mc qimlgehelc ijjil esqg{egils, Si ci gs rghh {mug{me{c ri{d il jel {ils( {ij gjq{iglb qs
geh illmgg i {mjiglb e{{gm{s i gl{e{mbgileh {ecm( qe{ghe{h mglcmi{cm{isehms i {mm{ {ecm gl biics elc sm{gms,
E sglbhm( {mbgilrgcm {mm {ecm eb{mmjml( i{ m~ejqhm(rihc mli{ebm
qe{ggqegil {ijhirglijm il{gms elc {mcm{ecm{mhemc sglmss
iss( qe{ghe{hi{ _JMs, Esge ehsilmmcs i gjq{im m
glmsjml hgjem(s{mlbml cijmsg lelgeh je{dms( elcsqqi{ m msehgsjml i {mbgileh eqgehje{dms i mm{ eq elc jighgm m {mbgils
ejqhm {msi{ms,Sm Esge elc Qeg {mbgil es gjm elc
ebegl q{iml i m e {mbgil i b{me s{mlb elc{msghgmlm, nir g elchms gs sselgeh ehhmlb
ms es g mjm{bms {ij m bhieh {gsgs rghh emel gjqe li ilh il glcggceh il{gms elcm {mbgil gsmh ehsi il m ri{hc e he{bm
ECk gs {jh ijjgmc i mhqglb m {mbgiljelebm gs ehhmlbms elc egmm gs esqg{egilsi{ cmmhiqjml,
I{ _{emb ;1;1 q{igcms m {ejmri{d(
rg el mjqesgs il glhsgm milijg b{ir(mlg{iljmlehh sseglehm b{ir( elc {mbgileh iiqm{egil elc glmb{egil, G gcmlgms
m q{gem smi{( biic bim{lelm( bmlcm{mug( dlirhmcbm elc qe{lm{sgqs es dm c{gm{s
i elbm( elc ismsi{ glmsjmls gl
gl{es{{m( mlg{iljml( {mbgileh iiq
m{egil elc glmb{egil(lelm smi{ cmmhiq
jml elc mcegil,Rg sgblgelh
gl{mesmc {msi{ms(
i{ eqeg i sqqi{m {mbgils cmmhiqjml es m~qelcmc
c{ejegehh, Rm e{m s{mlbmlglb i{ qe{
lm{sgqs rg im{ cmmhiqjml glsggils(ijjlgesmc i{belgegils elc m q{gemsmi{ i hmm{ebm ji{m lelglb elc m~qm{gsm(elc i mhq ghc eqeg ejilb ehh qe{lm{s i{
m {mbgils cmmhiqjml,G ej b{emh i ehh ri em il{gmc mg{
gmrs gl gs ihhmgil i e{ghms( rg {m`ms
sijm i m gssms e rghh m cgsssmc c{glbi{ Elleh Jmmglb m{m gl Sesdml
ECK Q[M_GCMLS
NE[]NGDI D][ICE
pG_GS_ E _MOILCE[w
_ONIIh GL pGMS LEj
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Jedm wi}{ rew n{i}bn nm si{j rgn B}w Oe{qmlm{,
nm glc}s{ws iq q{i`mssgilehs( jis ecpelomc iihs elc
mhgekhm elehwgos kmm{ mu}gq wi} i `eom icews onehhmlbms(
i wi} oel smgvm mpm{w iqqi{}lgw elc jipm oil`gcmlhw
ire{cs e k{gbnm{ }}{m, Oileo wi}{ B}w Oe{qmlm{ k{idm{
{ pgsg BOOeqgehGcmes,oij,
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]lhiodglb ]vkmdgsel
]vkmdgsel oilegls sijm i` nm jis
q{ijgsglb glpmsjml iqqi{}lggms gl nm ri{hc(
elc sijm i` nm jis sekhm oilcggils gl nm
OG_, Nirmpm{( es rgn ehh mjm{bglb je{dms( nm
dmw i s}oomss`}hhw }lhiodglb nm }qsgcm gs
m``mogpmhw i oipm{ nm cirlsgcm,
Li gls}{elom oijqelw gs kmm{ qheomc i i``m{
wi} qihggoeh {gsd gls}{elom `i{ glpmsjml gl elc
{ecm rgn ]vkmdgsel nel e K{ggsn {mbgsm{mc
oijqelw sqmogehgvmc il qihggoeh {gsds gls}{elom
ilhw * ]vkmdglpms Glm{legileh Gls}{elom
Oijqelw Hgjgmc,
]vkmdglpms Glm{legileh Gls}{elom Oijqelw
nes eoomss i kin }l{gpehhmc hioeh dlirhmcbm
elc }lqe{ehhmhmc glm{legileh m~qm{gsm, Es
s}on g gs nm pgeh dmw i }lhiodglb s}oomss`}h
glpmsjml gl ngs {mje{dekhm je{dm,
]vkmdglpms Glm{legileh Gls}{elom Oijqelw HgjgmcSnm One{gs K}ghcglb( => @mlon}{on _{mm( Hilcil MO?J 3EKSmh6 $33 .1';1 27=3 >?72 @e~6 $33 .1';1 27=3 >>2; rrr,}vkmdglpms*hilcil,oij
]vkmdglpms Glm{legileh Gls}{elom Oijqelw Hgjgmc gs e}ni{gsmc elc {mb}hemc kw nm @glelogeh _m{pgoms E}ni{gw .@_E li,6 ;1;7;?',[mbgsm{mc gl Mlbhelc6 oijqelw l}jkm{ ;772>3=,
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I[MRI[
RMHoIJM SISE_nDMLS
Snm cmogsgil nm ECK Kie{c i Cg{moi{s
jecm ngs me{ i hmlc ]vkmdgsel #, kghhgili lelom gjqhmjmlegil i s{embgo q{ifmosgloh}cglb oils{}ogil i {mbgileh jii{res(jicm{lgvegil i nm mlm{b smoi{ elc cmpmhiq
jml i jgo{ileloglbgs mpgcmlom i nm ngbnhmpmh i i}{ oiiqm{egil, ECKs qi{ihgi i lelogeh essgselom i ]vkmdgsel nes n}s glo{mesmc i
#, kghhgil,Snm ECKhmc {mbgileh oiiqm{egil q{ib{ej
gl Oml{eh Esge nes {meonmc e lmr sebm rgn nmeogpm gjqhmjmlegil i ECKs {mbgileh q{if
mos egjmc e s}qqi{glb nm cmpmhiqjml i nm{mbgils sems( elc jis gjqi{elh( nm {moipm{ i nm siogeh elc moilijgo gl{es{}o}{mi Ebnelgsel,
Snm hmecm{sngq i ]vkmdgsel nes oilsgsmlhgjqhmjmlmc jmes}{ms i s}qqi{ ECK glggegpmselc q{ifmos il nm moilijgo cmpmhiqjml i
Ebnelgsel, E nm {mu}ms i ECK( nm [mq}khgoi ]vkmdgsel nes eb{mmc i nm oils{}ogil inm _}{dnelLegkekecDek}h {elsjgssgil hglm(n}s glo{mesglb nm mgsglb {elsjgssgil oeqeo
G gs e b{me nili{ elc qhmes}{m i{ ]vkmdg
sel i nis nm Esgel Cmpmhiqjml Kelds.ECK' {s mpm{ Ell}eh Jmmglb i nmKie{c i Bipm{li{s gl Oml{eh Esge, G gs e
sgblgoel mpml kin i{ ECK jmjkm{ oi}l{gms
elc i{ nm ri{hc oijj}lg, Il kmneh i nmqmiqhm elc Bipm{ljml i ]vkmdgsel( G ri}hchgdm i rmhoijm j mhhir Bipm{li{s i nm ECK(
nm cmhmbems i nm Kelds 02 jmjkm{ oi}l{gms(iksm{pm{s {ij j}hghem{eh i{belgvegils( jmcge{mq{msmlegpms elc inm{ cgsglb}gsnmc b}mss,
Snm jmmglb oil{js elc s{mlbnmls nm
sihgc {mhegilsngq kmrmml ]vkmdgsel elc nmECK( rngon kmbel gs cmpmhiqjml qe{lm{sngqgl , Cmsqgm nm oilgl}glb ri{hc lelogehelc moilijgo o{gsgs( ]vkmdgsel gs mqm{gmloglb
e clejgo moilijgo {elsi{jegil ne gs {mcmlglb gs {ihm gl nm {mbgil elc e{i}lc nm ri{hc,Snm [mq}khgo nes kmml s}oomss}hh gjqhmjml
glb gs elgo{gsgs q{ib{ej elc s{}o}{eh {mi{js}lcm{ nm b}gcelom i Q{msgcml Gshej De{gjip,Snm ECK nes kmml e s{ilb elc hesglb qe{lm{ glngs q{iomss
C, {}ej Egjip
g{s Cmq} Q{gjm Jglgsm{elc Jglgsm{ i glelom([mq}kgo i ]kmgsel(elc Oeg{ i m Kie{ci Bim{li{s i m ECK
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I[MRI[C
g gl i{cm{ i s}qqh Dek}h rgn mhmo{go qirm{ ni}{s e ce, ]vkmdgsel nes kmml e qe{lm{ i
ECK gl nm oils{}ogil i nm {s {egh{iecgl Ebnelgsel il nm Ne{eilJeve{m_ne{g{i}m, Snm oils{}ogil elc }ghgvegil inm {egh{iec rghh oil{gk}m i siogeh elc moilij
go cmpmhiqjml elc s{mlbnmlglb sekghggl Ebnelgsel,
Snm Bipm{ljml i ]vkmdgsel elc nm ECK
sne{m nm bieh i {mc}oglb qipm{ elc gjq{ipglbqmiqhms hgpms, Snm ri{d rm ci e ngs jmmglb gspgeh i }{nm{glb ngs bieh,
Gl eccggil i nm iogeh q{ib{ej( elc gjqi{
el k}sglmss i nm jmmglb( rm niqm nm benm{glb rghh sm{pm es e i{}j i{ nm cgso}ssgil inm moilijgo( siogeh elc cmpmhiqjml gss}ms
eoglb Oml{eh Esge(
elc nm Esge elcQeogo {mbgil es ernihm( elc gjqhm
jmlegil i elgo{gsgs q{ib{ejs inm {mbgils sems enm gjm i oilgl}
glb ri{hc o{gsgs, Snm cgpm{sm qe{gogqels i nmjmmglb im{ el gjqi{el iqqi{}lg i k}ghc
elc s{mlbnml {mhegilsngqs ejilb nm jelsmoi{s i siogm glpihpmc,
Ehilb rgn iogeh mpmls( nm ]vkmdgselI{belgvglb Oijjgmm nes q{mqe{mc e o}h}{eh
mpmls q{ib{ej i bgpm Ell}eh Jmmglb qe{gogqels elc b}mss nm iqqi{}lg i eou}eglnmjsmhpms rgn ]vkmdgsels o}h}{eh nm{gebm
elc ngsi{goeh jil}jmls( gloh}cglb nm }lgu}me{ongmo}{m i elogml Sesndml( _eje{delc(K}dne{e( elc Dngpe,
Snm jmmglbs nis og( Sesndml( gs eji}s es
ilm i nm ri{hcs sogmlom elc o}h}{eh omlm{s,Snm Eoecmjgo Iqm{e elc Kehhm Snme{m e{m e{ongmo}{ehh }lgu}m s{}o}{ms( rnghm Snme{goeh_u}e{m im{s jmmglb qe{gogqels e qheom i {mhe
elc mlfi nm ejkgmlom i ngs ngsi{go og,Hm jm ilom ebegl rmhoijm ehh qe{gogqels i
nm {c Ell}eh Jmmglb i nm Kie{c i Bipm{
li{s i nm ECK, G niqm i} mlfi i}{ kme}g}hoi}l{ elc k{glb ilc jmji{gms i i}{ mqm{gmloms nm{m i i}{ oihhmeb}ms( {gmlcs elc ejghgms e nijm
SNM BIPM[LJMLS I@
]VKMDG_SEL ELC SNM
ECK _NE[M SNM BIEH I@
[MC]OGLB QIPM[Sw ELC
GJQ[IPGLB QMIQHM_ HGPM_
SnM ]vKMdG_SEL
I[BELGvGLBOIJJGSSMM nE_Q[MQE[MC E
O]hS][Eh MpMLS_
Q[IB[EJ I[QE[SGOGQELS_ ELCB]M_S_ I SnM ECK
ELL]Eh JMMSGLB
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@GMHC I@ M^QM[SG_M6
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CME[ QE[SLM[_ ELC OIHHMEB]M_
Snm iqml figl*siod oijjm{ogeh keld ]vkmd Glc}s{geh elc Oils{}ogil Keld gs ilm
i` nm hmecglb }lgpm{seh oijjm{ogeh kelds i` nm [mq}khgo, G leloms he{bm glpmsjml
q{ifmos gl smoi{s s}on es igh elc bes( elc nm mlm{bw elc onmjgoeh glc}s{w, G ehsi
q{ipgcms e rgcm {elbm i` keldglb sm{pgoms i sjehh*soehm elc q{gpem k}sglmss, Snmkeld gs kmoijglb glo{mesglbhw glpihpmc gl he{bm*soehm s{}o}{eh {els`i{jegils( elc
glpmsjml q{ifmos il jicm{lgvegil( monlgoeh elc monlihibgoeh {m*mu}gqjml i`
glc}s{w( s}qqi{ elc lelogeh gjq{ipmjml i` mlm{q{gsms( elc cwlejgo glo{mesm i`
{msi}{om kesms, Oilselhw msoeheglb glpmsjml qimlgeh( ngbn hmpmhs i` oeqgehgvegil(
elc cgpm{sgoegil i` lelogeh {msi}{oms mls}{m ne nm keld nes el eogpm {ihm gl nm
[mq}khgos glpmsjml q{ib{ej elc msekhgsnms nm IF_OK ]vq{ijs{iwkeld es ilm
i` nm he{bms glpmsjml omlm{s i` ]vkmdgsel icew,
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Snm ngbn hmpmh i` sm{pgom( {mhgekghgw q{ipmc kw gjm( m~oh}sgpm q{i`mssgilehgsj i`
jelebmjml( m`ogmlow gl ri{d( }loilcggileh sem s}qqi{( elc ecmu}em oeqgehgvegil
ehhir nm keld i snir sekhm lelogeh {ms}hs i` eogpgw `{ij wme{ i wme{,
Rm m~q{mss sglom{m eqq{mogegil i sne{mnihcm{s( ohgmls elc qe{lm{s `i{ nmg{ {}s(
j}}eh }lcm{selcglb elc s}oomss`}h oiiqm{egil, Rm ess}{m nmj ne nm IF_OK
]vq{ijs{iwkeld rghh `ihhir nm q{gi{ggms i` smecw bipm{ljml elc m``mogpm
cmpmhiqjml( elc ne g rghh k{glb gs ri{nw oil{gk}gil i nm cmpmhiqjml i`
]vkmdgsels moilijw,
Rm e{m ehrews iqml `i{ lmr qe{lm{s elc oiiqm{egil,
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@{ij Silbe i Sesndml(ECK gs k{gcbglb
qmiqhm elc qheoms,ECK nes e jgssgili {mc}om qipm{w elc gjq{ipm nm u}ehgw i hg m
i qmiqhm gl Esge elc nm Qeog go, Rmpm kmml e g i{ ji{m nel 31 wme{s,
@}lcglb s}seglekhm gl`{es{}o}{m i k{glb mlm{bw( ohmel rem{( elc selgegil i ehh,
E nm i{m`{il i ohgjem onelbm m``i{s, _}qqi{glb {elsqi{ elc
oijj}lgoegil q{ifmos, I``m{glb jgo{i glelom i rijml, Q{ipgcglb qihgow s}qqi{
elc m~qm{gsm i legileh elc hioeh bipm{ljmls, Q{ijiglb {mbgileh oiiqm{egil
elc cmpmhiqjml, K{gcbglb qmiqhm elc qheoms rnm{mpm{ rm ri{d,
@{ij 5 i 3 Jew( cmhmbems {ij 02 jmjkm{ oi}l{gms rghh oijm ibmnm{ gl
Sesndml( ]vkmdgsel( i{ ECKs 3?{c Ell}eh Jmmglb i nm Kie{c i Bipm{li{s i
cgso}ss cmpmhiqjml gss}ms i{ nm {mbgil, Si glc i} ji{m( pgsg rrr,eck,i{b,
rrr,eck,i{b
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8/9/2019 Asian Integration and Implications for Global Growth
21/104E_GEL CMPMHIQJMLS KELD x ;151 ;
GLS[IC]OSGI
SNG_ wME[_ JMMSGLB RGHH
GLOH]CM E [IK]_S JML]
I@ _MJGLE[_ GL RNGON ECK
I@@GOGEH_( BIPM[LJMLS
HMECM[_( ELC Q[GPESM
_MOSI[ M~QM[S_ RGHH
KM EKHM SI QE[SGOGQESM
Snm ell}eh jmmglbs i nm Esgel Cmpmhiqjml Keld .ECK' e{m se}i{
iooesgils i{ nm Bipm{li{s i ECKsjmjkm{s i q{ipgcm b}gcelom il ECK
ecjglgs{egpm( lelogeh( elc iqm{egileh cg{mogils, Snm jmmglbs q{ipgcm iqqi{}lggms i{
jmjkm{ bipm{ljmls i glm{eo rgn ECK se4lilbipm{ljml i{belgvegils4 jmjkm{s i nmjmcge4 elc {mq{msmlegpms i iksm{pm{ oi}l{gms(
glm{legileh i{belgvegils( eoecmjm( elc nmq{gpem smoi{,
Ell}eh jmmglbs( rngon e{m nmhc gl e jmjkm{oi}l{ gl hemEq{gh i{ me{hJe meon me{( e{m
emlcmc k jglgsm{s i lelom elc moilijgoqhellglb( smlgi{ bipm{ljml iogehs( {mq{msml
egpms i nm j}hghem{eh cmpmhiqjml keld
oijj}lg( glpmsjmlkeldm{s( {mq{msmlegpmsi lilbipm{ljml i{be
lgvegils( elc jmjkm{si nm jmcge,
ECKs {c Ell}ehJmmglb( i km nmhc
e nm ]vmqioml{mOml{eh Mngkggil Nehh(
Rmhoijm i nm {c Ell}eh Jmmglb i nm Kie{ci Bipm{li{s i nm Esgel Cmpmhiqjml Keld
IQQI{S]LGSGM_ EnMECgl Sesndml( ]vkmdgsel( rghh glpihpm eki} (cmhmbems elc rghh je{d nm {s gjm ne ECK
nes nmhc gs ell}eh jmmglb gl Oml{eh Esge,Sngs me{s jmmglb rghh gloh}cm e {ik}s jml}
i smjgle{s e rngon ECK iogehs( bipm{ljmlhmecm{s( elc q{gpem smoi{ mqm{s rghh km ekhm i
qe{gogqem gl cgso}ssgils cmcgoemc i dm gss}ms,Snm Qmiqhms [mq}khgo i Ongle( Glcge( nm HeiQmiqhms Cmjio{ego [mq}khgo( elc nm nis oi}l
{ ]vkmdgsel rghh ehsi im{ q{msmlegils,Snm smjgle{s gloh}cm6 Oggms i{ nm s Oml}
{ elc nm Lmr Jel{e i [s[mc}om( [m}sm([moohm4 Esgel Glmb{egil elc Bhikeh B{irn4
Cmpmhiqjml Mmogpmlmss [mpgmr 6 ECK_oi{moe{c4 @gleloglb Ohgjem Onelbm elc_}seglekhm Cmpmhiqjml Eogil gl Esge elc nmQeogo4 [mi{j i nm Bhikeh Jilme{ _smj4
Hgldglb Esges Oeqgeh Je{dms .sqilsi{mc k_elce{c & Qii{s'4 Glsg}gileh Glpmsi{s [i}lcekhm6 B{mml _niis i [moipm{Q{isqmos i{
Esge gl nm Lmr Moilij4 elc Qis O{gsgs Ebmlce i{ Esge,
ECKs {c Ell}eh Jmmglb i nm Kie{c iBipm{li{s rghh im{ e cgpm{sm {elbm i pigoms
cgso}ssglb nm moilijgo elc cmpmhiqjml gss}msi nm {mbgil,
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L]JKM[ ILM
__E Gss}m{ gl nm je{dm
rrr,j}lgstl,st
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J}lgogqehgw @glelom Qho gs nm jis {mhgekhm( eogpm
elc gllipegpm o{mcg glsg}gil ne i``m{s e cgpm{sm
{elbm i` stlelogeh sm{pgoms `i{ j}lgogqeh smoi{
glpmsjmls elc sem*s}ksgcgsmc ni}sglb q{ic}ogil
gl @glhelc,
J}lgogqehgw @glelom Qho
nes kmml smhmomc kw he{bm
glm{legileh kelds es
hes wme{s kms gss}m{ gl
nm q}khgo smoi{ mlggms
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pim{s6
G gs li ilm nglb ne jedms nmj biic(
k} e rnihm qeodebm q} ibmnm{,
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Snm{m e{m pe{gi}s hghm nglbs ne sm nmj
eqe{, Snmw e{m iqml i ehh wqms i` `}lcglb(
pelghhe elc s{}o}{mc, Snmw e{m nm gss}m{
ne sews wms,
*M}{ivilm Keld*
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BIPM[LI[_ JM__EBM
_}QQI{SGLb E_GE_Q{GPESM _MoSI{
Snmw e{m nm keodkilm i nm moilijw, G gsnm{mi{m pgeh ne nmsm oijqelgms gl qe{go}he{
{momgpm s}qqi{,Snm q{gpem smoi{ ehsi qhews el gjqi{el {ihm gl
q{ijiglb moihibgoehhw s}seglekhm cmpmhiqjml,[mlmrekhm mlm{bw elc mlm{bw mogmlow e{m e{mes
rnm{m q{gpem mlm{q{gsms oel jedm sgblgoeloil{gk}gils gl nm bn ebegls ohgjem onelbmkw {elsm{{glb nmg{ mlpg{iljmlehhw {gmlchw
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Eoomss i lelogeh sm{pgoms( gl qe{go}he{ i{
jgo{i( sjehh elc jmcg}j*sgvmc oijqelgms( gso{}ogeh gl ngs oilm~,
Bm{jelw }hhw s}qqi{s ECKs eogpggms gl
m{js i }{nm{glb nm cmpmhiqjml i nm q{gpemsmoi{ gl gs cmpmhiqglb jmjkm{ oi}l{gms, Glqe{go}he{( rm rmhoijm nm eo ne ECK glmlcsi soehm }q gs eogpggms gl s}qqi{ i nm q{gpem
smoi{ sgblgoelhw es qe{ i gs _{embw ;1;1(elc ne cmpmhiqjml m`mogpmlmss elc {ms}hs*i{gmlegil e{m i oi{m gjqi{elom i ECK,
Rm hiid i{re{c i e q{ic}ogpm jmmglb gl
nm ngsi{go ogw i Sesndml elc e pgk{el cgso}s*sgil i nm gjqi{el gss}ms eoglb Esge elcnm Qeogo
Snm 3?{c Ell}eh Jmmglb i nm EsgelCmpmhiqjml Keld .ECK' gs edglb
qheom c}{glb e o{}ogeh gjm i{ nm Esgeelc Qeogo {mbgil, Es nm ri{hc {moip*
m{s {ij nm bhikeh moilijgo o{gsgs( s}qqi{ i{cmpmhiqjml gl nm {mbgil elc ri{hcrgcm gs lir
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Ilm ioeh e{me i s}qqi{ }lcm{ nm lmr
Bm{jel bipm{ljml gs nm cmpmhiqjml i nmq{gpem smoi{, Bm{jelw gs nm he{bms kghem{ehcili{ gl ngs e{me, Rm e{m oilpglomc ne s}qqi{*
glb nm q{gpem smoi{ gs nm jis m`mogpm rew io{meglb mjqhiwjml elc gloijm, Q{gpem smoi{eogpgw gs dmw i jikghgvglb cijmsgo {msi}{omselc bnglb qipm{w elc i o{meglb el mlpg{il*
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sjehh elc jmcg}j*sgvmc mlm{q{gsms oilsg}m 71qm{oml i ehh oijqelgms ri{hcrgcm elc mjqhiw01 qm{oml i qmiqhm gl cmpmhiqglb oi}l{gms
Snm Niliekhmbcl Diqq
Bipm{li{ i{ Bm{jelwgl nm EsgelCmpmhiqjml Keld
Qe{hgejmle{w _em_mo{me{w
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BIPM[LI[_ JM__EBM
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E@[GOE
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Jmelrnghm( nm bipm{ljml gs qewglb b{mem{emlgil i nm kehelomc b{irn i cijmsgo elcm~m{leh cmjelc( bgpglb glomlgpms i mlm{q{gsms
i }qb{ecm nmg{ m~qi{ q{ic}os jg~( mloi}{eb*glb gjqi{ elc q{ijiglb {ecm s{}o}{m iqgjg*vegil elc glm{legileh qewjml kehelom,
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i BCQ b{irn eji}lmc i 533,> qm{oml( mmo*gpmhw ismglb nm gjqeo i e sgblg`oel c{iqgl lm m~qi{s, Snm Onglmsm bipm{ljml rghhjedm }{nm{ mi{s i m~qelc cijmsgo cmjelc(
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Snm Esgel Cmpmhiqjml Keld nes el gjqi{el{ihm i qhe gl mlekhglb q{ib{mss elc q{ijiglbrijmls {ihm es moilijgo eoi{s, Snm{m gs e lmmci {mjipm ke{{gm{s i mjehm ml{mq{mlm}{sngq(
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CPM[SG_GLB @MES][M
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cmmo sgbls i el gjqmlcglb moilijgo i{ lelogeh }{jigh, Snmsm jmonelgsjs rghh q{ijimsekghg gl lelogeh je{dms elc je nmhq iq{mpml }}{m lelogeh o{gsgs
_nE{M I` SnEG M^QI{S_ .-'
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oijq{mnmlsgpms{mlbn,,,cgpm{sm oeqekghggms
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ji{m gjqi{el gjm i cmmqml elc oilsihgcemcili{ mlbebmjml rgn i}{ Ebnel qe{lm{s,
Snm ]lgmc _ems gs qhmesmc i nepm cmmq*mlmc i}{ qe{lm{sngq rgn nm ECK i{ ji{m
nel i}{ cmoecms, Rm hiid i{re{c i oilgl}*glb i}{ qe{lm{sngq rgn nm ECK( qe{go}he{hwil Ebnelgsel( si ne nm Ebnel qmiqhm
e{m e q{ic}ogpm elc qisggpm i{om i{ onelbmgl nm Esge*Qeogo {mbgil i{ bmlm{egilsi oijm
M~qElCglb
EooM__ SI @glEloMgl E@bnElg_SElg_ E onEhhMlbM(
E_ @MRM[ SnEl
= qM[oMlS I@E@bnEl_ ]_M kEld_ElC SnM @I[jEh
@glElogEh _w_SMj
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Esgel Cmpmhiqjml Keld gl gs jgssgil i`Jmmglb nm onehhmlbm i` bhikeh b{irn,
Hmpm{ebglb hmssils hme{lmc gl kin
nm bipm{ljml elc oijjm{ogeh smoi{s(
rm nmhq k{glb e `{msn qm{sqmogpm i wi}{
iqm{egils( nmhqglb i jedm nmj hmelm{
elc ji{m m``mogpm,
K}ghcglb e kmm{ iji{{ir {mehhw jedms
e cg``m{mlom,
mw,oij)bqs
K}ghcglb snm `}s}{m9
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43/104E_GEL CMPMHIQJMLS KELD x ;151 3
G__]M_ EOGLB E_GE ELC SnM QEOGG
OGSGM_ J]_S
hMEC SnM REwGL Q[IJISGLB[M_I][OM
OIL_M[pESGILGLGSGESGpM_S
i km {msqilsgkhm i{ ehjis qm{oml
i legileh gloijm cims li oijm
rgni} e ois, Es nm jis ebb{mssgpm rmehnjedm{s elc fik q{ipgc
m{s( Esgel oggms ehsi }sm eki} qm{oml i nm
mlm{b oils}jmc k nmsm oi}l{gms elc bmlm{em eki} 2 qm{oml i nmg{ b{mmlni}sm besmjgssgils, Qm{ oeqge oe{kil cgigcm mjgssgilse{m ehjis es ngbn es nism i Rmsm{l oggms, Snm
{mbgil gs ehsi nijm i jghhgil }{kel qii{(elc gs rglmssglb el ipm{ehh qiq}hegil kiij i qm{oml qm{ me{, [gsglb qihh}gil elc sme hmpmhs
q} {ghhgils i cihhe{s i moilijgo i}q} elcn}lc{mcs i jghhgils i qmiqhm e {gsd, Bgpml nmsqmmc e rngon oggms e{m b{irglb( g gs glo{mes
glbh cgo}h i gbli{m nm n}bm mlpg{iljmlehonehhmlbms glpihpmc,
Snm s{egl il lil{mlmrekhm elc lgm {msi}{oms gs ipm{rnmhjglb rgn jghhgil qmiqhmfiglglb oggms meon me{mu}gpehml i (qmiqhm kmglb eccmc meon ce, Sngs cegh glo{mesm
{mu}g{ms nm oils{}ogil i ji{m nel (lmr crmhhglbs( dghijmm{s i lmr {iecs( elceccggileh gl{es{}o}{m i s}qqh ji{m nel
0 jmbehgm{s i qiekhm rem{,Lir ji{m nel mpm{( rm oil{il nm qm{ghs i
ni}bnhmss {msi}{om oils}jqgil( resm bmlm{egil( elc b{mmlni}sm bes mjgssgils, Snm onigoms
rm jedm ice rghh cmm{jglm nm mml i i}{oggms hgpekghg elc s}seglekghg gl nm }}{m,
Q{IJISGLb SnM?{s {MC]oM( {M]_M(ELC {MowoHM
O{meglb {msi}{ommogml moilijgms elc vm{iresm oggms
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[]LLGLB nMEC
;151 x E_GEL CMPMHIQJMLS KELD33
RnES oGSGM_ oEL CI
Jedglb i}{ oggms ohmelm{ elc ji{m {msi}{ommogml {mu}g{ms lmr eqq{ieonms( lmr i{js imlbebmjml( elc kihcm{ oijjgjmls, Oggms j}shmec nm re gl q{ijiglb glggegpms ne jedm
{msi}{om oilsm{pegil e re i hgm, Es omlm{s iqiq}hegil( k}sglmss( elc mc}oegil( nm oel kmmmogpm onejqgils i{ ehm{glb o}{{ml q{ic}o
gil elc oils}jqgil qem{ls( elc oel q{ipgcmjicmhs ne legileh bipm{ljmls oel eciq,Sire{cs ngs mlc( nm [s .{mc}om( {m}sm( elc{moohm' eqq{ieon gs e biic se{glb qigl,
]{kel cmpmhiqjml {mu}g{ms e cmhgoem kehelomkmrmml moilijgo q{ic}ogpg( siogeh mu}g(elc moihibgoeh q{imogil, ]li{}lemh( nmmogmlo rgn rngon nm {mbgils helc( mlm{b(
gl{es{}o}{m( elc {elsqi{egil e{m }smc gl nm
{mbgil {mjegls hir k bhikeh selce{cs( hmecglb ingbn hmpmhs i resm qm{ }lg i i}q}, K jeleb
glb {msi}{oms ji{m mogmlh( oggms oel mhgjglemsijm i nmg{ resm elc o} cirl il nm lmmc i{{er jem{gehs,
Si eongmpm e og{o}he{ moilij( g gs lmomsse{i ecc{mss nm cgsoillmo kmrmml qhellm{s elcsm{pgom q{ipgcm{s( }{kel qhellglb elc leloglb( elc jis sgblgoelh {msi}{om qhellglb elc
}{kel cmpmhiqjml {ejmri{ds, E rnihmssmjeqq{ieon lmmcs i km eqqhgmc gl nm cmsgbl ik}ghcglbs( helcsoeqms( elc sm{pgom gl{es{}o}{mi {mmo nm bieh i o{meglb vm{iresm( smh
s}ogml oggms,Bgpml nmg{ le{{ir soeh kesms elc hgjgmc
eoomss i je{dmkesmc lelom( oggms lmmc e biicjg i gloijmbmlm{eglb eogpggms( k}cbm {els
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E_GEL CMPMHIQJMLS KELD x ;151 3
SnM ECK*_]QQI[SMChEnMLCILBBMISnM[JEh
QhELS( GL JELECI(
GLCILM_GE(nE[LM__M_ SnMME[Sn_ QIRM[
SI Q[IpGCM OhMEL(_]_SEGLEKhM MLM[Bw
m{s( glomlgpms( elc o{megpm {mb}hei{ qihgogms
i iqgjgvm {msi}{om }sm,Glc}s{gms ne }sm q{ingkgmc jem{gehs( o{mem
momssgpm qihh}gil( i{ mommc hgjgs il {erjem{gehs sni}hc eom hmbeh elc lelogeh qmleh
gms, Sn{i}bn vilglb( k}ghcglb oicms( elc nmqm{jgglb q{iomss( oggms oel mloi}{ebm k}ghcglb cmsgbls ne oilsm{pm mlm{b elc {msi}{oms,Mlm{q{gsm cmpmhiqjml oel ehsi s}qqi{ hir
mlm{b( vm{ioe{kil( elc {moohglb monlihibgms(elc oel q{ipgcm glomlgpms i{ nm sem {m}sm iglc}s{geh kq{ic}os, Mejqhms i }sglb nm
je{dm i mlnelom {mb}hegils gloh}cm nm M}{iqmel ]lgil Mjgssgil S{ecglb _smj elc nm oeqelc{ecm qihgogms gl{ic}omc gl nm ]lgmc _emsgl nm s i {mc}om eogc {egl, Si km mmogpm(
qihgogms j}s km s{ilb mli}bn i mls}{m oijqhg
elom k} mgkhm mli}bn i eooijjicem sqmogoeqq{ieonms i jmm nm sejm {mu}g{mjmls,
Bipm{ljmls sni}hc oijqhmjml nmsmjmes}{ms k s}qqi{glb gllipegils gl mlm{bs}qqh gl{es{}o}{m( mlm{b mogmlo monlihi
bgms( {msi}{omsepglb q{goglb sonmjms( selce{cskesmc {mb}hegil i{ mlm{b mogmlo( elc }{kelcmjils{egil qghi q{ib{ejs,
Og jelebm{s lmmc gjmh gli{jegil il{msi}{omsepglb eqq{ieonms ne nepm kmml
s}oomss}h mhsmrnm{m elc oel km eqqhgmc hioehhelc ji{m k{iech, Res j}s km i}lc i cgssmjglem q{eogoeh dlirnir elc mqm{gmloms n{i}bn
qmm{ lmri{ds( {mbgileh dlirhmcbm n}ks( oijqmggpmlmss elehsms( og pgsgilglb mm{ogsms( elcs}qqi{ i{ mlpg{iljmleh cmjils{egil qghiq{ib{ejs, Hesh( nm{m gs e lmmc i mlbebm oggvmls
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47/1043E_GEL CMPMHIQJMLS KELD x ;151
G__]M_ EOGLB E_GE ELC SnM QEOGG
E S[GOwOhM ]_GLBhGu]MGMC
QMS[IhM]J BE_,E_GEL OGSGM_ J]_SJILGSI[ SnMMLpG[ILJMLSEh
GJQEOS_ I SnMG[Q[IC]OSGIL ELCOIL_]JQSGIL
gl k}cbmglb( glpmsjml qhellglb( elc q{ipgcglbmmckeod il sm{pgom cmhgpm{ n{i}bn s}{pms( oggvml {mqi{ oe{cs( elc qm{i{jelom kmlonje{ds,
Q{IJISGLb SnM oG{o]HE{ MoILIJwSnm [s eqq{ieon nes kmml e{i}lc i{ cmoecms(qe{go}he{h gl nm e{mes i sihgc resm jelebm
jml( mlm{b oilsm{pegil( qihh}gil oil{ih( elcrem{ {m}sm, Nirmpm{( gs eqqhgoegil gs he{bmhsqi{ecgo elc sjehhsoehm( elc g gs {e{mh gloh}cmcgl legileh hmbgshegil, _i e{( f}s ilm cmpmhiq
glb Esgel oi}l{ nes eciqmc ngs eqq{ieon es eoml{eh qheld i gs legileh qihgo i ecc{mss nmmlpg{iljmleh oiss i {eqgc b{irn,
Gl ( nm Qmiqhms [mq}khgo i Ongle .Q[O'
eciqmc nm Og{o}he{ Moilij eqq{ieon i jegls{mej eogpggms ne {mc}om( {m}sm( elc {moohmjem{gehs elc jglgjgvm mlpg{iljmleh gjqeos, G
glmb{ems ohmelm{ q{ic}ogil elc glc}s{geh moihib gl e k{iecm{ ssmj mloijqessglb glc}s{geh{js( lmri{ds i{ onegls i {js( moiglc}s{geh
qe{ds( elc {mbgileh gl{es{}o}{m i s}qqi{{msi}{om iqgjgvegil,
]lhgdm og{o}he{ moilij hers gl cmpmhiqmcoi}l{gms( nm Q[Os s{embgo ikfmogpm gs ieongmpm mlm{b mogmlo {enm{ nel i {mc}om
resm, _}qqhglb mlm{b i mmc nm b{irglb moilij nes kmoijm e sm{gi}s oilom{l gl nm Q[O( elcq{ijiglb nm og{o}he{ moilij gs ilm {msqilsm,
Snm og{o}he{ moilij her jelcems ne jel}eo}{m{s li ilh {moohm rnml g gs moilijgoehhecpelebmi}s( k} ehsi sepm rem{( {m{egl {ij}sglb om{egl igo jem{gehs( elc lc res i
{m}sm i{ smhh glc}s{geh resm, G ehsi {mu}g{ms he{bm
oggms i {me e hmes 2 qm{oml i nmg{ resmrem{ elc ikhgbms glc}s{geh mlm{q{gsms i }sm{moohmc resmrem{,
Es e {ms}h( nm{m gs lir e cmjelc i{ resmrem{ {mejml qhels i smhh ngbnu}ehg {moohmc resmrem{ i glc}s{geh mlm{q{gsms, Sngsjicmh {mc}oms b{i}lcrem{ elc s}{eom rem{
}sm elc q{ipgcms eccggileh {mpml}m i{ nm {mejml qhels, Elinm{ q{ijgsglb jicmh gs nmq{ijigil i resmrem{ {m}sm i{ helcsoeqglb(
b{mmlglb( elc {mo{megil qe{ds gl jefi{ glc}s{geh oijqhmms, [m}sglb {memc resmrem{ neseh{mec kmlmmc jis i nm Q[Os oggms elcmoilijgo vilms,
Rnghm nm hers }hh i{om nes m i km {mehgvmc(nm Q[O nes edml nm {s smqs i one{ e lmroi}{sm, Inm{ Esgel oi}l{gms oel hme{l {ij nmoi}l{s mqm{gmloms gl gjqhmjmlglb qihgo(
k}ghcglb oeqeog( elc mlhgsglb q}khgo s}qqi{ ieongmpm e og{o}he{ moilij,
JIPGLb SIRE{C E _JEHHM{MLPG{ILJMLSEH `IISQ{GLSJegleglglb b{irn gl nm oilm i {eqgc}{kelgvegil {mu}g{ms Esgel oggms i mejglm
nm mlpg{iljmleh gjqeos i nmg{ q{ic}ogilelc oils}jqgil kmilc nm og i{ j}lgogqeh f}{gscgogil, Sngs ehsi jmels bgpglb sm{gi}soilsgcm{egil i nm lgm le}{m i {msi}{oms gl
nm rgcm{ legileh( {mbgileh( elc glm{legilehoilms, Ohme{ e{bms( s}qqi{mc k mlekhglbhmbgshegpm( qihggoeh( monlgoeh( elc lelogeh
jmes}{ms( oel jglgjgvm nm moihibgoeh iiq{gli Esges oggms,
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Gss}ms @eoGlb esGe elc nm QeoG@Go
El glmb{emc Esge elc Qeogo selcs nmkms onelom i q{ijiglb gloh}sgpm b{irnc}{glb nm bhikeh moilijgo cirl}{l
E_GE ELC SnM QEoG`GoRI{DGLb SIbMSnM{
SI _S{MLbSnML SnMbHIKEH MoILIJw
_glom mjm{bglb {ij nm lelogeh o{gsgs i
5772577>( Esgel oi}l{gms nepm qheomcb{mem{ mjqnesgs il ri{dglb ibmn*m{, Kmm{ cgehib}m( glo{mesmc qmiqhm*
i*qmiqhm m~onelbm( ji{m moilijgo gms( elc
gjq{ipmc qnwsgoeh oillmogpgw nepm k}gh s{il*bm{ hglds n{i}bni} nm {mbgil,
Es Esgel legils b{eqqhm rgn nm oilsm*
u}mloms i nm o}{{ml bhikeh moilijgo cirl*
}{l( {mbgileh oiiqm{egil elc glmb{egil nesedml il b{mem{ }{bmlow elc ngbnhgbnmc lmr
e{mes i oilom{l,Snm o}{{ml o{gsgs nes ngbnhgbnmc nm lmmc i{
ji{m mmogpm elc ni}bn}h lelogeh {mb}hegil,
Snm ]lgmc _ems elc nm oi}l{gms i M}{iqmnepm wm i oijm }q rgn e }lgmc i{ ne{ji*lgvmc eqq{ieon4 elc gl Esge( rnm{m moilijgoelc siogeh cgm{mloms e{m pm{w q{ili}lomc( nm
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Gss}ms @eoGlb esGe elc nm QeoG@G
gl{glsgo {mhegilsngqs kmrmml oii{cglegil i{mbgileh jilme{w elc soeh qihgogms i{ b{mem{
m`ogmlow elc glmb{egil,
E_GEL GLSMb{ESGIL GL GS_ GL`ELow
]lhgdm gl M}{iqm( rnm{m bipm{ljmls cmhmbemc
smpm{eh qirm{s i s{ilb {mbgileh glsg}gils(
glmb{egil gl Esge si e{ nes kmml c{gpml kwje{dms, Esgel glmb{egil {mjegls io}smc ji{mil moilijgo gss}ms nel il qihggoeh oilom{ls(
elc g gs }lohme{ i rne m~ml legils gl nm{mbgil ri}hc km mebm{ i oijq{ijgsm nmg{sipm{mgblw i figl ibmnm{,
K} es el moilijgo i{om( Esgel oi}l{gmsnepm j}on i begl {ij b{mem{ glmb{egil, Es
Esge oilgl}ms i b{ir( gs moilijgo elc lel*ogeh qirm{ nes kmoijm s}kselgeh, Kw ;1;1(
Esges b{iss cijmsgo q{ic}o gs hgdmhw i km =1qm{oml he{bm{ nel ne i nm M}{iqmel ]lgili{ Li{n Ejm{goe( eooi{cglb i Mjm{bglb Esgel
[mbgilehgsj( E Qe{lm{sngq `i{ _ne{mc Q{isqm{gw( e
helcje{d s}cw il Esgel glmb{egil oilc}omckw nm Esgel Cmpmhiqjml Keld .ECK',
Jis gjqi{elhw( nm q{ifmogils s}bbms ne
Esges {mbgileh hglds e{m hgdmhw i glmlsgw }{nm{6il nm cmjelc sgcm( nm {mbgils sqmlcglb qirm{gs sm i i}s{gq b{irn gl nm {ms i nm ri{hc4il nm s}qqhw sgcm( gs q{ic}ogil oeqekghggms e{m
hgdmhw i oilgl}m i m~qelc elc cgpm{sgw( nms}cw segc,
Qihgow jedm{s gl Esge elc nm Qeogo rghh kmesdmc rgn cmm{jglglb nir ohismhw nmg{ oi}l*
{gms elc moilijgms sni}hc km gmc ibmnm{( elcrne s}qqi{ swsmjs rghh lmmc i km gl qheom ijedm nmg{ qhels s}oommc,
_ijm iksm{pm{s e{b}m ne nm kms*oesm somle{giri}hc km el Esge rgn oijqhmmhw iqml ki{cm{selc iqml {ecm( s}on es nm pgsgil q{msmlmc kw
onehhmlbms i s}on {mb}hegil e{m mpml b{mem{,
Snm {mbgil nes cgpm{sm swsmjs i lelogeh {mb}*hegil rgn cgm{ml ebmlogms gl cgm{ml oi}l*{gms nelchglb cgm{ml }logils elc {msqilsg*
kghggms, E dmw u}msgil gs6 nir rghh Esge( rgn gscgpm{sm swsmjs( km ekhm i q{ipgcm e {mbgil*rgcm{msqilsm i nm onehhmlbms i s{mlbnmlglb lel*ogeh {mb}hegil9
Snm {mbgil ehsi lmmcs i {mkehelom gs b{irn kwglo{mesglb nm oil{gk}gil ne cijmsgo cmjelcelc gloijm oel q{ipgcm i moilijgo b{irn,Sngs( gl }{l( gjqhgms e sng ire{c sm{pgoms elc e
kmm{ u}ehgw i hgm i{ Esgel oggvmls gl nm hilb{}l, Es cijmsgo cmjelc glo{mesms( nm {elsggili Esges q{ic}ogil {ij q{gje{ghw el m~qi{
glc}s{wri*ng{cs i q{ic}os q{ic}omc glEsge e{m m~qi{mc {ij nm {mbgili el m~qel*sgil i {mbgileh m~qi{s rghh km e dmw onehhmlbmi{ {mbgileh oiiqm{egil gl wme{s i oijm,
Snm bhikeh moilijgo cirl}{l nes q{ipgcmcsijm gjqi{el glsgbns gli nm ri{dglb i
el eoohegjmc jicmh i moilijgo glmb{egil6nm eqq{ieon i jilme{w }lgil ihhirmc kw
nm M}{iqmel ]lgil, Snm M}{iqmel ]lgil gseoglb q{ikhmjs essiogemc rgn e heod i soehne{jilgvegil i oijqhmjml nm oijjil
o}{{mlow elc nm jilme{w qihgow cmogsgilsedml gl @{eld}{, Snm M}{iqmel Oml{eh Keldsms jilme{w qihgow i{ nm m}{ivilm( k} gsjmjkm{ legils cmogcm nmg{ irl soeh qihgow,
Sngs jicmh gs lir {mpmehglb gsmh i km gloil*b{}ml rgn nm lmmcs i{ e oijqhmm {mbgilehmoilijgo }lgil, Gl inm{ ri{cs( nm cmsgbl inm jilme{w }lgil cmogcmc rgn nm Jees{gon
S{mew i 577; eqqme{s i km gloijqhmm, Esgesonehhmlbm( es g ri{ds i s{mlbnml jilme{wqihgow oii{cglegil gl nm {mbgil( gs i hme{l
{ij M}{iqms m~qm{gmlom elc i {mehgvm nm
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Hmlcglb i mjm{bglb je{dms {mjegls el glmb{eh qe{ i` i}{ oi{m eogpggms `i{ nm wme{s enmec,
E nm sejm gjm( J}hghem{ehs( s}on es ECK( e{m dmw qhewm{s gl q{ipgcglb stleloglb sih}gils i `ism{
{ecm elc b{irn, Sicews hilb*selcglb {mhegilsngq kmrmml _iog Bl{ehm Oi{qi{em elc
Glpmsjml Keldglb elc J}hghem{eh Glsg}gils gs q{ipglb i km glo{mesglbhw eqq{iq{gem i{ i}{ ohgmls
gl nm o}{{ml bhikeh moilijgo ohgjem, Hghgelm H} elc _mqnel Ehmssgi( M~qi{ @glelom M~qm{s,
rrr,sbogk,oij
Hghgelm H}
_mqnel Ehmssgi
EO[I__ SNM RI[HC(
RM _SELC KW WI] RGSN M^QM[S _IH]SGIL_ GL M^QI[S @GLELO
HMECM[_ GL S[ECMEre{cs
;117
GLPM_SJMLS KELDGLB BHIKEH @GLELOM BHIKEH JE[DMS_
_iog Bl{ehm gs e o{mcg glsg}gil elc el glpmsjml sm{pgoms q{ipgcm{ .mlghmc i qm{`i{j elw keldglb eogpgw elc)i{ i q{ipgcm elw glpmsjml sm{pgom m~omq nm iqm{egil i` J}hghem{eh S{ecglb @eoghggms' e}ni{gsmc kw nm @{mlon Oijg cms ekhgssmjmlsO{cg m cms Ml{mq{gsms cGlpmsgssmjml( elc {mb}hemc kw nm @{mlon Oijjgssgil Keloeg{m elc nm E}i{g cms Je{ons @glelogm{s elc( `i{ nm oilc}o i` gs ]D k}sglmss( kw nm @glelogeh _m{pgoms E}ni{gw, _iog Bl{ehm kmlm`gs `{ij nm MO qesse}ni{gvglb nm q{ipgsgil i` glpmsjml sm{pgoms rgngl nm MME, Sngs jem{geh nes kmml q{mqe{mc sihmhw `i{ gl`i{jegil q}{qisms elc cims li oilsg}m el i``m{ `{ij _iog Bl{ehm i k}w i{ smhh i{ e sihgogegil i` el i``m{ i k}w i{ smhh elw smo}{gw i{ `glelgls{}jml( i{ qe{gogqem gl elw {ecglb s{embw, Li ehh `glelogeh gls{}jmls i``m{mc kw _iog Bl{ehm e{m epeghekhm gl ehh f}{gscgogils, Qhmesm oileo wi}{ hioeh i``gom `i{ elw `}{nm{ gl`i{jegil, ;151 _iog Bl{ehm B{i}q elc gs e``ghge
Rm selc kw wi}
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Gss}ms @eoGlb esGe elc nm QeoG@G
ECK Q{msgcml Ne{}ngdi D}{ice gl el iqglgile{gohm q}khgsnmc gl nm _{egs Sgjms gl _mqmj*
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