Seven hundred years ago, maritime trade routes that stretched from the coast of Japan to the Red Sea were peppered with Arab dhows, Chinese junks and Javanese djongs, ferrying ceramics, precious metals and textiles across the region. At its centre, a trading post known as Singapura flourished. The enormous intra-Asian commercial network was disrupted only by the arrival of sailors from rising European empires and the emergence of farther-flung markets for Asian goods.

Today, another reconfiguration is under way. The “Factory Asia” model of the late 20th century, in which the continent produced products for American and European consumers, provided an astonishing boost to the prosperity of China, Japan, South Korea and Taiwan. In 1990, just 46 per cent of Asian trade took place within the continent, as enormous volumes of goods flowed to the West. Yet by 2021 that figure had reached 58 per cent, closer to European levels of 69 per cent. Greater regional trade has prompted an increase in capital flows, too, binding countries tighter still. A new era of Asian commerce has emerged – one that will reshape the continent’s economic and political future.