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Regional cooperation is emerging as a distinct development strategy for Micronesia. The new pattern of regionalism is based on innovative forms of collaboration that differ markedly from early cooperation efforts in the Pacific region. This new strategy is in line with the ADB’s overall strategic agenda for the developing island countries of the Pacific, and it parallels the Bank’s success in accelerating growth in the lesser developed regions of Southeast Asia. The implementation of so-called growth areas also lends support to a regional development strategy for Micronesia. The study formulates an action agenda for the development of regional cooperation in Micronesia, and it profiles a set of 85 regional projects, programs, policies and institutional initiatives identified as being able to be implemented immediately and made operational before the completion of the proposed action agenda. Asian Development Bank (ADB) Technical Assistance Study (TA 5660-REG). Vols. I and II (317 pages). August 1996.