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This paper examines inter-country variations and growing volume of Intra-industry trade for thirty rapidly industrializing Asian and Latin American countries in the 1990s. With rapid industrialization, intra-industry trade in manufactures products have increased substantially. We find that intra-industry trade; (i) increases with per capita GNP; (ii) has a positive association with total trade to GDP ratio; (iii) grows with the share of manufacturing value-added in GDP and exports. Despite having positive impacts, the effect of regional integration schemes like ASEAN and LAIA is ambiguous depending on the relative strength of trade creation and trade diversion inside and outside the group.

Inextricable links between international trade, growth and role of knowledge-creation are well-established in the economics literature. The issues of creation of technology, its diffusion and actual adoption have been discussed on both theoretical and empirical planes. Effective assimilation of advanced technologies hinges on the 'Absorptive Capacity' and the 'Structural Congruence' between source vis-à-vis the destinations; role of public policies for actual implementation of these new ideas is extremely crucial. This paper offers a synoptic overview of current research and sketch a possible extension of the analytical framework on an operationally feasible plane within the Computable General Equilibrium framework. The survey highlights that analysis of the issue of technology-induced growth in a knowledge-based society must further the analysis by highlighting the role of factors for capturing the benefits. It has been identified that the factors propelling the acquisition depend, inter alia, on human capital, infrastructures, learning effects, and indigenous inventive activity.